South Dakota Statutes
§ 47-26-23 — Power of court in liquidation proceedings--Action by creditor.
Courts of equity shall have full power to liquidate the assets and affairs of a corporation in an action by a creditor:
(1)When the claim of the creditor has been reduced to judgment and an execution thereon has been returned unsatisfied and it is established that the corporation is insolvent; or (2) When the corporation has admitted in writing that the claim of the creditor is due and owing and it is established that the corporation is insolvent.
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South Dakota § 47-26-23 (Power of court in liquidation proceedings--Action by creditor.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1965, ch 24, § 56 (2).
Nearby Sections
15
§ 47-1-1
Repealed§ 47-1-3
Repealed§ 47-10-1
Purposes of corporations.§ 47-10-10
Incorporators.§ 47-10-11
Directors--Number and term of office.§ 47-10-13
Accumulation of surplus--Use of surplus.§ 47-10-14
Persons authorized to hold common stock.§ 47-10-18
Nonstockholder members--Duty to lend.§ 47-10-2
Powers of corporations.