54-9-13.2. Action by assignee against creditor receiving voluntary transfer from insolvent assignor.
In addition to those otherwise provided in this chapter, the court may authorize an assignee to bring an action, which he is hereby empowered to maintain, against any person, who with reasonable cause to believe the assignor was insolvent as defined in §54-8A-2, has within four months of the assignment received a voluntary transfer from the assignor of money or property for or on account of an antecedent debt, the effect of which transfer is to enable the creditor to obtain a greater percentage of his debt than some other creditor of the same class, and the assignee may recover the property so transferred or its value. For the purpose of this section a transfer shall be deemed to have been made when it is so far perfected that no creditor having a judgment on a simple contract without special priority (whether or not such a creditor exists) could have obtained an interest superior to that of the transferee therein. A transfer not so perfected prior to the assignment shall be deemed to have been made immediately before the assignment.
Source: SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, §3; SL 1990, ch 30, §16.
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.