The bond required by § 37-26-3 shall be in favor of the state for the benefit of any member who suffers loss of any prepayment made pursuant to a contract entered into after March 27, 1975, due to insolvency of the club or the cessation of business by the club. The bond shall be filed with, and approved by, the attorney general. Any person claiming against the bond may maintain an action at law against the club and the surety.

contract signature

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Terms Used In South Dakota Codified Laws 37-26-4

  • Contract: A legal written agreement that becomes binding when signed.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2

Source: SL 1975, ch 246, § 8; SL 1987, ch 29, § 52.

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