South Dakota Codified Laws 58-5-159. Applicability of federal Bankruptcy Code
Notwithstanding the other provisions of chapter 58-29B, for the purposes of determining:
(1) If a qualified education loan insurer has, in any transaction involving the transfer of any education loans or other assets, sold such education loans or other assets or pledged such education loans or other assets to secure indebtedness of the qualified education loan insurer; and
Terms Used In South Dakota Codified Laws 58-5-159
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Case law: The law as laid down in cases that have been decided in the decisions of the courts.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) If a wholly owned subsidiary of a qualified education loan insurer shall be treated as a separate entity, distinct from the qualified education loan insurer, or the subsidiary’s assets and liabilities shall be consolidated with the assets and liabilities of the qualified education loan insurer;
chapter 58-29B shall be construed as referring to available and analogous case law under the federal Bankruptcy Code for making determinations in any receivership, rehabilitation, or liquidation of the qualified education loan insurer.
Source: SL 1998, ch 287, § 6.