South Dakota Codified Laws 51A-15-7. Distribution of assets after discharge of obligations on voluntary liquidation–Disposition of unclaimed distributions
Any assets remaining after the discharge of all obligations shall be distributed to the stockholders in accordance with their respective interests. No such distribution shall be made before:
(1) All claims of depositors and creditors have been paid, or, in the case of any disputed claim, the bank has transmitted to the director a sum adequate to meet any liability that may be judicially determined;
Terms Used In South Dakota Codified Laws 51A-15-7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(2) Any funds payable to a depositor or creditor and unclaimed have been transmitted to the state treasurer; and
(3) Approved by the director.
Any unclaimed distribution to a stockholder or depositor shall be held until ninety days after the final distribution and then transmitted to the state treasurer for disposition pursuant to chapter 43-41B.
Source: SL 1969, ch 11, § 13.2 (6); SL 1970, ch 265, § 63; SL 1974, ch 301, § 4; SDCL, § 51-27-7.