The owner of a secured claim against an insurer for which a liquidator has been appointed in this or any other state may surrender his security and file his claim as a general creditor, or the claim may be discharged by resort to the security in accordance with §§ 58-29B-122 and 58-29B-123, in which case the deficiency, if any, shall be treated as a claim against the general assets of the insurer on the same basis as claims of unsecured creditors.

Terms Used In South Dakota Codified Laws 58-29B-160

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2

Source: SL 1989, ch 436, § 160.

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