South Dakota Codified Laws 51A-17-10.1. Notification by director to states in which license held–Funds held in statutory trust–Termination of statutory trust
Upon the establishment of a statutory trust in accordance with § 51A-17-10, or when any funds are drawn on a letter of credit pursuant to this section, the director shall notify the applicable regulator of each state in which the licensee is licensed to engage in money transmission, if any, of the establishment of the trust or the funds drawn on the letter of credit, as applicable. Notice is satisfied if performed pursuant to a multistate agreement or through the Nationwide Multistate Licensing System. Funds drawn on a letter of credit and any other permissible investments held in trust for the benefit of the purchasers and holders of the licensee’s outstanding money transmission obligations, are deemed held in trust for the benefit of such purchasers and holders on a pro rata and equitable basis in accordance with statutes pursuant to which permissible investments are required to be held in this state and other states. Any statutory trust established under this section shall be terminated upon extinguishment of all of the licensee’s outstanding money transmission obligations.
Terms Used In South Dakota Codified Laws 51A-17-10.1
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
Source: SL 2023, ch 159, § 10.