reglab/housing_qa huggingface dataset:
SD Codified L § 58-29B-62 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-62 - Fraudulent transfers between insurer and reinsurer--Grounds for avoidance by receiver.

58-29B-62. Fraudulent transfers between insurer and reinsurer--Grounds for avoidance by receiver.Any transaction of the insurer with a reinsurer shall be deemed fraudulent and may be avoided by the receiver under §58-29B-61 if:(1)The transaction consists of the termination, adjustment, or settlement of a reinsurance contract in which the reinsurer is released from any part of its duty to pay the originally specified share of losses that had occurred prior to the time of the transaction, unless the reinsurer gives a present fair equivalent value for the release; and(2)Any part of the transaction took place within one year prior to the date of filing of the petition through which the receivership was commenced. Source: SL 1989, ch 436, §62.
SD Codified L § 58-29B-63 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-63 - Transfers of insurer's real property after petition filed--Recording of copy of petition as constructive notice.

58-29B-63. Transfers of insurer's real property after petition filed--Recording of copy of petition as constructive notice.After a petition for rehabilitation or liquidation has been filed a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value, or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred. The commencement of a proceeding in rehabilitation or liquidation shall be constructive notice upon the recording of a copy of the petition for or order of rehabilitation or liquidation with the register of deeds in the county where any real property in question is located. The exercise by a court of the United States or any state or jurisdiction to authorize or effect a judicial sale of real property of the insurer within any county in any state may not be impaired by the pendency of such a proceeding unless the copy is recorded in the county prior to the consummation of the judicial sale. Source: SL 1989, ch 436, §63.
SD Codified L § 58-29B-64 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-64 - Validity of transfers after petitions filed and before receiver takes possession or order granted.

58-29B-64. Validity of transfers after petitions filed and before receiver takes possession or order granted.After a petition for rehabilitation or liquidation has been filed and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:(1)A transfer of any of the property of the insurer, other than real property, made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value, or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred;(2)A person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the indebtedness or deliver the property, or any part thereof, to the insurer or upon his order, with the same effect as if the petition were not pending;(3)A person having actual knowledge of the pending rehabilitation or liquidation is deemed not to act in good faith;(4)A person asserting the validity of a transfer under this section has the burden of proof. Except as elsewhere provided in this section, no transfer by or on behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator may be valid against the liquidator. Source: SL 1989, ch 436, §64.
SD Codified L § 58-29B-65 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-65 - No impairment of negotiability.

58-29B-65. No impairment of negotiability.Nothing in this chapter may impair the negotiability of currency or negotiable instruments. Source: SL 1989, ch 436, §65.
SD Codified L § 58-29B-66 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-66 - "Preference" defined.

58-29B-66. Preference defined.A preference is a transfer of any of the property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt, made or suffered by the insurer within one year before the filing of a successful petition for liquidation under this chapter, the effect of which transfer may be to enable the creditor to obtain a greater percentage of this debt than another creditor of the same class would receive. If a liquidation order is entered while the insurer is already subject to a rehabilitation order, then such transfers shall be deemed preferences if made or suffered within one year before the filing of the successful petition for rehabilitation, or within two years before the filing of the successful petition for liquidation, whichever time is shorter. Source: SL 1989, ch 436, §66.
SD Codified L § 58-29B-67 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-67 - Preference--Avoidance by liquidator.

58-29B-67. Preference--Avoidance by liquidator.Any preference may be avoided by the liquidator if:(1)The insurer was insolvent at the time of the transfer;(2)The transfer was made within four months before the filing of the petition;(3)The creditor receiving it or to be benefited thereby or his agent acting with reference thereto had, at the time when the transfer was made, reasonable cause to believe that the insurer was insolvent or was about to become insolvent; or(4)The creditor receiving it was an officer, any employee, attorney, or other person who was in a position of comparable influence in the insurer to an officer whether or not he held such position, any shareholder holding directly or indirectly more than five percent of any class of any equity security issued by the insurer, or any other person, firm, corporation, association, or aggregation of persons with whom the insurer did not deal at arm's length. Source: SL 1989, ch 436, §67.
SD Codified L § 58-29B-68 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-68 - Preference voidable--Consequences.

58-29B-68. Preference voidable--Consequences.If the preference is voidable, the liquidator may recover the property or, if it has been converted, its value from any person who has received or converted the property, except where a bona fide purchaser or lienor has given less than fair equivalent value, he shall have a lien upon the property to the extent of the consideration actually given by him. If a preference by way of lien or security title is voidable, the court may on due notice order the lien or title to be preserved for the benefit of the estate, in which event the lien or title shall pass to the liquidator. Source: SL 1989, ch 436, §68.
SD Codified L § 58-29B-69 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-69 - When transfer of property other than real property deemed made or suffered.

58-29B-69. When transfer of property other than real property deemed made or suffered.For purposes of §§58-29B-61 and 58-29B-66, transfer of property other than real property shall be deemed to be made or suffered when it becomes so far perfected that no subsequent lien obtainable by legal or equitable proceedings on a simple contract could become superior to the rights of the transferee. Source: SL 1989, ch 436, §69.
SD Codified L § 58-29B-70 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-70 - When transfer of real property deemed made or suffered.

