54-9-13.8. Sale or compromise of claims or property of estate--Liability of assignee.
The judge may, upon the application of the assignee and for good and sufficient cause shown, and upon such terms as he may direct, authorize the assignee to sell, compromise or compound any claim or debt belonging to the estate of the debtor. But such authority shall not prevent any party interested in the trust estate from showing upon the final accounting of such assignee that such debt or claim was fraudulently or negligently sold, compounded or compromised. The sale of any debt or claim heretofore made in good faith by any assignee shall be valid, subject, however, to the approval of the judge, and the assignee shall be charged with and be liable for, as part of the trust fund, any sum which might or ought to have been collected by him.
Source: SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, ยง6.
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.