South Dakota Codified Laws 58-29B-42. Order of liquidation–Contents–Title vested in liquidator–Effect of filing or recording
An order to liquidate the business of a domestic insurer shall contain appointment of the director and his successors in office as liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of the court. The liquidator shall be vested by operation of law with the title to all property, contracts, and rights of action and all of the books and records of the insurer ordered liquidated, wherever located, as of the entry of the final order of liquidation. The filing or recording of the order with the clerk of the circuit court of Hughes County and the register of deeds of the county in which its principal office or place of business is located, or, in the case of real estate with the register of deeds of the county where the property is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that register of deeds would have imparted.
Terms Used In South Dakota Codified Laws 58-29B-42
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1989, ch 436, § 42.