Section 47-14A-21 - Beneficial owner entitled to distribution becomes creditor of business trust. - South Dakota Statutes

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.

Source: SL 2001, ch 245, § 21.