47-26-23. Power of court in liquidation proceedings--Action by creditor.
79 words·~1 min read·
/sd/title-47/chapter-47-26/47-26-23A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Courts of equity shall have full power to liquidate the assets and affairs of a corporation in an action by a creditor:
(1)When the claim of the creditor has been reduced to judgment and an execution thereon has been returned unsatisfied and it is established that the corporation is insolvent; or
(2)When the corporation has admitted in writing that the claim of the creditor is due and owing and it is established that the corporation is insolvent.