2012 South Dakota Codified Laws
Title 51A BANKS AND BANKING
Chapter 15. Suspension And Liquidation Of Banks
§51A-15-30 Limitations on powers of director or receiver in liquidating bank.
51A-15-30. Limitations on powers of director or receiver in liquidating bank. In liquidating a bank the director or receiver may exercise any power thereof but he may not, without the approval of the circuit court:
(1) Sell any asset of the bank having an appraised value in excess of five thousand dollars;
(2) Compromise or release any claim which exceeds five thousand dollars, exclusive of interest; or
(3) Make any payment on any claim, other than a claim upon an obligation incurred by the director or receiver, before preparing and filing a schedule of his determinations in accordance with subdivision 51A-15-36 (3).
Source: SL 1925, ch 103, §§ 1 to 3; SDC 1939, § 6.0614; SDCL, § 51-14-37; SL 1969, ch 11, § 13.13; SL 1988, ch 377, § 173; SDCL, § 51-27-22.
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