reglab/housing_qa huggingface dataset:
SD Codified L § 51A-15-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-6 - Depositor's or creditor's rights not impaired by voluntary liquidation--Return of safe deposit rental.

51A-15-6. Depositor's or creditor's rights not impaired by voluntary liquidation--Return of safe deposit rental.The approval of an application for voluntary liquidation shall not impair any right of a depositor or creditor to payment in full and all lawful claims of creditors and depositors shall promptly be paid. The unearned portion of the rental of a safe deposit box shall be returned to the lessee. Source: SL 1969, ch 11, §13.2 (5); SL 1970, ch 265, §62; SDCL, §51-27-6.
SD Codified L § 51A-15-7 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-7 - Distribution of assets after discharge of obligations on voluntary liquidation--Disposition of unclaimed distributions.

51A-15-7. Distribution of assets after discharge of obligations on voluntary liquidation--Disposition of unclaimed distributions.Any assets remaining after the discharge of all obligations shall be distributed to the stockholders in accordance with their respective interests. No such distribution shall be made before:(1)All claims of depositors and creditors have been paid, or, in the case of any disputed claim, the bank has transmitted to the director a sum adequate to meet any liability that may be judicially determined;(2)Any funds payable to a depositor or creditor and unclaimed have been transmitted to the state treasurer; and(3)Approved by the director.Any unclaimed distribution to a stockholder or depositor shall be held until ninety days after the final distribution and then transmitted to the state treasurer for disposition pursuant to chapter 43-41B. Source: SL 1969, ch 11, §13.2 (6); SL 1970, ch 265, §63; SL 1974, ch 301, §4; SDCL, §51-27-7.
SD Codified L § 51A-15-8 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-8 - Authority of director to take possession of bank in voluntary liquidation.

51A-15-8. Authority of director to take possession of bank in voluntary liquidation.Where a bank has commenced voluntary liquidation and the director finds that the assets will be insufficient for the full discharge of all obligations or that completion of the liquidation has been unduly delayed, he may take possession and complete the liquidation in the manner provided in this chapter for involuntary liquidations. Source: SL 1969, ch 11, §13.3; SDCL, §51-27-8.
SD Codified L § 51A-15-9 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-9 - Reports of progress in voluntary liquidation--Order and certificate of dissolution.

51A-15-9. Reports of progress in voluntary liquidation--Order and certificate of dissolution.The director may require reports of the progress of a bank engaged in voluntary liquidation and whenever he is satisfied that the liquidation has been properly completed he shall cancel the charter and enter an order of dissolution. The filing of a certified copy of such order with the secretary of state shall be deemed authority for the issuance of a certificate of dissolution. Source: SL 1969, ch 11, §13.4; SL 1970, ch 265, §64; SDCL, §51-27-9; SL 2005, ch 202, §19.
SD Codified L § 51A-15-10 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-10 - Cancellation of voluntary liquidation.

51A-15-10. Cancellation of voluntary liquidation.A bank may, at any time prior to the director's cancellation of its charter, revoke its intention to voluntarily liquidate under §51A-15-1, if it receives approval of its action upon an affirmative vote of at least two-thirds of the voting shares of the bank. Written evidence of its intentions delivered to the director prior to cancellation are considered an effective revocation. Source: SL 1988, ch 377, §164; SDCL, §51-27-9.1.
SD Codified L § 51A-15-11 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-11 - Director's authority to suspend activities and take possession of bank--Grounds.

