South Dakota Codified Laws 37-25A-50. Action on bond
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Any person who violates §§ 37-25A-14, 37-25A-43, 37-25A-45, and 37-25A-46, or who breaches any business opportunity contract or agreement or any obligation arising under the contract or agreement, is liable to the purchaser who may sue the surety of the bond, either at law or in equity to recover all money or other valuable consideration paid for the business opportunity and actual damages, together with interest at the legal rate from the date of sale, reasonable attorney’s fees and court costs. The liability of the surety may not exceed the amount of the bond.
Terms Used In South Dakota Codified Laws 37-25A-50
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1985, ch 305, § 50.