reglab/housing_qa huggingface dataset:
SD Codified L § 51A-10-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 10 - Bank Deposits|Section 51A-10-4 - Deposits in trust for another.

51A-10-4. Deposits in trust for another.Whenever any deposit is made in a bank by a person which in form is in trust for another, but no other or further notice of the existence and terms of a legal and valid trust is given in writing to the bank, in the event of the death of the trustee, the deposit or any part thereof, may be paid to the person for whom the deposit was made, together with the dividends or interest thereon, whether or not such person is a minor. Source: SL 1969, ch 11, §8.5; SDCL, §51-22-6.
SD Codified L § 51A-10-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 10 - Bank Deposits|Section 51A-10-5 - Tax liability on payments to survivors of deposits in name of two or more persons or in trust for another.

51A-10-5. Tax liability on payments to survivors of deposits in name of two or more persons or in trust for another.No bank so paying any such survivor or survivors under §§51A-10-3 and 51A-10-4 is liable for any estate, inheritance, or succession taxes due this state. Source: SL 1969, ch 11, §8.6; SL 1970, ch 265, §44; SDCL, §51-22-7; SL 1992, ch 88, §13; SL 1993, ch 94, §7.
SD Codified L § 51A-10-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 10 - Bank Deposits|Section 51A-10-6 - Statement of account between bank and depositor--Limitation on depositor's recourse after statement rendered.

51A-10-6. Statement of account between bank and depositor--Limitation on depositor's recourse after statement rendered.When a statement of account has been rendered by a bank to a depositor accompanied by vouchers, if any, which are the basis for debit entries in such account, or the depositor's passbook has been written up by the bank showing the condition of the depositor's account and delivered to such depositor with like accompaniment of vouchers, if any, such account shall, after a period of six years from the date of its rendition, in the event no objection thereto has been theretofore made by the depositor, be deemed finally adjusted and settled and its correctness conclusively presumed and such depositor shall thereafter be barred from questioning the incorrectness of such account for any cause. Source: SL 1963, ch 28, §1; SDCL, §51-10-19; SL 1969, ch 11, §8.7; SL 1981, ch 346, §47; SDCL, §51-22-8.
SD Codified L § 51A-10-7 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 10 - Bank Deposits|Section 51A-10-7 - Duty of depositor to examine statement of account and vouchers.

51A-10-7. Duty of depositor to examine statement of account and vouchers.Nothing in §51A-10-6 shall be construed to relieve the depositor from the duty imposed by law of exercising due diligence in the examination of such account and vouchers, if any, when rendered by the bank and of immediate notification to the bank upon discovery of any error therein, nor from the legal consequences of neglect of such duty; nor to prevent the application of §57A-4-406 to cases governed thereby. Source: SL 1963, ch 28, §2; SDCL, §51-10-20; SL 1969, ch 11, §8.7; SL 1970, ch 265, §45; SDCL, §51-22-9.
SD Codified L § 51A-10-8 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 10 - Bank Deposits|Section 51A-10-8 - Misdemeanor to certify check where drawer's funds insufficient.

51A-10-8. Misdemeanor to certify check where drawer's funds insufficient.It is a Class 2 misdemeanor for any officer or employee of any bank to certify any check, draft, or order drawn upon such bank unless the person drawing the same has on deposit an amount of money equal to the amount specified therein. Any check, draft, or order so certified by a duly authorized officer of such bank shall be a good and valid obligation of such bank. Source: SL 1909, ch 222, art 2, §34; SL 1915, ch 102, art 2, §38; RC 1919, §8986; SDC 1939, §6.0415; SDCL, §51-10-13; SL 1969, ch 11, §8.8; SL 1990, ch 158, §29; SDCL, §51-22-10.
SD Codified L § 51A-10-9 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 10 - Bank Deposits|Section 51A-10-9 - Preferential deposits.

