34A-15-3. Determination of owner or operator.No person, partnership, limited liability company, corporation, association, organization, or other legal entity may be deemed to be an owner or operator of real or personal property who, without participating in the management of the subject real or personal property, holds indicia of ownership primarily to protect a security or lien hold interest in the subject real or personal property or in the property in which the subject real or personal property is located. Source: SL 1992, ch 261, §3; SL 1994, ch 351, §76.
South Dakota Legal Code