South Dakota Codified Laws 54-9-22. Federal bankruptcy proceedings, possession of estate taken from assignee–Dischargeof assignee on full accounting to trustee in bankruptcy
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Whenever the trust estate shall have been taken out of the hands of the assignee by proceedings in bankruptcy in the federal court, the assignee may in like manner be discharged, upon showing that he has fully accounted to the trustee in bankruptcy, and turned over to him the whole of the trust estate.
Terms Used In South Dakota Codified Laws 54-9-22
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Trustee: A person or institution holding and administering property in trust.
Source: SL 1887, ch 8, § 1; SL 1887, ch 9, § 1; CL 1887, § 4675; RCivC 1903, § 2387; RC 1919, § 2060; SDC 1939 & Supp 1960, § 37.5110.