South Dakota Codified Laws 49-30-24. Liability of stockholders–Stock held by fiduciary or as collateral security
No person holding stock in any corporation organized under this chapter as personal representative, conservator, or trustee, and no person holding such stock as collateral security, is personally subject to any liability as stockholder of such corporation for any calls or installments on any part-paid stock thereof; but the person pledging such stock shall be considered as holding the same, and is liable as a stockholder accordingly; and the estate and funds in the hands of such personal representative, conservator, or trustee is liable in like manner and to the same extent as the testator, or intestate, ward, or person interested would have been if he had been living or competent to act, and held the same stock in his own name.
Terms Used In South Dakota Codified Laws 49-30-24
- 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.
- Intestate: Dying without leaving a will.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
Source: SDC 1939, § 52.1310; SL 1993, ch 213, § 247; SL 1995, ch 167, § 188.