51A-10-9. Preferential deposits.No bank may give preference to any depositor or creditor by pledging the assets of the bank as collateral security except as provided in §51A-4-13 and as follows:(1)The bank may deposit with the treasurer of the United States so much of its assets as may be necessary to qualify as a depository for federal funds and bankruptcy court funds;(2)A bank, in order to qualify as a depository of funds deposited by the state, any political subdivision thereof, including counties, municipalities, townships, and school districts, or by any officer, commission, board, bureau, or agency of the state or political subdivision or any tribal government, shall segregate as security, investment securities as provided in §§51A-4-25 and 51A-4-26, or irrevocable standby letters of credit, or a surety bond, in accordance with §4-6A-3, a sum equal to one hundred percent of the amount deposited in excess of the amount insured by the Federal Deposit Insurance Corporation;(3)A bank may pledge securities to guarantee deposit of out-of-state municipal, school district, county, or state funds in excess of the amount insured by the federal deposit insurance corporation;(4)The public deposits preferred by this section are hereby granted a paramount, preferred, and perfected first lien on the bank assets so deposited or segregated or pledged. Source: SDC 1939, §6.0418; SL 1941, ch 17; SL 1957, ch 13; SL 1963, ch 25; SDCL §§51-10-15 to 51-10-17; SL 1969, ch 11, §8.10; SL 1974, ch 39, §16; SL 1982, ch 334, §4; SL 1986, ch 44, §14; SL 1987, ch 45, §3; SDCL §51-22-12; SL 1991, ch 390, §7; SL 1992, ch 335; SL 1997, ch 273, §1; SL 2002, ch 221, §1.
SD Codified L § 51A-10-10 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 10 - Bank Deposits|Section 51A-10-10 - Substitution or exchange of securities deposited to qualify as depository for funds of governmental subdivisions.

51A-10-10. Substitution or exchange of securities deposited to qualify as depository for funds of governmental subdivisions.Any bank pledging such securities pursuant to §51A-10-9 may substitute or exchange, at any time it deems it advisable or desirable and without concurrence of the depositor, or any officers of such depositors, eligible securities of like nature and character for securities pledged, if:(1)Such securities so substituted or exchanged shall at the time of such substitution or exchange, have a market value of at least equal to the market value of the securities released; and(2)In the event of such substitution or exchange, the holder or custodian of the securities shall, on the same day, forward by registered or certified mail to the public deposit protection commission and the depository bank, a receipt specifically describing and identifying both the securities so substituted or exchanged and those released and returned to the depository bank. Source: SDC 1939, §6.0418 as added by SL 1957, ch 12; SDCL, §51-10-18; SL 1969, ch 11, §8.11; SL 1982, ch 28, §18; SL 1988, ch 377, §138; SDCL, §51-22-13.
SD Codified L § 51A-10-11 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 10 - Bank Deposits|Section 51A-10-11 - Loans prohibited when reserve deficient.

51A-10-11. Loans prohibited when reserve deficient.Whenever the reserve of any bank shall fall below the legal amount required, such bank shall not increase its loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight or on demand. Source: SL 1909, ch 222, art 2, §28; SL 1915, ch 102, art 2, §32; RC 1919, §8979; SDC 1939, §6.0427; SDCL, §51-10-8; SL 1969, ch 11, §8.14; SDCL, §51-22-17.
SD Codified L § 51A-11-1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-1 - Definition of terms.

51A-11-1. Definition of terms.Terms used in this chapter, unless the context otherwise plainly requires, shall mean:(1)"Lessee," a person contracting with the lessor for the use of a safe deposit box;(2)"Lessor," a bank or branch bank which engages in the business of renting safe deposit facilities;(3)"Safe deposit box," a box, vault, or other receptacle maintained by a lessor in its vault and the purpose of which is to secure the property of a lessee. Source: SL 1969, ch 11, §9.1; SDCL, §51-23-1.
SD Codified L § 51A-11-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-2 - Regulation of safe deposit by commission.

