Public-domain · open source
OpenJurist

S.D. Codified Laws § 47-14A-73

Qualifications of plaintiff in derivative action

Known as the South Dakota Business Trust Act

The act spans §§ 47-14A-1 to 47-14A-96 (95 sections).

Source: SL 2001, ch 245, § 73.

In a derivative action, the plaintiff must be a beneficial owner at the time of bringing the action and:

(1) At the time of the transaction of which the plaintiff complains; or

(2) Plaintiff's status as a beneficial owner had devolved upon plaintiff by operation of law or pursuant to the terms of the governing instrument of the business trust from a person who was a beneficial owner at the time of the transaction.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.