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.
S.D. Codified Laws § 21-21-3
Receivership where corporation dissolved, insolvent or unable to function
Applied in 2 court decisions — leading case Wipf v. Hutterville Hutterian Brethren, Inc. (2013)
Most recently applied in Wipf v. Hutterville Hutterian Brethren, Inc. (July 2013)
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).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.