Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security which he has failed to disclose, or unless he procures such release or surrender if the security is in the possession of an endorser, surety, or other person secondarily liable for the insolvent debtor.
S.D. Codified Laws § 54-10-3
Failure of secured creditor to disclose existence of security--Effect of concealment
Known as the Uniform Act
The act spans §§ 54–54 (14 sections).
Source: SL 1941, ch 162, § 3; SDC Supp 1960, § 37.26A03.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.