reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08 - Acts In Fraud Of Creditors › Section 54-8-22 - Party to transfer or assignment of property to defraud creditors guilty of felony.

54-8-22. Party to transfer or assignment of property to defraud creditors guilty of felony.
Every person who, being a party to any conveyance or assignment of any property, or of any interest therein, made or created with intent to defraud prior or subsequent purchasers, or to delay or defraud creditors or other persons, and every person being privy to or knowing of such conveyance, assignment, or charge, who intentionally puts the same in use as having been made in good faith, is guilty of a Class 6 felony.
Source:
PenC 1877, §635; CL 1887, §6837; RPenC 1903, §666; RC 1919, §4277; SDC 1939, §13.4301; SL 1980, ch 24, §107; SL 1986, ch 407.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08 - Acts In Fraud Of Creditors › Section 54-8-23 - Fraud in bankruptcy proceedings--Misdemeanor.

54-8-23. Fraud in bankruptcy proceedings--Misdemeanor.
Every person who, upon making or prosecuting any application for a discharge as an insolvent debtor, under the provisions of any law now in force, or that may hereafter be enacted:
(1)Fraudulently presents or authorizes to be presented on his behalf such application, in a case in which it is not authorized by law;
(2)Makes or presents to any court or officer, in support of such application, any petition, schedule, book, account, voucher, or other paper or document, knowing the same to contain any false statement;
(3)Fraudulently makes and exhibits, or alters, obliterates, or destroys any account or voucher relating to the condition of his affairs, or any entry or statement in such account or voucher;
(4)Practices any fraud upon any creditor, with intent to induce him to petition for or consent to such discharge; or
(5)Conspires with or induces any person fraudulently to unite as creditor in any petition for such discharge, or to practice any fraud in aid thereof;
is guilty of a Class 1 misdemeanor.
Source:
PenC 1877, §638; CL 1887, §6840; RPenC 1903, §669; RC 1919, §4280; SDC 1939, §13.4304; SL 1980, ch 24, §108.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-2 - Insolvency.

54-8A-2. Insolvency.
(a) A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation.
(b) A debtor who is generally not paying his debts as they become due is presumed to be insolvent.
(c) A partnership is insolvent under subsection (a) if the sum of the partnership's debts is greater than the aggregate, at a fair valuation, of all of the partnership's assets and the sum of the excess of the value of each general partner's nonpartnership assets over the partner's nonpartnership debts.
(d) Assets under this section do not include property that has been transferred, concealed or removed with intent to hinder, delay or defraud creditors or that has been transferred in a manner making the transfer voidable under this chapter.
(e) Debts under this section do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.
Source:
SL 1987, ch 365, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-3 - Value.

54-8A-3. Value.
(a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's business to furnish support to the debtor or another person.
(b) For the purposes of subsection 54-8A-4(a)(2) and §54-8A-5, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.
(c) A transfer is made for present value if the exchange between the debtor and the transferee is intended by them to be contemporaneous and is in fact substantially contemporaneous.
Source:
SL 1987, ch 365, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-4 - Transfers fraudulent as to present and future creditors.

54-8A-4. Transfers fraudulent as to present and future creditors.
(a) Any transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation:
(1)With actual intent to hinder, delay, or defraud any creditor of the debtor; or
(2)Without receiving a reasonably equivalent value in exchange for the transfer or obligation, and the debtor:
(i)Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction; or
(ii)Intended to incur, or believed or reasonably should have believed that he would incur, debts beyond his ability to pay as they became due.
(b) In determining actual intent under subsection (a)(1) of this section, consideration may be given, among other factors, to whether:
(1)The transfer or obligation was to an insider;
(2)The debtor retained possession or control of the property transferred after the transfer;
(3)The transfer or obligation was disclosed or concealed;
(4)Before the transfer was made or obligation was incurred, the debtor had been sued or threatened with suit;
(5)The transfer was of substantially all the debtor's assets;
(6)The debtor absconded;
(7)The debtor removed or concealed assets;
(8)The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred;
(9)The debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred;
(10)The transfer occurred shortly before or shortly after a substantial debt was incurred; and
(11)The debtor transferred the essential assets of the business to a lienor who transferred the assets to an insider of the debtor.
Source:
SL 1987, ch 365, §4.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-5 - Transfers fraudulent as to present creditors.

