South Dakota § 51A-12-4 Loan to customer used for partnership or corporation.

South Dakota Statutes

§ 51A-12-4 — Loan to customer used for partnership or corporation.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-11 BANK LOANS

A loan or other extension of credit to a customer, the proceeds of which the customer intends to place in a partnership in which he is a partner or a corporation in which he is a stockholder, is not required to be combined with obligations of the partnership or corporation for the purpose of § 51A-12-2 unless the loan is made in reliance on the assets and repayment ability of the partnership or the corporation.

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A loan or other extension of credit to a customer, the proceeds of which the customer intends to place in a partnership in which he is a partner or a corporation in which he is a stockholder, is not required to be combined with obligations of the partnership or corporation for the purpose of § 51A-12-2 unless the loan is made in reliance on the assets and repayment ability of the partnership or the corporation.

South Dakota § 51A-12-4 (Loan to customer used for partnership or corporation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.