South Dakota Codified Laws 47-1A-1403.1. Dissolved corporation defined
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For purposes of §§ 47-1A-1401 to 47-1A-1409, inclusive, the term, dissolved corporation, means a corporation whose articles of dissolution have become effective and includes a successor entity to which the remaining assets of the corporation are transferred subject to its liabilities for purposes of liquidation.
Terms Used In South Dakota Codified Laws 47-1A-1403.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Entity: includes domestic and foreign business corporation. See South Dakota Codified Laws 47-1A-140
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Source: SL 2005, ch 239, § 314.