South Dakota § 58-29B-87 - Setoff or counterclaim not allowed.
Full text of South Dakota South Dakota Codified Laws § 58-29B-87 — Setoff or counterclaim not allowed., with citation guidance and answers to common questions.
§ 58-29B-87. Setoff or counterclaim not allowed.
No setoff or counterclaim may be allowed in favor of any person if:
(1) The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer; or
(2) The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff; or
(3) The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.
Source: SL 1989, ch 436, § 87; SL 1995, ch 288, § 1.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-29B-87
What does South Dakota Codified Laws § 58-29B-87 cover?
Section 58-29B-87 ("Setoff or counterclaim not allowed.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-29B-87?
A common citation format is "South Dakota Codified Laws § 58-29B-87" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-29B-87 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.