South Dakota § 51A-4-10 Property authorized to be purchased to satisfy debts--Limitation on period of retention.

South Dakota Statutes

§ 51A-4-10 — Property authorized to be purchased to satisfy debts--Limitation on period of retention.

South Dakota § 51A-4-10

Title 51ABANKS AND BANKING

Ch. 51A-2GENERAL POWERS OF BANKS

This text of South Dakota § 51A-4-10 (Property authorized to be purchased to satisfy debts--Limitation on period of retention.) 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-4-10 (2026).

Text

A bank may, by itself or through a subsidiary, acquire, hold and convey property of any kind to satisfy debts previously contracted in good faith and in the ordinary course of business at a purchase price which is no greater than the aggregate of the debt, interest and other costs, provided that such property shall be held subject to the following limitations:

(1)Personal property held by the bank shall be sold within six months or such additional period not exceeding one year as the director may allow;

(2)Real property shall be sold within five years, unless an extension be granted by the director.

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A bank may, by itself or through a subsidiary, acquire, hold and convey property of any kind to satisfy debts previously contracted in good faith and in the ordinary course of business at a purchase price which is no greater than the aggregate of the debt, interest and other costs, provided that such property shall be held subject to the following limitations: (1) Personal property held by the bank shall be sold within six months or such additional period not exceeding one year as the director may allow; (2) Real property shall be sold within five years, unless an extension be granted by the director.

Legislative History

SL 1891, ch 27, § 5; RCivC 1903, § 851; SL 1909, ch 222, art 2, § 16; SL 1915, ch 102, art 2, § 18; RC 1919, § 8965; SDC 1939, § 6.0410 (2), (3); SDCL, § 51-11-19; SL 1969, ch 11, § 4.5; SL 1970, ch 265, § 27; SL 1981, ch 346, § 30; SL 1988, ch 377, § 85; SDCL, § 51-18-5.