Section 47-14A-73 - Qualifications of plaintiff in derivative action. - South Dakota Statutes

47-14A-73. Qualifications of plaintiff in derivative action. In a derivative action, the plaintiff must be a beneficial owner at the time of bringing the action and:
(1) At the time of the transaction of which the plaintiff complains; or
(2) Plaintiff's status as a beneficial owner had devolved upon plaintiff by operation of law or pursuant to the terms of the governing instrument of the business trust from a person who was a beneficial owner at the time of the transaction.

Source: SL 2001, ch 245, § 73.