58-29B-82. Transfers by insurer to attorney for services within four months of filing petition--Examination by court.
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/sd/title-58/chapter-58-29/58-29b-82·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If an insurer shall, directly or indirectly, within four months before the filing of a successful petition for liquidation under this chapter, or at any time in contemplation of a proceeding to liquidate it, pay money or transfer property to an attorney - at - law for services rendered or to be rendered, the transaction may be examined by the court on its own motion or shall be examined by the court on petition of the liquidator and shall be held valid only to the extent of a reasonable amount to be determined by the court, and the excess may be recovered by the liquidator for the benefit of the estate.
However, if the attorney is in a position of influence in the insurer or an affiliate thereof, payment of any money or the transfer of any property to the attorney - at - law for services rendered or to be rendered shall be governed by the provision of subdivision 58-29B-67(4).