South Dakota § 47-14A-21 Beneficial owner entitled to distribution becomes creditor of business trust.

South Dakota Statutes

§ 47-14A-21 — Beneficial owner entitled to distribution becomes creditor of business trust.

South Dakota·Title 47 CORPORATIONS·Ch. 47-14A SOUTH DAKOTA BUSINESS TRUST ACT

Except to the extent otherwise provided in the governing instrument of a business trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the business trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a business trust.

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Except to the extent otherwise provided in the governing instrument of a business trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the business trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a business trust.

South Dakota § 47-14A-21 (Beneficial owner entitled to distribution becomes creditor of business trust.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.