South Dakota Codified Laws
Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation
Section 58-29B-71 - Transfer creating equitable lien--Conditions prohibiting perfection.

South Dakota Codified Laws

Title 58 - Insurance

Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation

Section 58-29B-1 - Citation of chapter.

Section 58-29B-2 - Scope.

Section 58-29B-3 - Definition of terms.

Section 58-29B-4 - Delinquency proceedings sole and exclusive remedy--Commencement of proceedings by director.

Section 58-29B-5 - Commencement of proceedings despite lack of notice to insurer.

Section 58-29B-6 - Grounds for personal jurisdiction.

Section 58-29B-7 - Venue of proceedings.

Section 58-29B-8 - Receiver authorized to grant certain orders.

Section 58-29B-9 - Persons to cooperate in proceedings and preliminary investigations.

Section 58-29B-10 - Obstruction or interference in conduct of proceedings.

Section 58-29B-11 - Failure to cooperate--Obstruction or interference--Penalty.

Section 58-29B-12 - Directors and deputies responsible for official bonds--Source of payment.

Section 58-29B-13 - Proceedings commenced prior to enactment of chapter.

Section 58-29B-13.1 - Service of appropriate orders by director.

Section 58-29B-14 - Director's determination of continuation of business hazardous--Notification of insurer.

Section 58-29B-15 - Supervision of insurer--Appointment of supervisor--Certain acts by insurer prohibited--Costs.

Section 58-29B-16 - Insurer to comply with director's requirements--Time period--Failure to comply.

Section 58-29B-17 - Hearings--Notice and procedure.

Section 58-29B-18 - Request for hearing--Request not to stay order.

Section 58-29B-19 - Waiver of hearing--Application for judicial relief--Judicial review of order after hearing.

Section 58-29B-20 - Requests for review of supervisor's actions.

Section 58-29B-21 - Violation of supervision order--Penalty.

Section 58-29B-22 - Application for necessary orders to enforce supervision order.

Section 58-29B-23 - Violation of valid orders--Personal liability for losses suffered by insurer--Commencement of action.

Section 58-29B-24 - Authority to file petition for seizure order--Grounds.

Section 58-29B-25 - Ex parte issuance of seizure order--Costs.

Section 58-29B-26 - Duration of order--Hearing to extend, shorten or modify--Vacation of order.

Section 58-29B-27 - Entry of order not anticipatory breach of insurer's contracts.

Section 58-29B-28 - Petition for review of order--Procedure.

Section 58-29B-29 - Notice to persons not present at hearing--Effect on previously issued order.

Section 58-29B-30 - Records to remain confidential--Exceptions.

Section 58-29B-31 - Application by director for rehabilitation of insurer--Grounds.

Section 58-29B-32 - Order of rehabilitation--Contents--Effect of filing or recording--Vesting of title--Accounting required.

Section 58-29B-32.1 - Appointment of deputies--Powers and responsibilities--Employment of counsel, clerks and assistants--Compensation--Advisory committee.

Section 58-29B-32.2 - Promulgation of rules for appointing committees.

Section 58-29B-33 - Authority of rehabilitator to reform and revitalize issuer.

Section 58-29B-34 - Authority to pursue legal remedies on insurer's behalf.

Section 58-29B-35 - Rehabilitator's plan for transformation--Application and grounds for approval--Procedure upon approval.

Section 58-29B-36 - Disposition of actions in which insurer a party pending when rehabilitation order entered.

Section 58-29B-37 - Petition for appointment of rehabilitator--Suspension of statute of limitations, laches--Time period for commencement of actions ripe when petition is filed.

Section 58-29B-38 - Guaranty associations--Standing to appear in rehabilitation proceedings.

Section 58-29B-39 - Rehabilitation futile--Petition for liquidation--Effect--Court to permit directors or insurers to defend.

Section 58-29B-40 - Termination of rehabilitation--Procedure--Payment of costs.

Section 58-29B-41 - Petition for liquidation--Grounds.

Section 58-29B-42 - Order of liquidation--Contents--Title vested in liquidator--Effect of filing or recording.

Section 58-29B-42.1 - Plan for continued performance of policy claim obligations during appeal of liquidation order.

Section 58-29B-43 - Rights and liabilities fixed upon issuance of order.

Section 58-29B-44 - Order to liquidate alien insurer domiciled in state--Effect.

Section 58-29B-45 - Declaration of insurer's insolvency--Procedure.

Section 58-29B-46 - Order of liquidation--Financial reports required--Annual filing.

Section 58-29B-47 - Effect of order upon policies in effect at time of issuance.

Section 58-29B-48 - Order to dissolve corporate existence--Procedure.

Section 58-29B-49 - Powers of liquidator.

Section 58-29B-50 - Enumeration in § 58-29B-49 not exclusive.

Section 58-29B-50.1 - Obligations of liquidator subsequent to entry of liquidation order.

Section 58-29B-51 - Notice of liquidation order.

Section 58-29B-52 - Duties of claimant upon notice of liquidation.

Section 58-29B-53 - Duties of insurance producer upon notice of liquidation.

