South Dakota § 54-10-1 Definition of terms.

South Dakota Statutes

§ 54-10-1 — Definition of terms.

South Dakota § 54-10-1

Title 54DEBTOR AND CREDITOR

Ch. 54-10SECURED CREDITORS' CLAIMS IN LIQUIDATION PROCEEDINGS

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Bluebook

S.D. Codified Laws § 54-10-1 (2026).

Text

Terms used in this chapter mean:

(1)"Creditor's sale," any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security;

(2)"Insolvent debtor," any insolvent person, decedent's estate, partnership, limited liability company, corporation or business association involved in a liquidation proceeding as defined in this chapter;

(3)"Liquidation proceedings," all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estate; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whe

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Terms used in this chapter mean: (1) "Creditor's sale," any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security; (2) "Insolvent debtor," any insolvent person, decedent's estate, partnership, limited liability company, corporation or business association involved in a liquidation proceeding as defined in this chapter; (3) "Liquidation proceedings," all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estate; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, decedent's estate, partnership, limited liability company, corporation or business association; (4) "Liquidator," any person administering assets in any liquidation proceeding as defined in this chapter; and (5) "Secured creditor," a creditor who has either legal or equitable security for the creditor's debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some endorser, surety, or other person secondarily liable.