54-8A-5. Transfers fraudulent as to present creditors.
(a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.
(b) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent.
Source:
SL 1987, ch 365, §5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-6 - When transfer is made or obligation is incurred.

54-8A-6. When transfer is made or obligation is incurred.
For the purposes of this chapter:
(1)A transfer is made:
(i)With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and
(ii)With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that is superior to the interest of the transferee;
(2)If applicable law permits the transfer to be perfected as provided in paragraph (1) and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action;
(3)If applicable law does not permit the transfer to be perfected as provided in paragraph (1), the transfer is made when it becomes effective between the debtor and the transferee;
(4)A transfer is not made until the debtor has acquired rights in the asset transferred;
(5)An obligation is incurred:
(i)If oral, when it becomes effective between the parties; or
(ii)If evidenced by a writing, when the writing executed by the obligor is delivered to or for the benefit of the obligee.
Source:
SL 1987, ch 365, §6.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-7 - Remedies of creditors.

54-8A-7. Remedies of creditors.
(a) In an action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations in §54-8A-8, may obtain:
(1)Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim;
(2)An attachment or other provisional remedy against the asset transferred or other property of the transferee;
(3)Subject to applicable principles of equity and in accordance with applicable rules of civil procedure,
(i)An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
(ii)Appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or
(iii)Any other relief the circumstances may require.
(b) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
Source:
SL 1987, ch 365, §7.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-8 - Defenses, liability and protection of transferee.

54-8A-8. Defenses, liability and protection of transferee.
(a) A transfer or obligation is not voidable under subsection 54-8A-4(a)(1) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.
(b) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under subsection 54-8A-7(a)(1) the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (c) of this section, or the amount necessary to satisfy the creditor's claim, whichever is less. The judgment may be entered against:
(1)The first transferee of the asset or the person for whose benefit the transfer was made; or
(2)Any subsequent transferee other than a good faith transferee who took for value or from any subsequent transferee.
(c) If the judgment under subsection (b) of this section is based upon the value of the asset transferred, the judgment shall be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
(d) Notwithstanding voidability of a transfer or an obligation under this chapter, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to:
(1)A lien on or a right to retain any interest in the asset transferred;
(2)Enforcement of any obligation incurred; or
(3)A reduction in the amount of the liability on the judgment.
(e) A transfer is not voidable under subsection 54-8A-4(a)(2) or §54-8A-5 if the transfer results from:
(1)Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(2)Enforcement of a security interest in compliance with chapter 57A-9.
(f) A transfer is not voidable under subdivision 54-8A-5(b):
(1)To the extent the insider gave new value to or for the benefit of the debtor after the transfer was made unless the new value was secured by a valid lien;
(2)If made in the ordinary course of business or financial affairs of the debtor and the insider; or
(3)If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as an antecedent debt of the debtor.
Source:
SL 1987, ch 365, §8.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-9 - Extinguishment of cause of action.

54-8A-9. Extinguishment of cause of action.
A cause of action with respect to a fraudulent transfer or obligation under this chapter is extinguished unless action is brought:
(a) Under subsection 54-8A-4(a)(1) within four years after the transfer was made or the obligation was incurred or, if later, within one year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(b) Under subsection 54-8A-4(a)(2) or subdivision 54-8A-5(a) within four years after the transfer was made or the obligation was incurred; or
(c) Under subdivision 54-8A-5(b) within one year after the transfer was made or the obligation was incurred.
Source:
SL 1987, ch 365, §9.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-10 - Supplementary provisions.

54-8A-10. Supplementary provisions.
Unless displaced by the provisions of this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions.
Source:
SL 1987, ch 365, §10.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08A - Uniform Fraudulent Transfer Act › Section 54-8A-11 - Uniform application and construction.

54-8A-11. Uniform application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
Source:
SL 1987, ch 365, §11.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-1 - Execution of assignment by insolvent debtor.