Section 58-29B-54 - Failure of insurance producer to comply with § 58-29B-53--Penalty--Liquidator's waiver of duties.

Section 58-29B-55 - Appointment of liquidator--Effect upon actions and injunctions pending against insurer or liquidator--Liquidator's right to intervene.

Section 58-29B-56 - Time periods in which liquidator may act for or institute action on behalf of insurer.

Section 58-29B-57 - Petition for liquidation--Suspension of statute of limitations, laches--Time period for commencement of actions ripe when petition filed.

Section 58-29B-58 - Guaranty associations--Standing to appear in liquidation proceedings.

Section 58-29B-59 - Liquidator to prepare list of insurer's assets--Filing requirements.

Section 58-29B-60 - Reduction of assets to appropriate degree.

Section 58-29B-61 - "Fraudulent transfers" defined--Avoidance by receiver--Acceptance or preservation of transfer.

Section 58-29B-61.1 - Liability of beneficiary of fraudulent transfer.

Section 58-29B-62 - Fraudulent transfers between insurer and reinsurer--Grounds for avoidance by receiver.

Section 58-29B-63 - Transfers of insurer's real property after petition filed--Recording of copy of petition as constructive notice.

Section 58-29B-64 - Validity of transfers after petitions filed and before receiver takes possession or order granted.

Section 58-29B-65 - No impairment of negotiability.

Section 58-29B-66 - "Preference" defined.

Section 58-29B-67 - Preference--Avoidance by liquidator.

Section 58-29B-68 - Preference voidable--Consequences.

Section 58-29B-69 - When transfer of property other than real property deemed made or suffered.

Section 58-29B-70 - When transfer of real property deemed made or suffered.

Section 58-29B-71 - Transfer creating equitable lien--Conditions prohibiting perfection.

Section 58-29B-72 - Transfer not perfected prior to filing of petition deemed made before filing of successful petition.

Section 58-29B-73 - Sections 58-29B-69 to 58-29B-72 applicable despite certain creditors or potential bona fide purchasers.

Section 58-29B-74 - "Lien by legal or equitable proceedings upon simple contract" defined.

Section 58-29B-75 - Lien by legal or equitable proceedings--Superiority to rights of transferee.

Section 58-29B-76 - Transfer for or on account of new and contemporaneous consideration--Transfer to secure future loan--Effects.

Section 58-29B-77 - Voidable lien dissolved--Indemnifying transfer or lien deemed voidable.

Section 58-29B-78 - Property affected by voidable lien discharge--That and indemnifying property pass to liquidator--Exception.

Section 58-29B-79 - Summary jurisdiction of Hughes county circuit court--Notice--Valuation of certain property or liens--Election of transferee or lienholder.

Section 58-29B-80 - Extent of surety discharge under releasing bond or similar obligation.

Section 58-29B-81 - Preferred creditor--Setoff for new credit issued in good faith.

Section 58-29B-82 - Transfers by insurer to attorney for services within four months of filing petition--Examination by court.

Section 58-29B-83 - Conditions creating personal liability to liquidator for amount of preference.

Section 58-29B-84 - Claims of creditor who has received or acquired a voidable preference, lien, conveyance, transfer, assignment, or encumbrance.

Section 58-29B-85 - Filing of claims under § 58-29B-84.

Section 58-29B-86 - Mutual debts or credits between insurer and another set off.

Section 58-29B-87 - Setoff or counterclaim not allowed.

Section 58-29B-88 - Liquidator's report to court--Time limit--Content.

Section 58-29B-89 - Court to levy assessments--Amount.

Section 58-29B-90 - Issuance of show cause order upon failure to pay assessment.

Section 58-29B-91 - Notice of show cause order.

Section 58-29B-92 - Failure to appear and serve objections on or before return day of order--Procedure on timely appearance.

Section 58-29B-93 - Enforcement of order or judgment under § 58-29B-92.

Section 58-29B-94 - No reductions in amounts recoverable from reinsurers--Exception--Payments.

Section 58-29B-94.1 - Association election to succeed to rights and obligations of insolvent insurer under reinsurance contract--Reinsurer's liability to pay claims.

Section 58-29B-95 - No liability for unearned premiums or uncollected earned premiums before declaration of insolvency--Recovery of unearned premium representing commission--Credits or setoffs--Obligations of uninsured.

Section 58-29B-96 - Course of action upon violation of § 58-29B-95--Director's options.

Section 58-29B-97 - Notice and hearings required before impositions of penalties.

Section 58-29B-98 - Application for approval of proposal to disburse assets.

Section 58-29B-99 - Proposal to disburse assets--Contents.

Section 58-29B-100 - Amounts for disbursements to associations.

Section 58-29B-101 - Insolvent insurer writing life or health insurance or annuities--Liquidator to include disbursements to guaranty in proposal.

Section 58-29B-102 - Notice of application for approval of proposal.

Section 58-29B-103 - Filing proof of claims--Exceptions.

Section 58-29B-104 - Circumstances under which claimant making late filing may share in distributions.

Section 58-29B-105 - Certain late filing claims of guaranty association--Right to share in distributions.

Section 58-29B-106 - Treatment of late claims not covered by § 58-29B-104.

