54-9-12. Disposal or conversion of estate--Authority of assignee.
Until the inventory and affidavit have been made, and the assignment has been duly recorded and the inventory filed, and the assignee has given a bond, an assignee for the benefit of creditors has no authority to dispose of the estate or convert it for the purposes of the trust.
Source: CivC 1877, §2041; CL 1887, §4674; RCivC 1903, §2386; RC 1919, §2059; SDC 1939 & Supp 1960, §37.5108.