South Dakota § 51A-4-21 Bad debts--Maximum time allowed before charge

South Dakota Statutes

§ 51A-4-21 — Bad debts--Maximum time allowed before charge

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-2 GENERAL POWERS OF BANKS

Any debt due to any bank on which the interest is past due and unpaid for a period of six months unless the debt is well secured or in process of collection, shall be considered a bad debt and be charged to the reserve for loan and lease losses. In no case may an overdraft be held as an asset by any bank for a period of time longer than that set by the rules of the commission.

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Legislative History

SDC 1939, § 6.0432; SDCL, § 51-11-14; SL 1969, ch 11, § 4.16; SL 1981, ch 346, § 35; SL 1988, ch 377, § 93; SDCL, § 51-18-17; SL 1991, ch 390, § 6; SL 1997, ch 271, § 1.