51A-11-2. Regulation of safe deposit by commission.The leasing of safe deposit boxes by a lessor shall be subject to such rules as the commission may prescribe, and such rules shall be promulgated with a view toward ensuring as much privacy and security to the lessee as sound banking practice will allow. Source: SL 1969, ch 11, §9.2; SL 1988, ch 377, §143; SDCL, §51-23-2.
SD Codified L § 51A-11-3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-3 - Fiduciary's access to safe deposit.

51A-11-3. Fiduciary's access to safe deposit.Where a safe deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto as follows:(1)By any one or more of the persons acting as personal representatives;(2)By any one or more of the persons otherwise acting as fiduciaries when authorized in writing signed by all other persons so acting;(3)By any agent authorized in writing, signed by all of the persons acting as fiduciaries. Source: SL 1969, ch 11, §9.3; SDCL §51-23-3.
SD Codified L § 51A-11-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-4 - Power of attorney.

51A-11-4. Power of attorney.Where a lessor without knowledge of the death or of an adjudication of legal incompetence of the lessee, deals with his agent pursuant to a written power of attorney signed by such lessee, the transaction binds the lessee's estate and the lessee. Source: SL 1969, ch 11, §9.4; SDCL, §51-23-4.
SD Codified L § 51A-11-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-5 - Minor's lease of safe deposit.

51A-11-5. Minor's lease of safe deposit.A bank may lease a safe deposit box to and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity. Source: SL 1969, ch 11, §9.5; SDCL, §51-23-5.
SD Codified L § 51A-11-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-6 - Joint leaseholds in safe deposit.

51A-11-6. Joint leaseholds in safe deposit.Joint leaseholds in and to a safe deposit box may be created by contract with two or more persons, including minors, named as lessees. The terms of the contract may provide that any one or more of the lessees, or the survivor or survivors of the lessee or lessees shall have access and entry to the safe deposit box and the right to remove the contents from the box whether the other lessee or lessees be living, incompetent, or dead, and in case of such removal the lessor is not liable for the removal. The existence of a joint leasehold agreement in and to a safe deposit box shall in no way affect a determination as to what persons hold title to the contents of such box. Source: SL 1969, ch 11, §9.6; SL 1970, ch 265, §48; SDCL 51-23-6; SL 2000, ch 229, §17.
SD Codified L § 51A-11-7 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-7 - Death of lessee--Procedures for opening and delivery of contents of safe deposit.

51A-11-7. Death of lessee--Procedures for opening and delivery of contents of safe deposit.If only one lessee is named in the lease agreement covering a safe deposit box rental and such lessee shall die, the safe deposit box may be opened at any time thereafter and all contents may be delivered, without inventory, to the personal representative or special administrator of a deceased lessee, and without liability to the lessor.In the alternative, after the lessee's death, the safe deposit box may be opened at any time, in the presence of those persons presenting the key thereto and claiming to be interested in the contents thereof, by two employees of the lessor, one of whom shall be an officer of the lessor. The employees may remove all instruments of a testamentary nature and personally deliver or forward them by registered or certified mail to the probate court having apparent jurisdiction. The employees may deliver life insurance policies contained in the box to the beneficiary named in the policies. Any and all other contents of the box so opened shall be kept and retained by the lessor and shall be delivered only to the parties legally entitled to the same.If no person presents the key to the safe deposit box within six months after the death of the lessee, the lessor, by two employees, one of whom shall be an officer of said lessor, may open the box by forcible entry and remove the contents and deliver the same to the probate court, subject to the payment of rentals, of expenses, and the repairs.This section applies if all of the lessees under a joint leasehold agreement are deceased. Source: SL 1969, ch 11, §9.7; SL 1970, ch 265, §49; SDCL 51-23-7; SL 2000, ch 229, §18.
SD Codified L § 51A-11-7.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-7.1 - Death of joint lessee or other having right of access--Notification of lessor.