51A-15-11. Director's authority to suspend activities and take possession of bank--Grounds.After a hearing with three days' oral or written notice to a majority of the members of the board of directors, the director may, with the consent of a majority of the members of the commission, suspend all activities and take possession of the business and property of a bank if the director finds:(1)The bank's capital is impaired or the bank is otherwise in an unsound condition;(2)The bank's business is being conducted in an unlawful or unsound manner;(3)The bank is unable to continue normal operations;(4)The bank refuses to permit, obstructs, or impedes an examination as provided in §51A-2-18;(5)The bank places its affairs and assets under the control of the director;(6)A parent corporation refuses to permit, obstructs, or impedes an examination as provided in §51A-2-37;(7)The bank is insolvent; or(8)The bank's insurance has been terminated pursuant to an action initiated by the Federal Deposit Insurance Corporation under 12 U.S.C. §1818(a), as of January 1, 2015. Source: SL 1909, ch 222, art 1, §9; SL 1909, ch 222, art 2, §20; SL 1911, ch 256, §§9, 26; SL 1915, ch 102, art 1, §9; SL 1915, ch 102, art 2, §23; RC 1919, §§8925, 8970, 9056; SDC 1939, §6.0604; SDCL §51-14-11; SL 1969, ch 11, §13.5; SL 1970, ch 265, §65; SL 1981, ch 346, §68; SL 1982, ch 336, §2; SL 1988, ch 377, §165; SDCL §51-27-10; SL 2015, ch 239, §9.
SD Codified L § 51A-15-12 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-12 - "Insolvent" defined.

51A-15-12."Insolvent" defined."Insolvent" means incapable of meeting the demands of creditors or having liabilities which exceed assets. Source: SL 1982, ch 336, §1; SDCL, §51-27-10.1.
SD Codified L § 51A-15-13 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-13 - Receipt of deposits by insolvent bank unlawful--Felony.

51A-15-13. Receipt of deposits by insolvent bank unlawful--Felony.No bank may receive any deposit when insolvent. No officer, director or employee who knows, or in the proper performance of his duty should know, of such insolvency may receive or authorize the receipt of such deposit. Any person violating this section shall be guilty of a Class 5 felony. Source: SL 1891, ch 27, §25; RCivC 1903, §871; SL 1909, ch 222, art 2, §45; SL 1911, ch 255, §12; SL 1915, ch 102, art 2, §49; RC 1919, §§8998, 9042; SDC 1939, §6.9909; SDCL, §51-10-3; SL 1969, ch 11, §1.7; SL 1970, ch 265, §1; SL 1980, ch 24, §77; SDCL, §51-15-7; SL 1988, ch 377, §6; SDCL, §51-27-10.2.
SD Codified L § 51A-15-14 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-14 - Notice of suspension and possession.

51A-15-14. Notice of suspension and possession.The director shall suspend the activities and take possession pursuant to §51A-15-11 or 51A-15-21 by posting upon the premises a notice reciting that all activities shall be suspended and that the director is assuming possession pursuant to this chapter and the time, not earlier than the posting of the notice, when the director's possession is deemed to commence. The notice shall also be posted to the division's website. The director shall notify the appropriate federal reserve bank of an action to take possession of any bank which is a member of the federal reserve system. Source: SL 1969, ch 11, §13.6(1); SL 1988, ch 377, §166; SDCL §51-27-11; SL 2012, ch 252, §26; SL 2015, ch 239, §10.
SD Codified L § 51A-15-15 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-15 - Management and control powers of director in possession.

51A-15-15. Management and control powers of director in possession.When the director has taken possession he shall be vested with the full and exclusive power of management and control, including the power to assess outstanding capital stock, continue or to discontinue the business, to stop or to limit the payment of its obligations, to employ any necessary assistants, to execute any instrument in the name of the bank, to commence, defend and conduct in its name any action or proceeding in which it may be a party, to terminate his possession by restoring the bank to its board of directors and to reorganize or liquidate the bank in accordance with this chapter. As soon as practicable after taking possession the director shall make an inventory of the assets and file a copy thereof with the circuit court. Source: SL 1911, ch 256, §§11, 14; SL 1915, ch 102, art 1, §§12, 15; RC 1919, §§8928, 8931; SL 1931, ch 88; SDC 1939, §§6.0607, 6.0608; SDCL, §§51-14-19, 51-14-22; SL 1969, ch 11, §13.6 (2); SDCL, §51-27-12.
SD Codified L § 51A-15-16 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-16 - Circuit court jurisdiction of proceedings--Venue.

