South Dakota § 51A-15-39 Priority of claims in liquidation proceedings.

South Dakota Statutes

§ 51A-15-39 — Priority of claims in liquidation proceedings.

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

The following claims shall have priority:

(1)First, public deposits that are subject to chapter 4-6A and § 51A-10-9 ;

(2)Then, obligations incurred by the director or receiver;

(3)Then, total deposits of each depositor;

(4)Then, all taxes due on a pro rata basis;

(5)Then, wages and salaries of officers and employees earned during the three - month period preceding the director's possession in an amount not exceeding the normal amount of compensation due;

(6)Then, fees and assessments due to the division on a pro rata basis;

(7)Then, all other claims on a pro rata basis exclusive of claims by holders of capital notes and debentures.

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The following claims shall have priority: (1) First, public deposits that are subject to chapter 4-6A and § 51A-10-9 ; (2) Then, obligations incurred by the director or receiver; (3) Then, total deposits of each depositor; (4) Then, all taxes due on a pro rata basis; (5) Then, wages and salaries of officers and employees earned during the three - month period preceding the director's possession in an amount not exceeding the normal amount of compensation due; (6) Then, fees and assessments due to the division on a pro rata basis; (7) Then, all other claims on a pro rata basis exclusive of claims by holders of capital notes and debentures.

South Dakota § 51A-15-39 (Priority of claims in liquidation proceedings.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.