Section 47-18-26 - Assets distributable to unknown persons--Deposit in state treasury--Subsequentclaim--Time limitation. - South-dakota Statutes

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-18 > Statute-47-18-26

47-18-26. Assets distributable to unknown persons--Deposit in state treasury--Subsequent claim--Time limitation. Upon liquidation of a cooperative, the assets distributable to persons who are unknown or cannot be found may be reduced to cash and deposited with the state treasury. If claimed within ten years thereafter such funds shall be paid without interest to persons entitled thereto upon proof satisfactory to the state treasurer of their right thereto. If not claimed within ten years, such funds shall become the property of the state to be used in furthering agriculture.

Source: SDC 1939, § 11.1147 as enacted by SL 1965, ch 23, § 1.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-18 > Statute-47-18-26

47-18-26. Assets distributable to unknown persons--Deposit in state treasury--Subsequent claim--Time limitation. Upon liquidation of a cooperative, the assets distributable to persons who are unknown or cannot be found may be reduced to cash and deposited with the state treasury. If claimed within ten years thereafter such funds shall be paid without interest to persons entitled thereto upon proof satisfactory to the state treasurer of their right thereto. If not claimed within ten years, such funds shall become the property of the state to be used in furthering agriculture.

Source: SDC 1939, § 11.1147 as enacted by SL 1965, ch 23, § 1.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-18 > Statute-47-18-26

47-18-26. Assets distributable to unknown persons--Deposit in state treasury--Subsequent claim--Time limitation. Upon liquidation of a cooperative, the assets distributable to persons who are unknown or cannot be found may be reduced to cash and deposited with the state treasury. If claimed within ten years thereafter such funds shall be paid without interest to persons entitled thereto upon proof satisfactory to the state treasurer of their right thereto. If not claimed within ten years, such funds shall become the property of the state to be used in furthering agriculture.

Source: SDC 1939, § 11.1147 as enacted by SL 1965, ch 23, § 1.