2018 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 01A - South Dakota Business Corporation Act
§ 47-1A-1408 Court proceedings for determination of amount and form of security for contingent, unknown, or future claims.
47-1A-1408. Court proceedings for determination of amount and form of security for contingent, unknown, or future claims. A dissolved corporation that has published a notice under §§ 47-1A-1407 to 47-1A-1407.2, inclusive, may file an application with the circuit court of the county where the dissolved corporation's principal office is located, or, if none in this state, with the circuit court of Hughes County, for a determination of the amount and form of security to be provided for payment of claims that are contingent or have not been made known to the dissolved corporation or that are based on an event occurring after the effective date of dissolution but that, based on the facts known to the dissolved corporation, are reasonably estimated to arise after the effective date of dissolution. Provision need not be made for any claim that is or is reasonably anticipated to be barred under § 47-1A-1407.1.
Within ten days after the filing of the application, notice of the proceeding shall be given by the dissolved corporation to each claimant holding a contingent claim whose contingent claim is shown on the records of the dissolved corporation.
The court may appoint a guardian ad litem to represent all claimants whose identities are unknown in any proceeding brought under this section. The reasonable fees and expenses of such guardian, including all reasonable expert witness fees, shall be paid by the dissolved corporation.
Source: SL 2005, ch 239, § 324; SL 2008, ch 275, § 40.
