South Dakota § 51A-6A-41 Insolvency defined.

South Dakota Statutes

§ 51A-6A-41 — Insolvency defined.

South Dakota § 51A-6A-41

Title 51ABANKS AND BANKING

Ch. 51A-6ACREATION OF TRUST COMPANIES

This text of South Dakota § 51A-6A-41 (Insolvency defined.) 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-6A-41 (2026).

Text

A trust company is insolvent if:

(1)The actual cash market value of its assets is insufficient to pay its creditor liabilities except that for this purpose unconditional evidence of indebtedness of the United States of America may be valued, at the discretion of the director, at par, cost or fair market value, whichever is the lesser; or (2) It is unable to meet the demands of its creditors in the usual and customary manner.

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A trust company is insolvent if: (1) The actual cash market value of its assets is insufficient to pay its creditor liabilities except that for this purpose unconditional evidence of indebtedness of the United States of America may be valued, at the discretion of the director, at par, cost or fair market value, whichever is the lesser; or (2) It is unable to meet the demands of its creditors in the usual and customary manner.