S.D. Codified Laws § 47-14A-73

Current through the 2024 Legislative Session

Section 47-14A-73 - Qualifications of plaintiff in derivative action

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.

SDCL 47-14A-73

SL 2001, ch 245, §73.