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2017 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 14A - South Dakota Business Trust Act
§ 47-14A-73 Qualifications of plaintiff in derivative action.
Universal Citation: SD Codified L § 47-14A-73 (2017)
47-14A-73. Qualifications of plaintiff in derivative action. In a derivative action, the plaintiff must be a beneficial owner at the time of bringing the action and:
(1) At the time of the transaction of which the plaintiff complains; or
(2) Plaintiff's status as a beneficial owner had devolved upon plaintiff by operation of law or pursuant to the terms of the governing instrument of the business trust from a person who was a beneficial owner at the time of the transaction.
Source: SL 2001, ch 245, ยง 73.
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