South Dakota Codified Laws 47-14A-87. Conversion to business trust not to affect liabilities incurred prior to conversion
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The conversion of any other business entity into a business trust may not be deemed to affect any obligations or liabilities of the other business entity incurred prior to its conversion to a business trust, or the personal liability of any person incurred prior to such conversion.
Terms Used In South Dakota Codified Laws 47-14A-87
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 2001, ch 245, § 87.