54-9-1. Execution of assignment by insolvent debtor.
An insolvent debtor, as defined by the statutes of fraudulent conveyance, may, in good faith, execute an assignment of property to one or more assignees, in trust towards the satisfaction of his creditors, in conformity to the provisions of this chapter, subject, however, to the provisions of the statutes relative to trusts and to fraudulent transfers, and to the restrictions imposed by law upon assignments by special partnerships, by corporations or by other specified classes of persons.
Source:
CivC 1877, §2027; CL 1887, §4660; RCivC 1903, §2372; RC 1919, §2045; SDC 1939 & Supp 1960, §37.5101.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-2 - Instrument of assignment--Execution--Acknowledgment or proof--Recording--Defective execution invalidates assignment.

54-9-2. Instrument of assignment--Execution--Acknowledgment or proof--Recording--Defective execution invalidates assignment.
An assignment for the benefit of creditors must be in writing, subscribed by the assignor, or by his agent thereto authorized by writing. It must be acknowledged or proved and certified, in the mode prescribed by this code for recording transfers of real property and recorded as required by §54-9-8. Unless such provisions are complied with, an assignment for the benefit of creditors is void against every creditor of the assignor not assenting thereto.
Source:
CivC 1877, §§2031, 2032; CL 1887, §§4664, 4665; RCivC 1903, §§2376, 2377; RC 1919, §§2049, 2050; Supreme Court Rule 617, 1939; SDC 1939 & Supp 1960, §37.5104.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-3 - Subsisting absolute or contingent liability of assignor.

54-9-3. Subsisting absolute or contingent liability of assignor.
An assignment for the benefit of creditors may provide for any subsisting liability of the assignor which he might lawfully pay, whether absolute or contingent.
Source:
CivC 1877, §2029; CL 1887, §4662; RCivC 1903, §2374; RC 1919, §2047; SDC 1939 & Supp 1960, §37.5102.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-5 - Assignment invalid against creditor of assignor not assenting thereto.

54-9-5. Assignment invalid against creditor of assignor not assenting thereto.
An assignment for the benefit of creditors is void against any creditor of the assignor not assenting thereto, in the following cases:
(1)If it provides preference or priority to any creditor over any other creditor except as provided in this chapter;
(2)If it provides for the payment of any claim known to the assignor to be false or fraudulent; or for the payment of more upon any claim than is known to be justly due from the assignor;
(3)If it reserves any interest in the assigned property, or in any part thereof, to the assignor or for his benefit, before all his existing debts are paid, other than property exempt by law from execution;
(4)If it confers upon the assignee any power which, if exercised, might prevent or delay the immediate conversion of the assigned property to the purposes of the trust;
(5)If it exempts him from liability for neglect of duty or misconduct.
Source:
CivC 1877, §2030; CL 1887, §4663; RCivC 1903, §2375; RC 1919, §2048; SDC 1939 & Supp 1960, §37.5103; SL 1969, ch 162, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-6 - Property exempt from execution--Life insurance--Effect of assignment.

54-9-6. Property exempt from execution--Life insurance--Effect of assignment.
Property exempt from execution, and insurance upon the life of the assignor, to the extent of five thousand dollars, do not pass to the assignee by a general assignment for the benefit of creditors, unless the instrument specially mentions them, and declares an intention that they should pass thereby.
Source:
CivC 1877, §2043; CL 1887, §4677; RCivC 1903, §2389; RC 1919, §2062; SDC 1939 & Supp 1960, §37.5111.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-7 - Inventory required of assignor--Contents--Verification.

