Section 21-21-3 - Receivership where corporation dissolved, insolvent or unable to function

21-21-3. Receivership where corporation dissolved, insolvent or unable to function.A receiver may be appointed by the court in which an action is pending, or by the judge thereof, in the cases where a corporation has been dissolved, or is insolvent, or is in imminent danger of insolvency, or has forfeited its corporate rights; or is unable to exercise its corporate functions because of continued dissension between or neglect by its stockholders, directors and officers. Source: CCivP 1877, §219, subdiv 5; CL 1887, §5015, subdiv 5; RCCivP 1903, §227, subdiv 5; RC 1919, §2475 (5); SDC 1939 & Supp 1960, §37.2601 (5).