South Dakota Codified Laws 47-14A-36. Death or incapacity of beneficial owner need not terminate business trust
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Except to the extent otherwise provided in the governing instrument of a business trust, the death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner may not result in the termination or dissolution of a business trust.
Terms Used In South Dakota Codified Laws 47-14A-36
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
Source: SL 2001, ch 245, § 36.