South Dakota § 51A-10-10 Substitution or exchange of securities deposited to qualify as depository for funds of governmental subdivisions.

South Dakota Statutes

§ 51A-10-10 — Substitution or exchange of securities deposited to qualify as depository for funds of governmental subdivisions.

South Dakota § 51A-10-10

Title 51ABANKS AND BANKING

Ch. 51A-10BANK DEPOSITS

This text of South Dakota § 51A-10-10 (Substitution or exchange of securities deposited to qualify as depository for funds of governmental subdivisions.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 51A-10-10 (2026).

Text

Any bank pledging such securities pursuant to § 51A-10-9 may substitute or exchange, at any time it deems it advisable or desirable and without concurrence of the depositor, or any officers of such depositors, eligible securities of like nature and character for securities pledged, if:

(1)Such securities so substituted or exchanged shall at the time of such substitution or exchange, have a market value of at least equal to the market value of the securities released; and (2) In the event of such substitution or exchange, the holder or custodian of the securities shall, on the same day, forward by registered or certified mail to the public deposit protection commission and the depository bank, a receipt specifically describing and identifying both the securities so substituted or exc

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Any bank pledging such securities pursuant to § 51A-10-9 may substitute or exchange, at any time it deems it advisable or desirable and without concurrence of the depositor, or any officers of such depositors, eligible securities of like nature and character for securities pledged, if: (1) Such securities so substituted or exchanged shall at the time of such substitution or exchange, have a market value of at least equal to the market value of the securities released; and (2) In the event of such substitution or exchange, the holder or custodian of the securities shall, on the same day, forward by registered or certified mail to the public deposit protection commission and the depository bank, a receipt specifically describing and identifying both the securities so substituted or exchanged and those released and returned to the depository bank.

Legislative History

SDC 1939, § 6.0418 as added by SL 1957, ch 12; SDCL, § 51-10-18; SL 1969, ch 11, § 8.11; SL 1982, ch 28, § 18; SL 1988, ch 377, § 138; SDCL, § 51-22-13.