{"data":{"id":"us-sd/sdcl-54-10-1","jurisdiction":"us-sd","citation":"SDCL § 54-10-1","heading":"Definition of terms.","body":"Terms used in this chapter mean:\n(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;\n(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;\n(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;\n(4) \"Liquidator,\" any person administering assets in any liquidation proceeding as defined in this chapter; and\n(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.","path":["TITLE 54. DEBTOR AND CREDITOR","CHAPTER 54-10. SECURED CREDITORS' CLAIMS IN LIQUIDATION PROCEEDINGS"],"source_url":"https://sdlegislature.gov/Statutes/54-10-1","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"26b5c23ff67069d19497b0d358538ab1488875f331a8ea52a3029d0ea2715e10","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-54-9-22","next":"us-sd/sdcl-54-10-2"},"notice":"GroundRules: Original legal text. Not legal advice."}