South Dakota § 51A-12-8 Liability of officers and directors for excessive loans.

South Dakota Statutes

§ 51A-12-8 — Liability of officers and directors for excessive loans.

South Dakota § 51A-12-8

Title 51ABANKS AND BANKING

Ch. 51A-11BANK LOANS

This text of South Dakota § 51A-12-8 (Liability of officers and directors for excessive loans.) 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-12-8 (2026).

Text

The issuing officer, the chief executive or managing officer and the board of directors of a bank shall be held personally liable for all excessive loans, until they are in compliance, including overdrafts which could create excess. Such liability shall remain in effect for so long as any such loans may be in excess of the amount limited by law.

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Legislative History

SL 1909, ch 222, art 2, § 38; SL 1915, ch 102, art 2, § 42; RC 1919, § 8990; SDC 1939, § 6.0431; SDCL, § 51-11-11; SL 1969, ch 11, § 10.6; SL 1981, ch 346, § 55; SL 1988, ch 377, § 149; SDCL, § 51-24-9.