South Dakota Codified Laws
Chapter 09 - Assignment For Benefit Of Creditors
Section 54-9-6 - Property exempt from execution--Life insurance--Effect of assignment.

54-9-6. Property exempt from execution--Life insurance--Effect of assignment.
Property exempt from execution, and insurance upon the life of the assignor, to the extent of five thousand dollars, do not pass to the assignee by a general assignment for the benefit of creditors, unless the instrument specially mentions them, and declares an intention that they should pass thereby.

Source: CivC 1877, §2043; CL 1887, §4677; RCivC 1903, §2389; RC 1919, §2062; SDC 1939 & Supp 1960, §37.5111.

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Structure South Dakota Codified Laws

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 54-9-2 - Instrument of assignment--Execution--Acknowledgment or proof--Recording--Defective execution invalidates assignment.

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 54-9-11 - Bond of assignee--Amount--Approval of sureties by circuit court--Terms and conditions.

Section 54-9-12 - Disposal or conversion of estate--Authority of assignee.

Section 54-9-13 - Assignee takes subject to rights of third parties--Nonliability for acts done in good faith under void assignment.

Section 54-9-13.1 - Action by assignee against person receiving property of debtor in fraud of creditors.

Section 54-9-13.2 - Action by assignee against creditor receiving voluntary transfer from insolvent assignor.

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 54-9-13.7 - Wages and commissions as preferred claims--Limitation on amount--"Traveling or city salesmen" defined.

Section 54-9-13.8 - Sale or compromise of claims or property of estate--Liability of assignee.

Section 54-9-13.9 - Sales at public auction--Procedure for private sales and sales of perishable property.

Section 54-9-14 - Compensation of assignee.

Section 54-9-15 - Proceeding subject to order and supervision of circuit court--Rendition of accounts and filing of reports by assignee--Distribution of trust estate.

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 54-9-17 - Removal of assignee by circuit court--Appointment and delivery of property to successor.

Section 54-9-18 - Removal of assignee by circuit court--Discharge on full accounting and surrender of property to new 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.

Section 54-9-21 - Hearing upon application of assignee for discharge--Order requiring the performance of acts not completed--Order of discharge, granting, effect.

Section 54-9-22 - Federal bankruptcy proceedings, possession of estate taken from assignee--Discharge of assignee on full accounting to trustee in bankruptcy.