South Dakota Codified Laws 20-9-36. Definitions related to asbestos claims
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Terms used in §§ 20-9-36 to 20-9-43, inclusive, mean:
(1) “Corporation,” any corporation for profit, including a domestic corporation organized under the laws of this state or a foreign corporation organized under laws other than the laws of this state;
Terms Used In South Dakota Codified Laws 20-9-36
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) “Successor,” any corporation that assumes or incurs or has assumed or incurred successor asbestos-related liabilities and that became a successor before January 1, 1972, or any successors of that corporation;
(3) “Transferor,” any corporation from which successor asbestos-related liabilities are or were assumed or incurred.
Source: SL 2010, ch 110, § 1.