South Dakota § 47-26-23 Power of court in liquidation proceedings--Action by creditor.

South Dakota Statutes

§ 47-26-23 — Power of court in liquidation proceedings--Action by creditor.

South Dakota § 47-26-23

Title 47CORPORATIONS

Ch. 47-26NONPROFIT CORPORATIONS--DISSOLUTION AND LIQUIDATION

This text of South Dakota § 47-26-23 (Power of court in liquidation proceedings--Action by creditor.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 47-26-23 (2026).

Text

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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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.