58-29B-70. When transfer of real property deemed made or suffered.A transfer of real property shall be deemed to be made or suffered when it becomes so far perfected that no subsequent bona fide purchaser from the insurer could obtain rights superior to the rights of the transferee. Source: SL 1989, ch 436, §70.
SD Codified L § 58-29B-71 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-71 - Transfer creating equitable lien--Conditions prohibiting perfection.

58-29B-71. Transfer creating equitable lien--Conditions prohibiting perfection.No transfer which creates an equitable lien may be deemed to be perfected if there are available means by which a legal lien could be created. Source: SL 1989, ch 436, §71.
SD Codified L § 58-29B-72 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-72 - Transfer not perfected prior to filing of petition deemed made before filing of successful petition.

58-29B-72. Transfer not perfected prior to filing of petition deemed made before filing of successful petition.A transfer not perfected prior to the filing of a petition for liquidation shall be deemed to be made immediately before the filing of the successful petition. Source: SL 1989, ch 436, §72.
SD Codified L § 58-29B-73 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-73 - Sections 58-29B-69 to 58-29B-72 applicable despite certain creditors or potential bona fide purchasers.

58-29B-73. Sections 58-29B-69 to 58-29B-72 applicable despite certain creditors or potential bona fide purchasers.The provisions of §§58-29B-69 to 58-29B-72, inclusive, apply whether or not there are or were creditors who might have obtained liens or persons who might have become bona fide purchasers. Source: SL 1989, ch 436, §73.
SD Codified L § 58-29B-74 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-74 - "Lien by legal or equitable proceedings upon simple contract" defined.

58-29B-74. Lien obtainable by legal or equitable proceedings--Simple contract--Exclusions.A lien obtainable by legal or equitable proceedings upon a simple contract is one arising in the ordinary course of such proceedings upon the entry or docketing of a judgment or decree, or upon attachment, garnishment, execution, or like process, whether before, upon, or after judgment or decree and whether before or upon levy. It does not include liens which under applicable law are given a special priority over other liens which are prior in time. Source: SL 1989, ch 436, §74.
SD Codified L § 58-29B-75 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-75 - Lien by legal or equitable proceedings--Superiority to rights of transferee.

58-29B-75. Lien by legal or equitable proceedings--Superiority to rights of transferee.A lien obtainable by legal or equitable proceedings could become superior to the rights of a transferee, or a purchaser could obtain rights superior to the rights of a transferee within the meaning of §§58-29B-69 to 58-29B-72, inclusive, if such consequences would follow only from the lien or purchase itself, or from the lien or purchaser, with or without the aid of ministerial action by public officials. Such a lien could not, however, become superior and such a purchase could not create superior rights for the purpose of §§58-29B-69 to 58-29B-72, inclusive, through any acts subsequent to the obtaining of such a lien or subsequent to such a purchase which require the agreement or concurrence of any third party or which require any further judicial action or ruling. Source: SL 1989, ch 436, §75.
SD Codified L § 58-29B-76 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-76 - Transfer for or on account of new and contemporaneous consideration--Transfer to secure future loan--Effects.

58-29B-76. Transfer for or on account of new and contemporaneous consideration--Transfer to secure future loan--Effects.A transfer of property for or on account of a new and contemporaneous consideration which is deemed under §§58-29B-69 to 58-29B-72, inclusive, to be made or suffered after the transfer because of delay in perfecting it does not thereby become a transfer for or on account of an antecedent debt if any acts required by the applicable law to be performed in order to perfect the transfer as against liens or bona fide purchasers' rights are performed within twenty-one days or any period expressly allowed by the law, whichever is less. A transfer to secure a future loan, if such a loan is actually made, or a transfer which becomes security for a future loan, shall have the same effect as a transfer for or on account of a new and contemporaneous consideration. Source: SL 1989, ch 436, §76.
SD Codified L § 58-29B-77 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-77 - Voidable lien dissolved--Indemnifying transfer or lien deemed voidable.

58-29B-77. Voidable lien dissolved--Indemnifying transfer or lien deemed voidable.If any lien deemed voidable under §58-29B-67 has been dissolved by the furnishing of a bond or other obligation, the surety on which has been indemnified directly or indirectly by the transfer of or the creation of a lien upon any property of an insurer before the filing of a petition under this chapter which results in a liquidation order, the indemnifying transfer or lien shall also be deemed voidable. Source: SL 1989, ch 436, §77.
SD Codified L § 58-29B-78 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-78 - Property affected by voidable lien discharge--That and indemnifying property pass to liquidator--Exception.

