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Beneficial owner entitled to distribution becomes creditor of business trust.

SDCL § 47-14A-21
in effect
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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. SL 2001, ch 245, § 21.
Source: South Dakota Legislature (sdlegislature.gov)URL: https://sdlegislature.gov/Statutes/47-14A-21Fetched: 10/20/2026

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