South Dakota Codified Laws 54-10-3. Failure of secured creditor to disclose existence of security–Effect of concealment
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Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security which he has failed to disclose, or unless he procures such release or surrender if the security is in the possession of an endorser, surety, or other person secondarily liable for the insolvent debtor.
Terms Used In South Dakota Codified Laws 54-10-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1941, ch 162, § 3; SDC Supp 1960, § 37.26A03.