South Dakota Codified Laws 58-20-11. Provision relieving insurer from payment on insolvency of insured prohibited
Current as of: 2023 | Check for updates
|
Other versions
No such policy of insurance issued shall contain any provision relieving the insurer from payment if the insured becomes insolvent or discharged in bankruptcy during the period that the policy is in operation, or the compensation, or any part of it, is due and unpaid.
Terms Used In South Dakota Codified Laws 58-20-11
- 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.
Source: SL 1966, ch 111, ch 29, § 9.