South Dakota Statutes
§ 29A-6-112 — Right of financial institution to setoff--Amount.
Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party to a multiple - party account is indebted to a financial institution, the financial institution has a right to setoff against the account in which the party has or had immediately before his death a present right of withdrawal. The amount of the account subject to setoff is that proportion to which the debtor is, or was immediately before his death, beneficially entitled, and in the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal.
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South Dakota § 29A-6-112 (Right of financial institution to setoff--Amount.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1987, ch 208, § 12; SDCL 30-23-54; SL 1995, ch 167, § 172.
Nearby Sections
15
§ 29A-1-101
Short title.§ 29A-1-102
Purposes--Rule of construction.§ 29A-1-104
Severability.§ 29A-1-106
Effect of fraud and evasion.§ 29A-1-107
Evidence as to death or status.§ 29A-1-108
Acts by holder of general power.§ 29A-1-201
General definitions.§ 29A-1-301
Territorial application.§ 29A-1-303
Venue.§ 29A-1-304
Practice in court.§ 29A-1-305
Records and certified copies.§ 29A-1-306
Jury trial.§ 29A-1-307
Performance of acts and orders.