South Dakota Codified Laws 47-26-23. Power of court in liquidation proceedings–Action by creditor
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Courts of equity shall have full power to liquidate the assets and affairs of a corporation in an action by a creditor:
(1) When the claim of the creditor has been reduced to judgment and an execution thereon has been returned unsatisfied and it is established that the corporation is insolvent; or
Terms Used In South Dakota Codified Laws 47-26-23
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(2) When the corporation has admitted in writing that the claim of the creditor is due and owing and it is established that the corporation is insolvent.
Source: SL 1965, ch 24, § 56 (2).