51A-11-7.1. Death of joint lessee or other having right of access--Notification of lessor.Any person or representative having a right of access to a safe deposit box or other receptacle of similar character shall, upon the death of any other person having a right of access to such box or receptacle, notify the person, firm, partnership, association, limited liability company, joint-stock company, or corporation from whom the box or receptacle is leased or rented of the death of such person prior to accessing the box or receptacle. Source: SL 2002, ch 222, §6.
SD Codified L § 51A-11-8 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-8 - Corporate lessee.

51A-11-8. Corporate lessee.If the lessee is a corporation and the president, treasurer, or secretary certifies that certain designated persons are authorized to enter the box, the lessor may permit such designated person to enter without liability therefor. Source: SL 1969, ch 11, §9.8; SDCL, §51-23-8.
SD Codified L § 51A-11-9 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-9 - Adverse claims to safe deposit.

51A-11-9. Adverse claims to safe deposit.Adverse claims to the contents of a safe deposit box shall be governed by §51A-1-3, insofar as such section may be applicable to this chapter. Source: SL 1969, ch 11, §9.9; SDCL, §51-23-9.
SD Codified L § 51A-11-10 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 11 - Safe Deposit And Safekeeping|Section 51A-11-10 - Unpaid rental--Procedures for opening safe deposit and disposition of contents.

51A-11-10. Unpaid rental--Procedures for opening safe deposit and disposition of contents.If the rental due on a safe deposit box has not been paid for one year, the lessor may send a notice by registered or certified mail to the last known address of the lessee stating that the safe deposit box will be opened and its contents stored at the expense of the lessee unless payment of the rental is made within thirty days. After such time the box may be opened in the presence of an officer of the lessor and a notary public. The notary public shall issue a certificate reciting the name of the lessee, the date of the opening of the box, the names of the witnesses present, and a list of its contents. The certificate with the contents of the box shall be included in a sealed package marked with the lessee's name and date of opening, and it shall then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box until it is claimed or delivered to the state treasurer for disposal pursuant to chapter 43-41B. The state treasurer shall reimburse the lessor for unpaid box rentals from the proceeds of the package, if any. Source: SL 1969, ch 11, §9.10; SL 1970, ch 265, §50; SL 1974, ch 301, §2; SL 1982, ch 28, §18; SDCL, §51-23-10.
SD Codified L § 51A-12-1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-1 - Application to bank loans.

51A-12-1. Application to bank loans.This chapter applies to bank loans. Source: SL 1969, ch 11, §10.1; SL 1970, ch 265, §52; SL 1983, ch 13, §11; SDCL §51-24-1; SL 2012, ch 252, §21.
SD Codified L § 51A-12-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-2 - Loan or credit limitation.

51A-12-2. Loan or credit limitation.Except as otherwise provided in this title, no bank organized as a corporation or limited liability company may loan, or otherwise extend credit, to any corporation, partnership, or individual, an amount greater than the sum of:(1)Twenty percent of its capital stock or members' equity and surplus; and(2)Ten percent of its undivided profit.Such limit shall be determined for each calendar quarter on the basis of the bank's quarterly report of condition for the immediately previous calendar quarter. Source: SL 1909, ch 222, art 2, §29; SL 1915, ch 102, art 2, §33; RC 1919, §8980; SL 1923, ch 114; SL 1927, ch 59, §1; SDC 1939, §6.0428; SL 1943, ch 18; SL 1947, ch 27; SL 1957, ch 14; SL 1961, ch 19; SL 1963, ch 27; SDCL, §51-11-7; SL 1969, ch 11, §10.2; SL 1981, ch 346, §52; SL 1987, ch 359; SL 1988, ch 377, §144; SL 1990, ch 382; SDCL, §51-24-2; SL 2004, ch 289, §11.
SD Codified L § 51A-12-2.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-2.1 - Application for exception to agricultural loan or credit limitation.

