South Dakota Codified Laws 58-34-22. Power of attorney–Terms–Approval by director
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The terms of any power of attorney or agreement collateral thereto shall be fair and equitable, and no such power or agreement shall be effective as to a domestic reciprocal insurer until approved by the director.
Terms Used In South Dakota Codified Laws 58-34-22
- 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
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
Source: SL 1966, ch 111, ch 19, § 10 (3).