54-9-7. Inventory required of assignor--Contents--Verification.
Within twenty days after an assignment is made for the benefit of creditors, the assignor must make and file in the manner prescribed by §54-9-8, a full and true inventory, showing:
(1)All the creditors of the assignor;
(2)The place of residence of each creditor, if known to the assignor, or if not known, that fact must be stated;
(3)The sum owing to each creditor, and the nature of each debt or liability, whether arising on written security, account, or otherwise;
(4)The true consideration of the liability in each case, and the place where it arose;
(5)Every existing judgment, mortgage, or other security for the payment of any debt or liability of the assignor;
(6)All property of the assignor at the date of the assignment which is exempt by law from execution;
(7)All the assignor's property at the date of the assignment, both real and personal, of every kind not so exempt, and the encumbrances existing thereon, and all vouchers and securities relating thereto, and the value of such property according to the best knowledge of the assignor.
An affidavit must be made by every person executing an assignment for the benefit of creditors, to be annexed to and filed with the inventory, to the effect that the same is in all respects just and true, according to the best of such assignor's knowledge and belief.
Source:
CivC 1877, §§2034, 2035; CL 1887, §§4667, 4668; RCivC 1903, §§2379, 2380; RC 1919, §§2052, 2053; Supreme Court Rule 618, 1939; SDC 1939 & Supp 1960, §37.5106.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-8 - Recording assignment and filing inventory.

54-9-8. Recording assignment and filing inventory.
The assignment must be recorded and the inventory filed with the register of deeds of the county in which the assignor resided at the date of the assignment or of the county to which such county is attached for judicial purposes; or, if he did not then reside in this state, with the like officer of the county in which his principal place of business was then situated; or, if he had not then a residence or place of business in this state, with the like officer of the county in which the principal part of the assigned property was then situated. If the assignment is executed by more than one assignor, it must be recorded and a copy of the inventory must be filed with the register of deeds of every county in which any of the assignors resided at its date, or in which any of them, not then residing in this state, had then a place of business.
Source:
CivC 1877, §§2036, 2037; CL 1887, §§4669, 4670; RCivC 1903, §§2381, 2382; RC 1919, §§2054, 2055; SDC 1939 & Supp 1960, §37.5107.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-9 - Effect of omitting to record--Assignment of real property.

54-9-9. Effect of omitting to record--Assignment of real property.
An assignment for the benefit of creditors is void against creditors of the assignor, and against purchasers and encumbrancers in good faith and for value, if the assignment is not recorded and the inventory filed within twenty days after the date of the assignment. Where it embraces real property it is subject to the provisions of law on recording transfers, as well as those of this chapter.
Source:
CivC 1877, §§2038, 2039; CL 1887, §§4671, 4672; RCivC 1903, §§2383, 2384; RC 1919, §§2056, 2057; SDC 1939 & Supp 1960, §37.5107.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-10 - Assent of creditors necessary to modification of assignment.

54-9-10. Assent of creditors necessary to modification of assignment.
An assignment for the benefit of creditors, which has been executed and recorded so as to transfer the property to the assignee, cannot afterward be canceled or modified by the parties thereto, without the consent of every creditor affected thereby.
Source:
CivC 1877, §2046; CL 1887, §4680; RCivC 1903, §2392; RC 1919, §2065; SDC 1939 & Supp 1960, §37.5109.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-11 - Bond of assignee--Amount--Approval of sureties by circuit court--Terms and conditions.

54-9-11. Bond of assignee--Amount--Approval of sureties by circuit court--Terms and conditions.
Within thirty days after the date of an assignment for the benefit of creditors, the assignee must enter into a bond to this state, in double the amount of the value of the property assigned, with sufficient sureties, to be approved by the judge of the circuit court for the county in which the original inventory is filed, and conditioned for the faithful discharge of the trust, and due accounting for all moneys received by the assignee, which bond must be filed in the same office with the original inventory.
Source:
CivC 1877, §2040; CL 1887, §4673; RCivC 1903, §2385; RC 1919, §2058; SDC 1939 & Supp 1960, §37.5108.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-12 - Disposal or conversion of estate--Authority of assignee.

54-9-12. Disposal or conversion of estate--Authority of assignee.
Until the inventory and affidavit have been made, and the assignment has been duly recorded and the inventory filed, and the assignee has given a bond, an assignee for the benefit of creditors has no authority to dispose of the estate or convert it for the purposes of the trust.
Source:
CivC 1877, §2041; CL 1887, §4674; RCivC 1903, §2386; RC 1919, §2059; SDC 1939 & Supp 1960, §37.5108.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13 - Assignee takes subject to rights of third parties--Nonliability for acts done in good faith under void assignment.

