South Dakota Codified Laws 47-14A-38. Powers of trust managers upon dissolution of trust
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Upon dissolution of a business trust and until the filing of a certificate of cancellation as provided in § 47-14A-43, the persons who, under the governing instrument of the business trust, are responsible for winding up the business trust’s affairs may, in the name of and for and on behalf of the business trust, prosecute and defend suits, whether civil, criminal, or administrative, gradually settle and close the business trust business, dispose of and convey the business trust property, discharge or make reasonable provision for the business trust liabilities and distribute to the beneficial owners any remaining assets of the business trust.
Terms Used In South Dakota Codified Laws 47-14A-38
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
Source: SL 2001, ch 245, § 38.