34A-15-3. Determination of owner or operator.
No person, partnership, limited liability company, corporation, association, organization, or other legal entity may be deemed to be an owner or operator of real or personal property who, without participating in the management of the subject real or personal property, holds indicia of ownership primarily to protect a security or lien hold interest in the subject real or personal property or in the property in which the subject real or personal property is located.
Source: SL 1992, ch 261, §3; SL 1994, ch 351, §76.
Structure South Dakota Codified Laws
Title 34A - Environmental Protection
Chapter 15 - Limitation On Liability Of Lenders For Environmental Damage
Section 34A-15-1 - Legislative findings.
Section 34A-15-2 - Definition of terms.
Section 34A-15-3 - Determination of owner or operator.
Section 34A-15-4 - Limitation on third-party liability for damage to property--Vesting of title.
Section 34A-15-5 - Conditions of limitations--Efforts to resell property.
Section 34A-15-6 - Exclusion for liability expressly created under federal or state laws.