South Dakota § 51A-15-25 Execution of lien on assets of bank in director's or receiver's possession prohibited--Powers of director.

South Dakota Statutes

§ 51A-15-25 — Execution of lien on assets of bank in director's or receiver's possession prohibited--Powers of director.

South Dakota § 51A-15-25

Title 51ABANKS AND BANKING

Ch. 51A-15SUSPENSION AND LIQUIDATION OF BANKS

This text of South Dakota § 51A-15-25 (Execution of lien on assets of bank in director's or receiver's possession prohibited--Powers of director.) 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-15-25 (2026).

Text

No judgment, lien or attachment may be executed upon any asset of the bank while it is in possession of the director. Upon the election of the director or receiver in connection with a liquidation or reorganization:

(1)Any lien or attachment, other than an attorney's or mechanic's lien, obtained upon any asset of the bank during the director's possession or within four months prior to commencement thereof shall be vacated except liens created by the director while in possession.

(2)Any transfer of an asset of the bank made after or in contemplation of its insolvency with intent to effect a preference shall be voided.

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No judgment, lien or attachment may be executed upon any asset of the bank while it is in possession of the director. Upon the election of the director or receiver in connection with a liquidation or reorganization: (1) Any lien or attachment, other than an attorney's or mechanic's lien, obtained upon any asset of the bank during the director's possession or within four months prior to commencement thereof shall be vacated except liens created by the director while in possession. (2) Any transfer of an asset of the bank made after or in contemplation of its insolvency with intent to effect a preference shall be voided.

Legislative History

SL 1909, ch 222, art 1, § 12; SL 1911, ch 256, § 25; SL 1915, ch 102, art 1, § 22; RC 1919, § 8938; SL 1925, ch 94; SL 1929, ch 74; SDC 1939, § 6.0620; SDCL, § 51-14-30; SL 1969, ch 11, § 13.8; SL 1988, ch 377, § 170; SDCL, § 51-27-17.