South Dakota § 58-29B-83 Conditions creating personal liability to liquidator for amount of preference.

South Dakota Statutes

§ 58-29B-83 — Conditions creating personal liability to liquidator for amount of preference.

South Dakota § 58-29B-83

Title 58INSURANCE

Ch. 58-29AINSURERS SUPERVISION, REHABILITATION AND LIQUIDATION

This text of South Dakota § 58-29B-83 (Conditions creating personal liability to liquidator for amount of preference.) 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 § 58-29B-83 (2026).

Text

Every officer, manager, employee, shareholder, member, subscriber, attorney, or any other person acting on behalf of the insurer who knowingly participates in giving any preference when he has reasonable cause to believe the insurer is or is about to become insolvent at the time of the preference shall be personally liable to the liquidator for the amount of the preference. Reasonable cause may be inferred if the transfer was made within four months before the date of filing of the successful petition for liquidation. Every person receiving any property from the insurer or the benefit thereof as a preference voidable under this section is personally liable therefore and shall be bound to account to the liquidator. Nothing in this section may prejudice any other claim by the liquidator.

Free access — add to your briefcase to read the full text and ask questions with AI

Every officer, manager, employee, shareholder, member, subscriber, attorney, or any other person acting on behalf of the insurer who knowingly participates in giving any preference when he has reasonable cause to believe the insurer is or is about to become insolvent at the time of the preference shall be personally liable to the liquidator for the amount of the preference. Reasonable cause may be inferred if the transfer was made within four months before the date of filing of the successful petition for liquidation. Every person receiving any property from the insurer or the benefit thereof as a preference voidable under this section is personally liable therefore and shall be bound to account to the liquidator. Nothing in this section may prejudice any other claim by the liquidator.