2017 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 14A - South Dakota Business Trust Act
§ 47-14A-73 Qualifications of plaintiff in derivative action.

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.

Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.