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·Title 51A BANKS AND BANKING·Ch. 51A-15 SUSPENSION AND LIQUIDATION OF BANKS

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.

South Dakota § 51A-15-18 (Director's appointment of Federal Deposit Insurance Corporation as receiver in liquidation proceedings.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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.