There is a newer version of the South Dakota Codified Laws
2012 South Dakota Codified Laws
Title 47 CORPORATIONS
Chapter 26. Nonprofit Corporations--Dissolution And Liquidation
§47-26-23 Power of court in liquidation proceedings--Action by creditor.
SD Codified L § 47-26-23 (through 2012) What's This?
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.
Source: SL 1965, ch 24, § 56 (2).
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