South Dakota Codified Laws 47-14A-18. Creditors of beneficial owners have no rights in business trust property
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No creditor of the beneficial owner shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the business trust.
Terms Used In South Dakota Codified Laws 47-14A-18
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 2001, ch 245, § 18.