South Dakota Codified Laws 58-29B-145. Domiciliary liquidator for insurer not domiciled in reciprocal state–Title vested–Timing–Petition for conservation or liquidation
If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the director of this state shall be vested by operation of law with the title to all of the property, contracts, and rights of action, and all of the books, accounts, and other records of the insurer located in this state, at the same time that the domiciliary liquidator is vested with title in the domicile. The director of this state may petition for a conservation or liquidation order under §§ 58-29B-134 to 58-29B-144, inclusive, or for an ancillary receivership under §§ 58-29B-145 to 58-29B-148, inclusive, or after approval by the circuit court of Hughes County may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.
Terms Used In South Dakota Codified Laws 58-29B-145
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
- Transfer: includes the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest therein, or with the possession thereof or of fixing a lien upon property or upon an interest therein, absolutely or conditionally, voluntarily, by or without judicial proceedings. See South Dakota Codified Laws 58-29B-3
Source: SL 1989, ch 436, § 145.