54-9-13. Assignee takes subject to rights of third parties--Nonliability for acts done in good faith under void assignment.
An assignee for the benefit of creditors is not to be regarded as a purchaser for value, and has no greater right than his assignor had, in respect to things in action transferred by the assignment. He is not to be held liable for his acts done in good faith in the execution of the trust, merely for the reason that the assignment is afterward adjudged void.
Source:
CivC 1877, §§2033, 2045; CL 1887, §§4666, 4679; RCivC 1903, §§2378, 2391; RC 1919, §§2051, 2064; SDC 1939 & Supp 1960, §37.5105.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13.1 - Action by assignee against person receiving property of debtor in fraud of creditors.

54-9-13.1. Action by assignee against person receiving property of debtor in fraud of creditors.
In addition to those otherwise provided in this chapter, the court shall have power to authorize an assignee to bring an action or special proceeding, which he is hereby empowered to maintain, against any person who has received, taken or in any manner interfered with the estate, property or effects of the debtor in fraud of his creditors and which might have been avoided by a creditor of the assignor and the assignee may recover the property so transferred or its value.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13.2 - Action by assignee against creditor receiving voluntary transfer from insolvent assignor.

54-9-13.2. Action by assignee against creditor receiving voluntary transfer from insolvent assignor.
In addition to those otherwise provided in this chapter, the court may authorize an assignee to bring an action, which he is hereby empowered to maintain, against any person, who with reasonable cause to believe the assignor was insolvent as defined in §54-8A-2, has within four months of the assignment received a voluntary transfer from the assignor of money or property for or on account of an antecedent debt, the effect of which transfer is to enable the creditor to obtain a greater percentage of his debt than some other creditor of the same class, and the assignee may recover the property so transferred or its value. For the purpose of this section a transfer shall be deemed to have been made when it is so far perfected that no creditor having a judgment on a simple contract without special priority (whether or not such a creditor exists) could have obtained an interest superior to that of the transferee therein. A transfer not so perfected prior to the assignment shall be deemed to have been made immediately before the assignment.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §3; SL 1990, ch 30, §16.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13.3 - Duties of assignee.

54-9-13.3. Duties of assignee.
It shall be the duty of the assignee to collect and reduce to money the property of the estate, under the direction of the court; to report promptly to the court any claims presented to him which are not provable, or are incorrect or false and shall also report promptly for allowance all claims presented to him which are not disputed; close up the estate as expeditiously as possible; furnish such information concerning the estate as may be requested by parties in interest; keep regular accounts; pay dividends as often as is compatible with the best interest of the estate; make appraisals or in his discretion employ an appraiser or appraisers; and designate and employ auctioneers.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §4.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13.4 - Notice to creditors to present verified claims--Publication.

54-9-13.4. Notice to creditors to present verified claims--Publication.
The judge may, upon the petition of the assignee, authorize him to advertise for creditors not named in the inventory to present to him their claims, with the vouchers therefor, duly verified, on or before a day to be specified in such advertisement, not less than four months from the recordation of the assignment, which advertisement or notice shall be published in at least one legal newspaper, to be designated by the judge, as most likely to give notice to the persons to be served, at least once and such additional times as the judge may direct; the last publication shall be at least one week prior to the date specified.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13.5 - Contents of creditor's claim--Claim founded upon instrument.

54-9-13.5. Contents of creditor's claim--Claim founded upon instrument.
The verified claim of a creditor as provided in §54-9-13.4 shall set forth whether any, and if so, what securities are held for such claim, and whether any, and, if so, what payments have been made thereon.
Whenever a claim is founded upon an instrument in writing, such instrument, unless lost or destroyed, shall be filed with the claim. After the claim is allowed or disallowed, such instrument may be withdrawn by permission of the court. If such instrument is lost or destroyed, a statement of such fact and of the circumstances of such loss or destruction shall be filed under oath with the claim.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13.6 - Time limitation on filing creditor's claim.

