South Dakota Codified Laws 49-33-27. Liability of stockholders–Stock held by fiduciary or as collateral security
No person holding stock in any corporation organized under this chapter as personal representative, conservator, or trustee, and no person holding such stock as collateral security, is liable as stockholder of such corporation for any calls or installments on any partially paid-up stock thereof; but the person pledging such stock shall be considered as holding the same and is liable as a stockholder accordingly; and the estate and funds in the hands of such personal representative, conservator, or trustee is liable to the same extent as the decedent, ward, or other person interested would have been, if living or competent to act and holding stock in his own name.
Terms Used In South Dakota Codified Laws 49-33-27
- 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.
- Decedent: A deceased person.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Trustee: A person or institution holding and administering property in trust.
Source: SDC 1939, § 52.1507; SL 1993, ch 213, § 248; SL 1995, ch 167, § 188.