Section 47-14A-21 - Beneficial owner entitled to distribution becomes creditor of business trust. - South-dakota Statutes

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47-14A-21. Beneficial owner entitled to distribution becomes creditor of business trust. 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.

Source: SL 2001, ch 245, § 21.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-14a > Statute-47-14a-21

47-14A-21. Beneficial owner entitled to distribution becomes creditor of business trust. 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.

Source: SL 2001, ch 245, § 21.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-14a > Statute-47-14a-21

47-14A-21. Beneficial owner entitled to distribution becomes creditor of business trust. 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.

Source: SL 2001, ch 245, § 21.