South Dakota Codified Laws 58-29B-99. Proposal to disburse assets–Contents
The proposal under § 58-29B-98 shall include, but is not limited to, provisions for:
(1) Reserving amounts for the payment of expenses of administration and the payment of claims of secured creditors to the extent of the value of the security held, and claims falling within the priorities established in subdivisions 58-29B-124(1) and (2);
Terms Used In South Dakota Codified Laws 58-29B-99
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
(2) Disbursement of the assets marshaled to date and subsequent disbursement of assets as they become available;
(3) Equitable allocation of disbursements to each of the guaranty associations and foreign guaranty associations entitled thereto;
(4) The securing by the liquidator from each of the associations entitled to disbursements pursuant to this section of an agreement to return to the liquidator such assets, together with income earned on assets previously disbursed, as may be required to pay claims of secured creditors and claims falling within the priorities established in § 58-29B-124, in accordance with such priorities. No bond is required of any such association; and
(5) A full report to be made by each association to the liquidator accounting for all assets so disbursed to the association, all disbursements made therefrom, any interest earned by the association on such assets and any other matter as the court may direct.
Source: SL 1989, ch 436, § 99.