58-29B-67. Preference--Avoidance by liquidator.
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/sd/title-58/chapter-58-29/58-29b-67·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any preference may be avoided by the liquidator if:
(1)The insurer was insolvent at the time of the transfer;
(2)The transfer was made within four months before the filing of the petition;
(3)The creditor receiving it or to be benefited thereby or his agent acting with reference thereto had, at the time when the transfer was made, reasonable cause to believe that the insurer was insolvent or was about to become insolvent; or
(4)The creditor receiving it was an officer, any employee, attorney, or other person who was in a position of comparable influence in the insurer to an officer whether or not he held such position, any shareholder holding directly or indirectly more than five percent of any class of any equity security issued by the insurer, or any other person, firm, corporation, association, or aggregation of persons with whom the insurer did not deal at arm's length.