2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 06A - Creation Of Trust Companies
§ 51A-6A-19.3 Pledge available to satisfy claims upon liquidation, abandonment of trust powers, or resignation.
51A-6A-19.3. Pledge available to satisfy claims upon liquidation, abandonment of trust powers, or resignation. Upon liquidation, abandonment of trust powers, or resignation from all duties exercised pursuant to § 51A-6A-29, the pledge required by § 51A-6A-19. 2 shall be made available for the reasonable satisfaction of claims involving trust company accounts. Any surplus remaining after the satisfaction of all such claims and costs incurred by the division shall be returned to the trust company. Unless the division has reason to believe that claims are forthcoming, the division shall release any pledge no later than twelve months from the date all affected accounts are moved to a successor trustee, custodian, or administrator.
Source: SL 2013, ch 239, § 2.