54-9-13.6. Time limitation on filing creditor's claim.
All claims whether the same be due, not due, or contingent, must be filed within the time limited in the notice as provided in §54-9-13.4, and any claim not so filed is barred from any further claim against the property assigned. When it is made to appear by the affidavit of the claimant to the satisfaction of the court that he had no notice by reason of being out of the state, it may be filed at any time, before a decree of distribution is entered.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13.7 - Wages and commissions as preferred claims--Limitation on amount--"Traveling or city salesmen" defined.

54-9-13.7. Wages and commissions as preferred claims--Limitation on amount--"Traveling or city salesmen" defined.
In all distributions of assets under all assignments made in pursuance of this chapter, the wages and commissions, not to exceed six hundred dollars to each claimant, which have been earned within three months before the date of the commencement of the proceedings, due to workmen, servants, clerks, or traveling or city salesmen on salary or commission basis, whole or part time, whether or not selling exclusively for the assignor; and for the purposes of this claim, the term "traveling or city salesmen" shall include all salesmen, whether or not they are independent contractors selling the products or service of the assignor on a commission basis, with or without a drawing account or formal contract, shall be preferred before any other debt, except debts due to the United States having a priority under federal law; and should the assets of the assignor or assignors not be sufficient to pay in full all the claims preferred, pursuant to this section, they shall be applied to the payment of the same pro rata to the amount of each such claim.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §8.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13.8 - Sale or compromise of claims or property of estate--Liability of assignee.

54-9-13.8. Sale or compromise of claims or property of estate--Liability of assignee.
The judge may, upon the application of the assignee and for good and sufficient cause shown, and upon such terms as he may direct, authorize the assignee to sell, compromise or compound any claim or debt belonging to the estate of the debtor. But such authority shall not prevent any party interested in the trust estate from showing upon the final accounting of such assignee that such debt or claim was fraudulently or negligently sold, compounded or compromised. The sale of any debt or claim heretofore made in good faith by any assignee shall be valid, subject, however, to the approval of the judge, and the assignee shall be charged with and be liable for, as part of the trust fund, any sum which might or ought to have been collected by him.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §6.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-13.9 - Sales at public auction--Procedure for private sales and sales of perishable property.

54-9-13.9. Sales at public auction--Procedure for private sales and sales of perishable property.
All sales as provided in §54-9-13.8 shall be had at public auction unless otherwise ordered by the judge. Upon application to the judge, and for good cause shown, the assignee may be authorized to sell any portion of the estate at private sale; in which case he shall keep an accurate record of each article sold, and the price received therefor, and to whom sold; which account he shall file at once. Upon application by the assignee or a creditor setting forth that a part or the whole of the estate is perishable, the nature and location of such perishable property, and that there will be loss if the same is not sold immediately, the judge, if satisfied of the facts stated and that the sale is required in the interest of the estate, may order the same to be sold with or without notice to creditors.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §6.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-14 - Compensation of assignee.

54-9-14. Compensation of assignee.
In the absence of any provision in the assignment to the contrary, an assignee for the benefit of creditors is entitled to the same commissions as are allowed by law to personal representatives; but the assignment cannot grant more, and may restrict the commissions to a less amount, or deny them altogether.
Source:
CivC 1877, §2044; CL 1887, §4678; RCivC 1903, §2390; RC 1919, §2063; SDC 1939 & Supp 1960, §37.5112.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-15 - Proceeding subject to order and supervision of circuit court--Rendition of accounts and filing of reports by assignee--Distribution of trust estate.

54-9-15. Proceeding subject to order and supervision of circuit court--Rendition of accounts and filing of reports by assignee--Distribution of trust estate.
All proceedings under this chapter shall be subject to the order and supervision of the judge of the circuit court for the county in which such assignment was made. The judge may from time to time, in his discretion, upon his own motion or on the petition of one or more of the creditors, by order, citation, attachment, or otherwise, require any assignee or assignees to render accounts and file reports of his or their proceedings and of the conditions of such trust estate, and may order or decree distribution thereof.
Source:
SL 1887, ch 8, §1; SL 1887, ch 9, §1; CL 1887, §4675; RCivC 1903, §2387; RC 1919, §2060; SDC 1939 & Supp 1960, §37.5110; SL 1969, ch 162, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-15.1 - Power of court to take and state accounts.

