South Dakota Codified Laws 58-29B-61.1. Liability of beneficiary of fraudulent transfer
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Any person receiving any property or benefit from the insurer which is a fraudulent transfer under § 58-29B-61 is personally liable and shall account to the liquidator concerning it.
Terms Used In South Dakota Codified Laws 58-29B-61.1
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Transfer: includes the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest therein, or with the possession thereof or of fixing a lien upon property or upon an interest therein, absolutely or conditionally, voluntarily, by or without judicial proceedings. See South Dakota Codified Laws 58-29B-3
Source: SL 1992, ch 351, § 9.