South Dakota § 51A-15-18 Director's appointment of Federal Deposit Insurance Corporation as receiver in liquidation proceedings.

South Dakota Statutes

§ 51A-15-18 — Director's appointment of Federal Deposit Insurance Corporation as receiver in liquidation proceedings.

South Dakota § 51A-15-18

Title 51ABANKS AND BANKING

Ch. 51A-15SUSPENSION AND LIQUIDATION OF BANKS

This text of South Dakota § 51A-15-18 (Director's appointment of Federal Deposit Insurance Corporation as receiver in liquidation proceedings.) 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-15-18 (2026).

Text

The director may appoint the Federal Deposit Insurance Corporation as receiver for a bank of which he has taken possession. Upon filing with the court an order of appointment of the receiver and a certificate indicating the acceptance by the Federal Deposit Insurance Corporation, the possession of all the assets, business, and property, and the title thereto, shall be deemed transferred to such corporation. The director shall be forever thereafter relieved from all responsibility and liability in respect to the liquidation of the bank.

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The director may appoint the Federal Deposit Insurance Corporation as receiver for a bank of which he has taken possession. Upon filing with the court an order of appointment of the receiver and a certificate indicating the acceptance by the Federal Deposit Insurance Corporation, the possession of all the assets, business, and property, and the title thereto, shall be deemed transferred to such corporation. The director shall be forever thereafter relieved from all responsibility and liability in respect to the liquidation of the bank.

Legislative History

SL 1935, ch 60, §§ 1, 7, 8; SDC 1939, § 6.0626; SDCL, §§ 51-14-15, 51-14-17; SL 1969, ch 11, § 13.25; SL 1970, ch 265, § 74; SDCL, § 51-27-37; SL 1988, ch 377, § 187; SDCL, § 51-27-12.3.