Section 58-29B-107 - Proof of claim--Contents.

Section 58-29B-108 - Failure to provide necessary information--Liquidator may require prescribed forms and additional information.

Section 58-29B-109 - Liquidator may request or otherwise obtain additional information or evidence.

Section 58-29B-110 - Judgment or order not evidence of liability or quantum of damages.

Section 58-29B-111 - Claims of guaranty associations--Form and content.

Section 58-29B-112 - Third party's claim contingent on judgment against insured--Consideration.

Section 58-29B-113 - Contingent claims allowed.

Section 58-29B-114 - Treatment of claims due except for passage of time.

Section 58-29B-115 - Claims made under employment contracts by directors or similar personnel--Limit on payment.

Section 58-29B-116 - Third party claim against insured of insurer in liquidation filed with liquidator--Insured's filing--Late filing.

Section 58-29B-117 - Allowance of insured's claim--Liquidator's recommendations to court--Sums withheld--Procedures upon allowance.

Section 58-29B-118 - Several claims founded upon one policy--Disposition--Prohibited claims.

Section 58-29B-119 - Liquidator to give written notice of denial of claim--Objections.

Section 58-29B-120 - Hearing upon objections--Notice--Referee may conduct.

Section 58-29B-121 - Creditor's claim secured by "other person"--Subrogation--Right to distribution.

Section 58-29B-122 - Valuation of security held by secured creditor.

Section 58-29B-123 - Valuation made under supervision of court--Treatment of deficiency and surrender of security.

Section 58-29B-124 - Priority and order of distribution of claims from insurer's estate.

Section 58-29B-125 - Review, investigation and negotiation of claims by liquidator--Exception--Report to court.

Section 58-29B-126 - Court approval, disapproval, or modification of report.

Section 58-29B-127 - Distributions by liquidator under court direction--Manner of payment.

Section 58-29B-128 - Disposition of unclaimed funds subject to distribution.

Section 58-29B-129 - Disposition of funds not distributed.

Section 58-29B-130 - Application for discharge.

Section 58-29B-131 - Petition to reopen proceedings for good cause.

Section 58-29B-132 - Recommendation and direction for retention or disposal of insurer's records.

Section 58-29B-133 - Audits of receivership books.

Section 58-29B-134 - Director's application to act as conservator--Grounds.

Section 58-29B-135 - Issuance of order allowing director to act as conservator--Filing--Notice imparted.

Section 58-29B-136 - Petition to liquidate assets of foreign or alien insurer.

Section 58-29B-137 - Termination of conservation of insurer.

Section 58-29B-138 - Director's application to liquidate assets of foreign or alien insurer--Grounds.

Section 58-29B-139 - Notice of orders sought under § 58-29B-134 or 58-29B-138.

Section 58-29B-140 - Order to liquidate in whatever terms court deems appropriate--Filing--Notice imparted.

Section 58-29B-141 - Domiciliary receiver, conservator, or liquidator appointed while liquidation proceeding--Duty to act as ancillary receiver.

Section 58-29B-142 - Director's application to act as receiver--Grounds.

Section 58-29B-143 - Payment of resident's claims against foreign or alien insurer.

Section 58-29B-144 - Domiciliary receiver, conservator, or liquidator of insurer domiciled in reciprocal state--Title vested--Date of vesting.

Section 58-29B-145 - Domiciliary liquidator for insurer not domiciled in reciprocal state--Title vested--Timing--Petition for conservation or liquidation.

Section 58-29B-146 - Resident claimants--With whom and when to file.

Section 58-29B-147 - Domiciliary receiver, conservator, or liquidator appointed for alien insurer--Appointment as ancillary receiver.

Section 58-29B-148 - Court may appoint ancillary receiver on terms deemed appropriate--Filing--Notice imparted.

Section 58-29B-149 - Duties and powers of ancillary receiver when domiciliary receiver, conservator, or liquidator appointed in reciprocal state.

Section 58-29B-150 - Duties and powers of ancillary receivers, conservators, or liquidators when domiciliary liquidator appointed in this state.

Section 58-29B-151 - Director may institute proceedings under §§ 58-29B-13 to 58-29B-30.

Section 58-29B-152 - Liquidation proceeding against insurer domiciled in state--Claimants residing in foreign countries or states not reciprocal--Filing.

Section 58-29B-153 - Proof of claims of residents in reciprocal states.

Section 58-29B-154 - Proceeding in reciprocal state against domiciled insurer--Filing.

Section 58-29B-155 - Proof of claims of South Dakota residents--Elections--Procedure.

Section 58-29B-156 - Final allowance by state courts conclusive as to amount and priority.

Section 58-29B-157 - Attachment, garnishment, levy of execution prohibited during receivership, conservatorship, or liquidation proceedings.

Section 58-29B-158 - Domiciliary state's order of distribution controls claims of residents of this and reciprocal states.

Section 58-29B-159 - Owners of special deposit claims--Priority--Deficiencies in deposit.

Section 58-29B-160 - Owner of secured claim--Elections.

Section 58-29B-161 - Ancillary receiver's failure to transfer certain assets.