51A-12-2.1. Application for exception to agricultural loan or credit limitation.A state chartered bank in satisfactory condition, with the consent of its governing board, may request an exception to the loan or credit limitation as provided in §51A-12-2 from the director. The bank shall apply for such an exception on forms prescribed by the director. The director may approve the exception if the loan is not on the loan watch list or problem loan report of the bank, or classified at the most recent regulatory examination, and the loan shall be:(1)Fully secured by the fair market value of the collateral and may not exceed one hundred percent of the discounted value assigned by the bank to the collateral;(2)An agricultural loan in the bank's normal trade area; and(3)Originated by the requesting bank.No loan approved under this section may exceed an amount greater than the sum of twenty-five percent of the bank's capital stock or members' equity, surplus, and undivided profits. Such limit shall be determined on the basis of the bank's quarterly report of condition for the immediately previous calendar quarter and remain in effect until the loan expires as provided in §51A-12-2.2. The aggregate balance of all loans or extensions of credit made by a bank pursuant to this section may not exceed one hundred percent of the bank's tier one leverage capital. Source: SL 2012, ch 234, §1.
SD Codified L § 51A-12-2.2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-2.2 - Expiration of exception--New exception request.

51A-12-2.2. Expiration of exception--New exception request.Any exception granted by the director under §51A-12-2.1 expires when the agricultural operating loan matures or twelve months after the exception is granted, whichever occurs first. A new exception request shall be submitted prior to the renewal of the agricultural operating loan if the loan to be renewed would exceed the loan or credit limitation as provided in §51A-12-2, unless otherwise approved by the director. Source: SL 2012, ch 234, §2.
SD Codified L § 51A-12-2.3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-2.3 - Loan defined.

51A-12-2.3. Loan defined.For the purpose of calculating loan or credit limitations pursuant to §51A-12-2, a loan includes any credit exposure to a borrower arising from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction between a bank and that borrower. Source: SL 2013, ch 240, §1.
SD Codified L § 51A-12-2.4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-2.4 - Derivative transaction defined.

51A-12-2.4. Derivative transaction defined.For purposes of §51A-12-2.3, a derivative transaction is any transaction that is a contract, agreement, swap, warrant, note, or option that is based in whole, or in part, on the value of any interest in, or any quantitative measure or the occurrence of any event relating to interest rates. Source: SL 2013, ch 240, §2.
SD Codified L § 51A-12-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-4 - Loan to customer used for partnership or corporation.

51A-12-4. Loan to customer used for partnership or corporation.A loan or other extension of credit to a customer, the proceeds of which the customer intends to place in a partnership in which he is a partner or a corporation in which he is a stockholder, is not required to be combined with obligations of the partnership or corporation for the purpose of §51A-12-2 unless the loan is made in reliance on the assets and repayment ability of the partnership or the corporation. Source: SL 1969, ch 11, §10.2; SL 1970, ch 265, §53; SDCL, §51-24-4; SL 1993, ch 351, §2.
SD Codified L § 51A-12-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-5 - Discounting not considered as money borrowed for purposes of loan limitation.

51A-12-5. Discounting not considered as money borrowed for purposes of loan limitation.For the purposes of §51A-12-2, the discount of bills of exchange drawn in good faith against actual existing values, and the discount of commercial paper actually owned by the person negotiating the same shall not be considered as money borrowed. Source: SL 1909, ch 222, art 2, §29; SL 1915, ch 102, art 2, §33; RC 1919, §8980; SL 1923, ch 114; SL 1927, ch 59, §1; SDC 1939, §6.0428; SL 1943, ch 18; SL 1947, ch 27; SL 1957, ch 14; SL 1961, ch 19; SL 1963, ch 27; SDCL, §51-11-9; SL 1969, ch 11, §10.3; SDCL, §51-24-5.