South Dakota Statutes
§ 51A-12-8 — Liability of officers and directors for excessive loans.
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.
Free access — add to your briefcase to read the full text and ask questions with AI
South Dakota § 51A-12-8 (Liability of officers and directors for excessive loans.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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.