South Dakota § 51A-4-15 Rediscounting of negotiable paper--Limitation on pledge of assets as security.

South Dakota Statutes

§ 51A-4-15 — Rediscounting of negotiable paper--Limitation on pledge of assets as security.

South Dakota § 51A-4-15

Title 51ABANKS AND BANKING

Ch. 51A-2GENERAL POWERS OF BANKS

This text of South Dakota § 51A-4-15 (Rediscounting of negotiable paper--Limitation on pledge of assets as security.) 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-4-15 (2026).

Text

A bank may rediscount in good faith and endorse any of its negotiable paper. However, no bank may pledge any of its assets as collateral security for the payment thereof, except as required by rules of the federal reserve bank. The director may require such bank to repay any such rediscounts.

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Legislative History

SL 1909, ch 222, art 2, § 33; SL 1915, ch 102, art 2, § 37; SL 1918 (SS), ch 29; RC 1919, § 8984; SL 1919, ch 124; SL 1925, ch 92; SL 1927, ch 53; SL 1933, ch 50; SDC 1939, § 6.0425; SDCL § 51-6-17; SL 1969, ch 11, § 4.10; SDCL § 51-18-11; SL 2012, ch 252, § 14.