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2017 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 14A - South Dakota Business Trust Act
§ 47-14A-21 Beneficial owner entitled to distribution becomes creditor of business trust.
Universal Citation: SD Codified L § 47-14A-21 (2017)
47-14A-21. Beneficial owner entitled to distribution becomes creditor of business trust. Except to the extent otherwise provided in the governing instrument of a business trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the business trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a business trust.
Source: SL 2001, ch 245, ยง 21.
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