54-9-15.1. Power of court to take and state accounts.
In addition to those otherwise provided in this chapter, the court shall have power to take and state accounts hereunder or to appoint referees to take and state accounts.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-15.2 - Accountants and attorneys appointed by court--Compensation of attorneys.

54-9-15.2. Accountants and attorneys appointed by court--Compensation of attorneys.
In addition to those otherwise provided in this chapter, the court shall have power to appoint accountants and attorneys, including attorneys to represent creditors therein and to fix their compensation. Reasonable compensation may be allowed by the court for counsel fees in preparation of the instrument of assignment.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-16 - Accounting of assignee.

54-9-16. Accounting of assignee.
After the lapse of six months from the date of filing his bond, the assignee, on motion of any one of the creditors, with ten days' notice, accompanied by an affidavit of the creditor, his agent, or attorney, setting forth his claim and the amount thereof, and that no account has been filed within six months, may be ordered by the circuit court or by the judge thereof, at any place in his judicial circuit, to render an account of his proceedings, within a given time to be fixed by the court or the judge thereof, not to exceed fifteen days.
Source:
CivC 1877, §2042; SL 1887, ch 8, §1; SL 1887, ch 9, §1; CL 1887, §4675; RCivC 1903, §2387; RC 1919, §2060; SDC 1939 & Supp 1960, §37.5110.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-16.1 - Deposit of funds in court for distribution subsequent to discharge of assignee.

54-9-16.1. Deposit of funds in court for distribution subsequent to discharge of assignee.
If, in his final accounting, the assignee shall set forth that for any cause distribution cannot be made to any creditor or creditors, the court may order the funds due them deposited with the clerk of the court for future distribution upon further order of the court subsequent to the discharge of the assignee.
Source:
SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §7.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-17 - Removal of assignee by circuit court--Appointment and delivery of property to successor.

54-9-17. Removal of assignee by circuit court--Appointment and delivery of property to successor.
The judge of the circuit court may, in his discretion, for cause shown, remove any assignee or assignees and appoint another or others instead, who shall give such bonds as the judge, in view of the conditions and value of the estate, may direct; and such order of removal and appointment shall in terms transfer to such new assignee or assignees all the trust estate, real, personal, and mixed, and may be recorded in the deed records in the office of register of deeds of any county wherein any real estate affected by the assignment may be situated. Such judge may by order, which may be enforced as upon proceedings for contempt, compel the assignee or assignees so removed to deliver all property, money, choses in action, book accounts, and vouchers, to the assignee or assignees so appointed, and to make, execute, and deliver to such new assignee or assignees such deeds, assignments, and transfers as such judge may deem proper, and to render a full account and report of all matters connected with such trust estate.
Source:
SL 1887, ch 8, §1; SL 1887, ch 9, §1; CL 1887, §4675; RCivC 1903, §2387; RC 1919, §2060; SDC 1939 & Supp 1960, §37.5110.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-18 - Removal of assignee by circuit court--Discharge on full accounting and surrender of property to new assignee.

54-9-18. Removal of assignee by circuit court--Discharge on full accounting and surrender of property to new assignee.
Whenever any assignee so removed shall have fully accounted for and turned over to the assignee or assignees appointed by the judge all the trust estate and made a full report of all his doings, and complied with all orders of the judge touching such estate, he may by order of the judge be fully discharged from all further duties, liabilities, and responsibilities connected with the trust.
Source:
SL 1887, ch 8, §1; SL 1887, ch 9, §1; CL 1887, §4675; RCivC 1903, §2387; RC 1919, §2060; SDC 1939 & Supp 1960, §37.5110.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-19 - Discharge of assignee upon full compliance with trust.

