54-10-1. Definition of terms.

Terms used in this chapter mean:

(1)    "Creditor's sale," any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security;

(2)    "Insolvent debtor," any insolvent person, decedent's estate, partnership, limited liability company, corporation or business association involved in a liquidation proceeding as defined in this chapter;

(3)    "Liquidation proceedings," all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estate; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, decedent's estate, partnership, limited liability company, corporation or business association;

(4)    "Liquidator," any person administering assets in any liquidation proceeding as defined in this chapter; and

(5)    "Secured creditor," a creditor who has either legal or equitable security for the creditor's debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some endorser, surety, or other person secondarily liable.

Source: SL 1941, ch 162, § 1; SDC Supp 1960, § 37.26A01; SL 1994, ch 351, § 153.