Section 47-14A-3 - Obligation of beneficial owner--Cash value of contribution as option in addition toother remedies. - South-dakota Statutes

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47-14A-3. Obligation of beneficial owner--Cash value of contribution as option in addition to other remedies. Except as provided in the governing instrument, a beneficial owner is obligated to the business trust to perform any promise to contribute cash, property, or to perform services, even if the beneficial owner is unable to perform because of death, disability, or any other reason. If a beneficial owner does not make the required contribution of property or services, the beneficial owner is obligated at the option of the business trust to contribute cash equal to that portion of the agreed value, as stated in the records of the business trust, of the contribution that has not been made. The foregoing option shall be in addition to, and not in lieu of, any other rights, including the right to specific performance, that the business trust may have against such beneficial owner under the governing instrument of applicable law.

Source: SL 2001, ch 245, § 3.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-14a > Statute-47-14a-3

47-14A-3. Obligation of beneficial owner--Cash value of contribution as option in addition to other remedies. Except as provided in the governing instrument, a beneficial owner is obligated to the business trust to perform any promise to contribute cash, property, or to perform services, even if the beneficial owner is unable to perform because of death, disability, or any other reason. If a beneficial owner does not make the required contribution of property or services, the beneficial owner is obligated at the option of the business trust to contribute cash equal to that portion of the agreed value, as stated in the records of the business trust, of the contribution that has not been made. The foregoing option shall be in addition to, and not in lieu of, any other rights, including the right to specific performance, that the business trust may have against such beneficial owner under the governing instrument of applicable law.

Source: SL 2001, ch 245, § 3.

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Statutes > South-dakota > Title-47 > Chapter-14a > Statute-47-14a-3

47-14A-3. Obligation of beneficial owner--Cash value of contribution as option in addition to other remedies. Except as provided in the governing instrument, a beneficial owner is obligated to the business trust to perform any promise to contribute cash, property, or to perform services, even if the beneficial owner is unable to perform because of death, disability, or any other reason. If a beneficial owner does not make the required contribution of property or services, the beneficial owner is obligated at the option of the business trust to contribute cash equal to that portion of the agreed value, as stated in the records of the business trust, of the contribution that has not been made. The foregoing option shall be in addition to, and not in lieu of, any other rights, including the right to specific performance, that the business trust may have against such beneficial owner under the governing instrument of applicable law.

Source: SL 2001, ch 245, § 3.