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2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 12 - Bank Loans
§ 51A-12-14 Right of offset on loans.
Universal Citation: SD Codified L § 51A-12-14 (2017)
51A-12-14. Right of offset on loans. In addition to the general lien created by § 44-11-11 in favor of a bank on all property in possession of the bank belonging to its customers, a bank may offset against all loan balances, whether principal or interest, owed to the bank by a customer, all or any portion of the bank's obligation to the customer in the form of certificates of deposit, time savings certificates and any other form of deposit.
Source: SL 1981, ch 346, § 61; SDCL, § 51-24-15.
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