2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 15 - Suspension And Liquidation Of Banks
§ 51A-15-39 Priority of claims in liquidation proceedings.
51A-15-39. Priority of claims in liquidation proceedings. The following claims shall have priority:
(1) First, public deposits that are subject to chapter 4-6A and § 51A-10-9;
(2) Then, obligations incurred by the director or receiver;
(3) Then, total deposits of each depositor;
(4) Then, all taxes due on a pro rata basis;
(5) Then, wages and salaries of officers and employees earned during the three-month period preceding the director's possession in an amount not exceeding the normal amount of compensation due;
(6) Then, fees and assessments due to the division on a pro rata basis;
(7) Then, all other claims on a pro rata basis exclusive of claims by holders of capital notes and debentures.
Source: SL 1969, ch 11, § 13.21 (1); SL 1988, ch 377, § 181; SL 1989, ch 411, § 5; SDCL, § 51-27-31.