51A-15-16. Circuit court jurisdiction of proceedings--Venue.The circuit court shall have original jurisdiction over all proceedings brought under this chapter. The venue of such proceedings shall be in the county in which the bank's principal place of business is located. Source: SL 1909, ch 222, art 2, §25; SL 1915, ch 102, art 2, §28; RC 1919, §8975; SDC 1939, §6.0601; SDCL, §51-14-3; repealed SL 1969, ch 11, §14.1; re-enacted SL 1970, ch 265, §76; SDCL, §51-27-12.1.
SD Codified L § 51A-15-17 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-17 - Change of venue.

51A-15-17. Change of venue.At any time after the commencement of a proceeding under this chapter, the director may apply to the court for an order changing the venue to any other county of this state in which he deems that such proceeding may be most economically and efficiently conducted. Source: SL 1970, ch 265, §76; SDCL, §51-27-12.2.
SD Codified L § 51A-15-18 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-18 - Director's appointment of Federal Deposit Insurance Corporation as receiver in liquidation proceedings.

51A-15-18. Director's appointment of Federal Deposit Insurance Corporation as receiver in liquidation proceedings.The director may appoint the Federal Deposit Insurance Corporation as receiver for a bank of which he has taken possession. Upon filing with the court an order of appointment of the receiver and a certificate indicating the acceptance by the Federal Deposit Insurance Corporation, the possession of all the assets, business, and property, and the title thereto, shall be deemed transferred to such corporation. The director shall be forever thereafter relieved from all responsibility and liability in respect to the liquidation of the bank. Source: SL 1935, ch 60, §§1, 7, 8; SDC 1939, §6.0626; SDCL, §§51-14-15, 51-14-17; SL 1969, ch 11, §13.25; SL 1970, ch 265, §74; SDCL, §51-27-37; SL 1988, ch 377, §187; SDCL, §51-27-12.3.
SD Codified L § 51A-15-19 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-19 - Powers of Federal Deposit Insurance Corporation as receiver in liquidation proceedings--Actions to recover money damages.

51A-15-19. Powers of Federal Deposit Insurance Corporation as receiver in liquidation proceedings--Actions to recover money damages.The Federal Deposit Insurance Corporation may liquidate, reorganize, merge, or consolidate the bank in such manner as is permitted by the laws of the United States or by this chapter, possessing all rights, powers, duties, and obligations of the commission and director as therein set forth including the right to operate the trust department of any such bank which is qualified to do the business of a trust company.A claim, proceeding, or action seeking to recover money damages may not be brought by the State of South Dakota, the Division of Banking, the Federal Deposit Insurance Corporation, Resolution Trust Corporation, or other federal banking regulatory agency against any director or officer, including any former director or officer, of any insured state chartered or federally chartered bank or financial depository institution as defined in the Financial Institutions Reform, Recovery and Enforcement Act of 1989, or bank chartered pursuant to Title 51A and its predecessors, unless such claim or action arises out of the gross negligence, or willful or intentional misconduct of such officer or director during his term of office with such insured financial institution. The provisions of this section shall be retroactive. Source: SDC 1939, §6.0626; SDCL, §51-14-16; SL 1969, ch 11, §13.25; SL 1970, ch 265, §75; SDCL, §§51-27-12.4, 51-27-38; SL 1993, ch 353.
SD Codified L § 51A-15-20 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-20 - Postponement of limitation periods on director's taking actions.

51A-15-20. Postponement of limitation periods on director's taking actions.When the director has caused the suspension and taken possession of a bank, there shall be a postponement until six months after the commencement of such possession actions of the date upon which any period of limitation fixed by a statute or agreement would otherwise expire on a claim or right of action of the bank, or upon which an appeal must be taken or a pleading or other document must be filed by the bank in any pending action or proceeding. Source: SL 1969, ch 11, §13.6 (3); SL 1988, ch 377, §167; SDCL, §51-27-13.
SD Codified L § 51A-15-21 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-21 - Director's authority to take action in emergency without majority consent of commission.

