South Dakota Statutes
§ 58-29B-87 — Setoff or counterclaim not allowed.
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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South Dakota § 58-29B-87 (Setoff or counterclaim not allowed.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1989, ch 436, § 87; SL 1995, ch 288, § 1.
Nearby Sections
15
§ 58-1-1
Citation of title.§ 58-1-11
General saving clause.§ 58-1-13
Severability of provisions.§ 58-1-14
Notice of nonrenewal of policy must be mailed sixty days prior to renewal date--Exceptions.§ 58-1-14.1
Notice of refusal to renew--Thirty§ 58-1-16.1
Applicability of §§ 58-1-18
Repealed by SL 2012, ch 252, § 30.§ 58-1-2
Definition of terms.