58-29B-78. Property affected by voidable lien discharge--That and indemnifying property pass to liquidator--Exception.The property affected by any lien deemed voidable under §§58-29B-66 to 58-29B-68, inclusive, and 58-29B-77, shall be discharged from such lien, and that property and any of the indemnifying property transferred to or for the benefit of a surety shall pass to the liquidator, except that the court may on due notice order any such lien to be preserved for the benefit of the estate and the court may direct that such conveyance be executed as may be proper or adequate to evidence the title of the liquidator. Source: SL 1989, ch 436, §78.
SD Codified L § 58-29B-79 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-79 - Summary jurisdiction of Hughes county circuit court--Notice--Valuation of certain property or liens--Election of transferee or lienholder.

58-29B-79. Summary jurisdiction of Hughes county circuit court--Notice--Valuation of certain property or liens--Election of transferee or lienholder.The circuit court of Hughes County shall have summary jurisdiction of any proceeding by the liquidator to hear and determine the rights of any parties under §§58-29B-71 to 58-29B-88, inclusive. Reasonable notice of any hearing in the proceeding shall be given to all parties in interest, including the obligee of a releasing bond or other like obligation. If an order is entered for the recovery of indemnifying property in kind or for the avoidance of an indemnifying lien, the court, upon application of any party in interest, shall in the same proceeding ascertain the value of the property or lien, and if the value is less than the amount for which the property is indemnified or than the amount of the lien, the transferee or lienholder may elect to retain the property or lien upon payment of its value, as ascertained by the court, to the liquidator, within such reasonable times as the court shall fix. Source: SL 1989, ch 436, §79.
SD Codified L § 58-29B-80 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-80 - Extent of surety discharge under releasing bond or similar obligation.

58-29B-80. Extent of surety discharge under releasing bond or similar obligation.The liability of a surety under a releasing bond or other like obligation shall be discharged to the extent of the value of the indemnifying property recovered or the indemnifying lien nullified and avoided by the liquidator or, if the property is retained under §58-29B-79, to the extent of the amount paid to the liquidator. Source: SL 1989, ch 436, §80.
SD Codified L § 58-29B-81 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-81 - Preferred creditor--Setoff for new credit issued in good faith.

58-29B-81. Preferred creditor--Setoff for new credit issued in good faith.If a creditor has been preferred, and afterward in good faith gives the insurer further credit without security of any kind, for property which becomes a part of the insurer's estate, the amount of the new credit remaining unpaid at the time of the petition may be set off against the preference which would otherwise be recoverable from him. Source: SL 1989, ch 436, §81.
SD Codified L § 58-29B-82 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-82 - Transfers by insurer to attorney for services within four months of filing petition--Examination by court.

58-29B-82. Transfers by insurer to attorney for services within four months of filing petition--Examination by court.If an insurer shall, directly or indirectly, within four months before the filing of a successful petition for liquidation under this chapter, or at any time in contemplation of a proceeding to liquidate it, pay money or transfer property to an attorney-at-law for services rendered or to be rendered, the transaction may be examined by the court on its own motion or shall be examined by the court on petition of the liquidator and shall be held valid only to the extent of a reasonable amount to be determined by the court, and the excess may be recovered by the liquidator for the benefit of the estate. However, if the attorney is in a position of influence in the insurer or an affiliate thereof, payment of any money or the transfer of any property to the attorney-at-law for services rendered or to be rendered shall be governed by the provision of subdivision 58-29B-67(4). Source: SL 1989, ch 436, §82.
SD Codified L § 58-29B-83 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-83 - Conditions creating personal liability to liquidator for amount of preference.

58-29B-83. Conditions creating personal liability to liquidator for amount of preference.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. Source: SL 1989, ch 436, §83.
SD Codified L § 58-29B-84 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-84 - Claims of creditor who has received or acquired a voidable preference, lien, conveyance, transfer, assignment, or encumbrance.

58-29B-84. Claims of creditor who has received or acquired a voidable preference, lien, conveyance, transfer, assignment, or encumbrance.No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance, voidable under this chapter, may be allowed unless he surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim may not be allowed unless the money is paid or the property is delivered to the liquidator within thirty days from the date of the entering of the final judgment. However, the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding. Source: SL 1989, ch 436, §84.
SD Codified L § 58-29B-85 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-85 - Filing of claims under § 58-29B-84.

58-29B-85. Filing of claims under §58-29B-84.A claim allowable under §58-29B-84 by reason of avoidance, whether voluntary or involuntary, or a preference, lien, conveyance, transfer, assignment, or encumbrance, may be filed as an excused late filing under §§58-29B-102 to 58-29B-105, inclusive, if filed within thirty days from the date of the avoidance, or within the further time allowed by the court under §58-29B-84. Source: SL 1989, ch 436, §85.
SD Codified L § 58-29B-86 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-86 - Mutual debts or credits between insurer and another set off.

58-29B-86. Mutual debts or credits between insurer and another set off.Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter shall be set off and the balance only shall be allowed or paid, except as provided in §58-29B-87, and §§58-29B-95 to 58-29B-97, inclusive. Source: SL 1989, ch 436, §86.
SD Codified L § 58-29B-87 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-87 - Setoff or counterclaim not allowed.

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. Source: SL 1989, ch 436, §87; SL 1995, ch 288, §1.