<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 54-10-1 - Definition of terms. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072367Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072367SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072367CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072367Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072367DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072367Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072367000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072367SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072367SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2072367Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-10-1"><span class="s2072367SENU">54-10-1</span></a><span xml:space="preserve" class="s2072367SENU">. </span><span class="s2072367CL">Definition of terms.</span></p><p dir="ltr" class="s2072367Normal-000000"><span class="s2072367DefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="s2072367Normal-000001"><span class="s2072367DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2072367Normal-000001"><span class="s2072367DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2072367Normal-000001"><span class="s2072367DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2072367Normal-000001"><span class="s2072367DefaultParagraphFont">(4)    "Liquidator," any person administering assets in any liquidation proceeding as defined in this chapter; and</span></p><p dir="ltr" class="s2072367Normal-000001"><span class="s2072367DefaultParagraphFont">(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.</span></p><p dir="ltr" class="s2072367Normal"><span xml:space="preserve" class="s2072367000002"> </span></p><p dir="ltr" class="s2072367Normal"><span class="s2072367SCL">Source:</span><span xml:space="preserve" class="s2072367SCL-000003"> SL 1941, ch 162, § 1; SDC Supp 1960, § 37.26A01; SL 1994, ch 351, § 153.</span></p></div></body></html>