Except to the extent otherwise provided in the governing instrument of a business trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the business trust with respect to the distribution. A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a business trust.
S.D. Codified Laws § 47-14A-21
Beneficial owner entitled to distribution becomes creditor of business trust
Known as the South Dakota Business Trust Act
The act spans §§ 47-14A-1–47-14A-96 (95 sections).
Source: SL 2001, ch 245, § 21.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.