47-14A-89. Conversion deemed continuation of business entity as business trust.
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/sd/title-47/chapter-47-14/47-14a-89A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Unless otherwise agreed, or as required under applicable non - South Dakota law, the converting other business entity is not required to wind up its affairs or pay its liabilities and distribute its assets, and the conversion may not be deemed to constitute a dissolution of such other business entity and shall constitute a continuation of the existence of the converting other business entity in the form of a business trust. When the other business entity has been converted to a business trust pursuant to this chapter, the business trust shall, for all purposes of the laws of the State of South Dakota, be deemed to be the same entity as the converting other business entity.