S.D. Codified Laws § 47-26-23

Current through the 2024 Legislative Session

Section 47-26-23 - Power of court in liquidation proceedings-Action by creditor

Courts of equity shall have full power to liquidate the assets and affairs of a corporation in an action by a creditor:

(1) When the claim of the creditor has been reduced to judgment and an execution thereon has been returned unsatisfied and it is established that the corporation is insolvent; or

(2) When the corporation has admitted in writing that the claim of the creditor is due and owing and it is established that the corporation is insolvent.

SDCL 47-26-23

SL 1965, ch 24, § 56 (2).