54-10-1. Definition of terms.Terms used in this chapter mean:(1)'Creditor's sale,' any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security;(2)'Insolvent debtor,' any insolvent person, decedent's estate, partnership, limited liability company, corporation or business association involved in a liquidation proceeding as defined in this chapter;(3)'Liquidation proceedings,' all assignments for the benefit of creditors, whether voluntary or by operation of law; administration of insolvent decedents' estate; liquidations of insolvent banks; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, decedent's estate, partnership, limited liability company, corporation or business association;(4)'Liquidator,' any person administering assets in any liquidation proceeding as defined in this chapter; and(5)'Secured creditor,' a creditor who has either legal or equitable security for the creditor's debt upon any property of the insolvent debtor of a nature to be ceeding as defined in this chapter; and(5)'Secured creditor,' a creditor who has either legal or equitable security for the creditor's debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some endorser, surety, or other person secondarily liable. Source: SL 1941, ch 162, §1; SDC Supp 1960, §37.26A01; SL 1994, ch 351, §153.
South Dakota Legal Code