South Dakota Codified Laws 51A-6A-41. Insolvency defined
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A trust company is insolvent if:
(1) The actual cash market value of its assets is insufficient to pay its creditor liabilities except that for this purpose unconditional evidence of indebtedness of the United States of America may be valued, at the discretion of the director, at par, cost or fair market value, whichever is the lesser; or
Terms Used In South Dakota Codified Laws 51A-6A-41
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) It is unable to meet the demands of its creditors in the usual and customary manner.
Source: SL 1995, ch 268, § 39.