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§ 47-26-23 Power of court in liquidation proceedings--Action by creditor.

SD Codified L § 47-26-23 (2019) (N/A)
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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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§ 47-26-24 Power of court in liquidation proceedings--Application by corporation.