51A-15-21. Director's authority to take action in emergency without majority consent of commission.If, in the opinion of the director, an emergency exists which will result in serious losses to the depositors and creditors, he may suspend all activities and take possession of a bank without the consent of a majority of the members of the commission. Source: SL 1969, ch 11, §13.7 (1); SL 1982, ch 336, §3; SL 1988, ch 377, §168; SDCL, §51-27-14.
SD Codified L § 51A-15-22 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-22 - Applications to enjoin director from suspending activities and taking possession of bank.

51A-15-22. Applications to enjoin director from suspending activities and taking possession of bank.Within three days after the director has suspended and taken possession of the property and business of a bank, that bank may apply to the circuit court to enjoin further proceedings. The court, after requiring the director to show cause why further proceedings should not be enjoined and after a hearing and a determination upon the merit of the facts, may dismiss the application, or may enjoin the director from further proceedings, and may void any appointment of a receiver, and direct him or the receiver to surrender the property and business to the bank. This section provides the exclusive method for challenging the actions of the director under this chapter. Source: SL 1969, ch 11, §13.7 (2); SL 1970, ch 265, §66; SL 1982, ch 336, §4; SL 1988, ch 377, §169; SDCL, §51-27-15.
SD Codified L § 51A-15-23 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-23 - Proceedings exempt from open meetings and administrative procedure laws.

51A-15-23. Proceedings exempt from open meetings and administrative procedure laws.Proceedings under chapter 51A-15 are exempt from the provisions of chapters 1-25 and 1-26. Source: SL 1982, ch 336, §6; SDCL, §§51-27-15.1, 51-27-40.
SD Codified L § 51A-15-24 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-24 - Reorganization of bank by director--Distribution and effect of reorganization plan.

51A-15-24. Reorganization of bank by director--Distribution and effect of reorganization plan.If the director of the Division of Banking determines to reorganize a bank he shall enter an order proposing a reorganization plan. A copy of the plan shall be sent to each depositor and creditor who will not receive payment of his claim in full under the plan together with notice that the director will proceed to effect the reorganization unless, within fifteen days, the plan is disapproved in writing by persons holding one-third or more of the aggregate amount of those claims. A department, agency, or political subdivision of this state holding a claim which will not be paid in full is authorized to participate as any other creditor. Source: SL 1969, ch 11, §13.7 (3); SL 1982, ch 336, §5; SDCL, §51-27-16.
SD Codified L § 51A-15-25 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-25 - Execution of lien on assets of bank in director's or receiver's possession prohibited--Powers of director.

51A-15-25. Execution of lien on assets of bank in director's or receiver's possession prohibited--Powers of director.No judgment, lien or attachment may be executed upon any asset of the bank while it is in possession of the director. Upon the election of the director or receiver in connection with a liquidation or reorganization:(1)Any lien or attachment, other than an attorney's or mechanic's lien, obtained upon any asset of the bank during the director's possession or within four months prior to commencement thereof shall be vacated except liens created by the director while in possession.(2)Any transfer of an asset of the bank made after or in contemplation of its insolvency with intent to effect a preference shall be voided. Source: SL 1909, ch 222, art 1, §12; SL 1911, ch 256, §25; SL 1915, ch 102, art 1, §22; RC 1919, §8938; SL 1925, ch 94; SL 1929, ch 74; SDC 1939, §6.0620; SDCL, §51-14-30; SL 1969, ch 11, §13.8; SL 1988, ch 377, §170; SDCL, §51-27-17.
SD Codified L § 51A-15-26 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-26 - Borrowing money by director in possession.

51A-15-26. Borrowing money by director in possession.With the approval of the commission, the director may borrow money in the name of the bank in his possession and may pledge its assets as security for the loan. Source: SL 1933, ch 54, §1; SDC 1939, §6.0629; SDCL, §51-14-25; SL 1969, ch 11, §13.9; SDCL, §51-27-18.
SD Codified L § 51A-15-27 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-27 - Expenses of director paid from assets.