54-9-19. Discharge of assignee upon full compliance with trust.
Whenever an assignee has fully complied with his trust, he may by order of the judge be fully discharged from all further duties, liabilities, and responsibilities connected with the trust.
Source:
SL 1887, ch 8, §1; SL 1887, ch 9, §1; CL 1887, §4675; RCivC 1903, §2387; RC 1919, §2060; SDC 1939 & Supp 1960, §37.5110.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-20 - Application of assignee for discharge--Notice by publication.

54-9-20. Application of assignee for discharge--Notice by publication.
In either of the cases mentioned in §§54-9-18 and 54-9-19 the assignee shall give notice by publication in some newspaper of the county, if there be one printed and published therein, if not, in a newspaper published at the capital of the state, once in each week, for at least three weeks, that he will apply to the judge of the circuit court for such discharge, at a time and place to be stated in such notice, which time shall not be more than three weeks after the last publication of the notice.
Source:
SL 1887, ch 8, §1; SL 1887, ch 9, §1; CL 1887, §4675; RCivC 1903, §2387; RC 1919, §2060; SDC 1939 & Supp 1960, §37.5110.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-21 - Hearing upon application of assignee for discharge--Order requiring the performance of acts not completed--Order of discharge, granting, effect.

54-9-21. Hearing upon application of assignee for discharge--Order requiring the performance of acts not completed--Order of discharge, granting, effect.
If, upon the hearing, the judge shall be satisfied that the assignee is entitled to be discharged, he shall make an order accordingly; or if, in the opinion of the judge, anything remains to be done by such assignee, he may require the performance thereof before making such order. Such order shall have the effect of discharging the assignee and his sureties from all further responsibility in respect to the trust, and such order shall not be refused on account of any failure on the part of the assignee to comply with any formal provision of law, where no loss or damage to anyone shall have occurred through such failure.
Source:
SL 1887, ch 8, §1; SL 1887, ch 9, §1; CL 1887, §4675; RCivC 1903, §2387; RC 1919, §2060; SDC 1939 & Supp 1960, §37.5110.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 09 - Assignment For Benefit Of Creditors › Section 54-9-22 - Federal bankruptcy proceedings, possession of estate taken from assignee--Discharge of assignee on full accounting to trustee in bankruptcy.

54-9-22. Federal bankruptcy proceedings, possession of estate taken from assignee--Discharge of assignee on full accounting to trustee in bankruptcy.
Whenever the trust estate shall have been taken out of the hands of the assignee by proceedings in bankruptcy in the federal court, the assignee may in like manner be discharged, upon showing that he has fully accounted to the trustee in bankruptcy, and turned over to him the whole of the trust estate.
Source:
SL 1887, ch 8, §1; SL 1887, ch 9, §1; CL 1887, §4675; RCivC 1903, §2387; RC 1919, §2060; SDC 1939 & Supp 1960, §37.5110.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-1 - Definition of terms.

54-10-1. Definition of terms.
Terms used in this chapter mean:
(1)"Creditor's sale," any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security;
(2)"Insolvent debtor," any insolvent person, decedent's estate, partnership, limited liability company, corporation or business association involved in a liquidation proceeding as defined in this chapter;
(3)"Liquidation proceedings," all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estate; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, decedent's estate, partnership, limited liability company, corporation or business association;
(4)"Liquidator," any person administering assets in any liquidation proceeding as defined in this chapter; and
(5)"Secured creditor," a creditor who has either legal or equitable security for the creditor's debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some endorser, surety, or other person secondarily liable.
Source:
SL 1941, ch 162, §1; SDC Supp 1960, §37.26A01; SL 1994, ch 351, §153.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-2 - Secured creditor's claim against general assets--Disclosure of nature of security.

54-10-2. Secured creditor's claim against general assets--Disclosure of nature of security.
In a liquidation proceeding every secured creditor's claim against the general assets shall disclose the nature of the security. When a decedent's estate already in the course of administration is judicially declared insolvent or when in an equity receivership it is determined that the subject under receivership is insolvent, secured creditors having claims on file which do not comply with this section shall make disclosure within a time to be fixed by the court.
Source:
SL 1941, ch 162, §2; SDC Supp 1960, §37.26A02.