South Dakota § 54-10-3 Failure of secured creditor to disclose existence of security--Effect of concealment.

South Dakota Statutes

§ 54-10-3 — Failure of secured creditor to disclose existence of security--Effect of concealment.

South Dakota·Title 54 DEBTOR AND CREDITOR·Ch. 54-10 SECURED CREDITORS' CLAIMS IN LIQUIDATION PROCEEDINGS

Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security which he has failed to disclose, or unless he procures such release or surrender if the security is in the possession of an endorser, surety, or other person secondarily liable for the insolvent debtor.

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Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security which he has failed to disclose, or unless he procures such release or surrender if the security is in the possession of an endorser, surety, or other person secondarily liable for the insolvent debtor.

South Dakota § 54-10-3 (Failure of secured creditor to disclose existence of security--Effect of concealment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.