51A-15-27. Expenses of director paid from assets.All necessary and reasonable expenses of the director's suspension and taking possession of a bank and of its reorganization or liquidation shall be paid from the assets thereof. Source: SL 1911, ch 256, §15; SL 1915, ch 102, art 1, §14; SL 1917, ch 140, §4; RC 1919, §8930; SL 1925, ch 93, §2; SDC 1939, §6.0619; SL 1941, ch 18; SDCL, §51-14-51; SL 1969, ch 11, §13.10; SL 1970, ch 265, §67; SL 1988, ch 377, §171; SDCL, §51-27-19.
SD Codified L § 51A-15-28 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-28 - Requirements for adoption of reorganization plan.

51A-15-28. Requirements for adoption of reorganization plan.No plan of reorganization may be prescribed under this chapter unless, in the opinion of the director or receiver:(1)The plan is feasible and fair to all classes of depositors, creditors and stockholders;(2)The face amount of the interest accorded to any class of depositors, creditors or stockholders under the plan does not exceed the value of the assets upon the liquidation less the full amount of the claims of all prior classes, subject, however, to any fair adjustment for new capital that any class will pay under the plan;(3)The plan provides for the issuance of common stock in an amount that will provide an adequate ratio to assets;(4)Any exchange of new common stock for obligations or stock of the bank will be effected in inverse order to the priorities in liquidation of the classes that will retain an interest in the bank and upon terms that fairly adjust any change in the relative interests of the respective classes that will be produced by the exchange;(5)The plan assures the removal of any director, officer or employee responsible for any unsound or unlawful action or the existence of any unsound condition;(6)Any merger or consolidation provided by the plan conforms to the requirement of this title. Source: SL 1969, ch 11, §13.11; SL 1970, ch 20, §1 (5); SL 1988, ch 377, §172; SDCL, §51-27-20.
SD Codified L § 51A-15-29 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-29 - Modification of reorganization plan or liquidation of bank--Grounds and notice requirements.

51A-15-29. Modification of reorganization plan or liquidation of bank--Grounds and notice requirements.Whenever in the course of reorganization supervening conditions render a plan of reorganization unfair or its execution impractical, the director may modify the plan or liquidate the bank. Any such action shall be taken by order upon reasonable notice. Source: SL 1969, ch 11, §13.12; SL 1970, ch 265, §68; SDCL, §51-27-21.
SD Codified L § 51A-15-30 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-30 - Limitations on powers of director or receiver in liquidating bank.

51A-15-30. Limitations on powers of director or receiver in liquidating bank.In liquidating a bank the director or receiver may exercise any power thereof but he may not, without the approval of the circuit court:(1)Sell any asset of the bank having an appraised value in excess of five thousand dollars;(2)Compromise or release any claim which exceeds five thousand dollars, exclusive of interest; or(3)Make any payment on any claim, other than a claim upon an obligation incurred by the director or receiver, before preparing and filing a schedule of his determinations in accordance with subdivision 51A-15-36 (3). Source: SL 1925, ch 103, §§1 to 3; SDC 1939, §6.0614; SDCL, §51-14-37; SL 1969, ch 11, §13.13; SL 1988, ch 377, §173; SDCL, §51-27-22.
SD Codified L § 51A-15-31 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-31 - Executory contracts of bank terminated after commencement of liquidation.

51A-15-31. Executory contracts of bank terminated after commencement of liquidation.Within six months of the commencement of involuntary liquidation, the director or receiver may by his election terminate any executory contract for services or advertising to which a bank is a party or any obligation of a bank as a lessee. A lessor who receives sixty days' notice of the director's or receiver's election to terminate such a lease shall have no claim for rent other than rent accrued to the date of termination nor for damages for such termination. Source: SL 1969, ch 11, §13.14; SL 1970, ch 265, §69; SL 1988, ch 377, §174; SDCL, §51-27-23.