54-9-12. Disposal or conversion of estate--Authority of assignee.
Until the inventory and affidavit have been made, and the assignment has been duly recorded and the inventory filed, and the assignee has given a bond, an assignee for the benefit of creditors has no authority to dispose of the estate or convert it for the purposes of the trust.
Source: CivC 1877, §2041; CL 1887, §4674; RCivC 1903, §2386; RC 1919, §2059; SDC 1939 & Supp 1960, §37.5108.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 09 - Assignment For Benefit Of Creditors
Section 54-9-1 - Execution of assignment by insolvent debtor.
Section 54-9-3 - Subsisting absolute or contingent liability of assignor.
Section 54-9-5 - Assignment invalid against creditor of assignor not assenting thereto.
Section 54-9-6 - Property exempt from execution--Life insurance--Effect of assignment.
Section 54-9-7 - Inventory required of assignor--Contents--Verification.
Section 54-9-8 - Recording assignment and filing inventory.
Section 54-9-9 - Effect of omitting to record--Assignment of real property.
Section 54-9-10 - Assent of creditors necessary to modification of assignment.
Section 54-9-12 - Disposal or conversion of estate--Authority of assignee.
Section 54-9-13.3 - Duties of assignee.
Section 54-9-13.4 - Notice to creditors to present verified claims--Publication.
Section 54-9-13.5 - Contents of creditor's claim--Claim founded upon instrument.
Section 54-9-13.6 - Time limitation on filing creditor's claim.
Section 54-9-13.8 - Sale or compromise of claims or property of estate--Liability of assignee.
Section 54-9-14 - Compensation of assignee.
Section 54-9-15.1 - Power of court to take and state accounts.
Section 54-9-15.2 - Accountants and attorneys appointed by court--Compensation of attorneys.
Section 54-9-16 - Accounting of assignee.
Section 54-9-16.1 - Deposit of funds in court for distribution subsequent to discharge of assignee.
Section 54-9-19 - Discharge of assignee upon full compliance with trust.
Section 54-9-20 - Application of assignee for discharge--Notice by publication.