South Dakota § 58-29B-87 Setoff or counterclaim not allowed.

South Dakota Statutes

§ 58-29B-87 — Setoff or counterclaim not allowed.

South Dakota § 58-29B-87

Title 58INSURANCE

Ch. 58-29AINSURERS SUPERVISION, REHABILITATION AND LIQUIDATION

This text of South Dakota § 58-29B-87 (Setoff or counterclaim not allowed.) 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-87 (2026).

Text

No setoff or counterclaim may be allowed in favor of any person if:

(1)The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer; or (2) The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff; or (3) The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.

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No setoff or counterclaim may be allowed in favor of any person if: (1) The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer; or (2) The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff; or (3) The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.