South Dakota Codified Laws 54-8A-1. Definitions
Terms used in this chapter mean:
(1) “Affiliate,”
Terms Used In South Dakota Codified Laws 54-8A-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.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fiduciary: A trustee, executor, or administrator.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(i) Any person who directly or indirectly owns, controls, or holds with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities:
(A) As a fiduciary or agent without sole discretionary power to vote the securities; or
(B) Solely to secure a debt, if the person has not exercised the power to vote;
(ii) Any corporation twenty percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor or a person who directly or indirectly owns, controls, or holds, with power to vote, twenty percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities:
(A) As a fiduciary or agent without sole power to vote the securities; or
(B) Solely to secure a debt, if the person has not in fact exercised the power to vote;
(iii) Any person whose business is operated by the debtor under a lease or other agreement, or any person substantially all of whose assets are controlled by the debtor; or
(iv) Any person who operates the debtor’s business under a lease or other agreement or controls substantially all of the debtor’s assets;
(2) “Asset,” any property of a debtor, but the term does not include:
(i) Property to the extent it is encumbered by a valid lien;
(ii) Property to the extent it is generally exempt under nonbankruptcy law; or
(iii) Any interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant;
(3) “Claim,” any right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured;
(4) “Creditor,” any person who has a claim;
(5) “Debt,” liability on a claim;
(6) “Debtor,” any person who is liable on a claim;
(7) “Insider,”
(i) If the debtor is an individual:
(A) Any relative of the debtor or of a general partner of the debtor;
(B) Any partnership in which the debtor is a general partner;
(C) Any general partner in a partnership described in clause (B); or
(D) Any corporation of which the debtor is a director, officer, or person in control;
(ii) If the debtor is a corporation:
(A) Any director of the debtor;
(B) Any officer of the debtor;
(C) Any person in control of the debtor;
(D) Any partnership in which the debtor is a general partner;
(E) Any general partner in a partnership described in clause (D); or
(F) Any relative of a general partner, director, officer, or person in control of the debtor;
(iii) If the debtor is a partnership:
(A) Any general partner in the debtor;