reglab/housing_qa huggingface dataset:
SD Codified L § 51A-4-26 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-26 - Exceptions to investment limitation--Purchase of federal, state, and municipal obligations and bonds or interim notes of South Dakota Building Authority.

51A-4-26. Exceptions to investment limitation--Purchase of federal, state, and municipal obligations and bonds or interim notes of South Dakota Building Authority.A bank may, without limitation as to capital stock and surplus, purchase bonds, notes, debentures, or other obligations issued by or the payment of which is guaranteed by the United States government or any agency or subdivision thereof, including the Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, the State of South Dakota, any state, territorial, or insular possession of the United States, any county, rural district, school district, municipality, or township of the State of South Dakota, or any out-of-state county, municipality, or political subdivision, if such bonds, notes, debentures, or obligations are general obligations of the issuing authority. A bank may, without such limitation purchase state, municipal, or school district subdivision bonds or notes which are fully defeased as to principal and interest and may also purchase bonds or interim notes issued by the South Dakota Building Authority. The Banking Commission may by rule grant additional investment exceptions, if such additional investments are the general obligation of the issuing authority. A bank may purchase stock in the Federal Agricultural Mortgage Corporation established under Title VII of the Agricultural Credit Act of 1987 (P.L. 233). Source: SDC 1939, §6.0428 as added by SL 1957, ch 14; SL 1961, ch 19; SL 1963, ch 27; SL 1966, ch 14; SDCL, §51-11-1; SL 1969, ch 11, §4.22; SL 1970, ch 265, §34; SL 1978, ch 352, §2; SL 1984, ch 312; SL 1988, ch 377, §97; SL 1988, ch 379, §1; SL 1988, ch 380, §1; SDCL, §51-18-23.
SD Codified L § 51A-4-27 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-27 - Investments in agricultural credit corporations and livestock loan companies.

51A-4-27. Investments in agricultural credit corporations and livestock loan companies.Any bank may purchase and own stock and capital notes or other evidence of debt issued by:(1)An agricultural credit corporation or livestock loan company, or its affiliate, the principal business of which corporation is the extension of short and intermediate term credit to farmers and ranchers, including partnerships and corporations legally engaged in farming as defined in subdivision 47-9A-2(4) in accordance with the provisions of chapter 47-9A; and(2)Exempt corporations as provided in §§47-9A-10 and 47-9A-11.Unless a bank owns at least eighty percent of the stock of the agricultural credit corporation or livestock loan company, it may not obligate more than twenty percent of its capital stock and surplus for those purposes. Under no circumstances may a bank obligate more than twenty percent of its capital stock and surplus and undivided profits for that purpose. Any agricultural credit corporation or livestock loan company, or its affiliate, has the same privileges as a state chartered bank or trust company provided in §47-9A-4. Source: SL 1977, ch 398; SL 1981, ch 346, §36; SL 1982, ch 335; SL 1983, ch 358; SL 1988, ch 377, §98; SDCL, §51-18-23.1.
SD Codified L § 51A-4-28 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-28 - Restricted investment in mortgage banking companies authorized.

51A-4-28. Restricted investment in mortgage banking companies authorized.Any bank may purchase and own stock and capital notes or other evidence of debt issued by a mortgage banking company, or its affiliate, the principal business of which is the extension of short, intermediate or long-term credit to individuals, partnerships and corporations, which credit is secured by real estate mortgages. A bank shall own at least eighty percent of the stock of any such mortgage banking company and may not obligate more than thirty percent of its capital stock and surplus and undivided profits for such purpose. Source: SL 1984, ch 313; SL 1988, ch 377, §99; SDCL, §51-18-23.2.
SD Codified L § 51A-4-29 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-29 - Banks authorized to make or purchase loans secured by real estate mortgages--Sale of loans to Federal National Mortgage Association--Capital contributions.

51A-4-29. Banks authorized to make or purchase loans secured by real estate mortgages--Sale of loans to Federal National Mortgage Association--Capital contributions.A bank or other banking organization, organized under the laws of this state, which has as one of its principal purposes the making or purchasing of loans secured by real estate mortgages, may make real estate mortgage loans in any form, including but not limited to variable rate mortgages, collateral real estate mortgages, renegotiated rate mortgages, and shared appreciation mortgages, unless otherwise prohibited by law and may, notwithstanding any other provision of law, sell such mortgage loans to the Federal National Mortgage Association, a corporation chartered by an act of Congress, or any successor thereof, and in connection therewith may make payments of any capital contributions, required pursuant to law, in the nature of subscriptions for stock of the Federal National Mortgage Association or any successor thereof, and may receive stock evidencing such capital contributions, and hold or dispose of such stock. Source: SL 1955, ch 231; SDC Supp 1960, §39.0309; SDCL, §51-11-2; SL 1981, ch 346, §37; SDCL, §51-18-24; SL 1995, ch 268, §65.
SD Codified L § 51A-4-30 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-30 - Investment in federally sponsored housing loans.

51A-4-30. Investment in federally sponsored housing loans.Banks and trust companies authorized to do business under this title that are approved or certified by the secretary of housing and urban development or approved or certified by the administrator of veterans affairs may:(1)Make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance by the federal housing administration or the administrator of veterans affairs and to obtain such insurance;(2)Make such loans, secured by real property or leasehold, as the federal housing administration or the administrator of veterans affairs insures or makes a commitment to insure and to obtain such insurance. Source: SL 1935, ch 112, §1; SL 1937, ch 161, §1; SDC 1939, §55.4401; SDCL, §51-11-3; SL 1970, ch 266; SL 1988, ch 377, §100; SDCL, §51-18-25.
SD Codified L § 51A-4-42 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-42 - Restrictions on purchase of cash value life insurance contracts.

51A-4-42. Restrictions on purchase of cash value life insurance contracts.A bank may purchase cash value life insurance contracts under such limits and restrictions as the commission may prescribe by rules promulgated pursuant to chapter 1-26. Source: SL 1993, ch 350.
SD Codified L § 51A-4-43 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-43 - Access to motor vehicle title and lien information on state's computer system.

51A-4-43. Access to motor vehicle title and lien information on state's computer system.Any bank may be provided access to motor vehicle title and lien information maintained on the state's computer system via a modem and terminal owned by the bank. The Department of Labor and Regulation shall promulgate rules pursuant to chapter 1-26 to specify access availability. The secretary of state shall promulgate rules pursuant to chapter 1-26 to specify cost of access. The Department of Revenue may deny or revoke authority previously granted for accessing this information if the information accessed is used for any reason unrelated to the business of the bank. Source: SL 1994, ch 363, §1; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2011, ch 1 (Ex. Ord. 11-1), §162, eff. Apr. 12, 2011.
SD Codified L § 51A-4-44 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-44 - Financial institution and services defined.

51A-4-44. Financial institution and services defined.Terms used in §51A-4-45 mean:(1)"Financial institution," a National Banking Association, Federal Savings and Loan Association having its main office in this state, or a bank established and operated under the laws of this state;(2)"Services," receiving deposits, renewing time deposits, closing loans, servicing loans, and receiving payments on loans and other obligations. Source: SL 1995, ch 267, §1; SL 2015, ch 239, §3.
SD Codified L § 51A-4-45 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-45 - Contracts for services.

51A-4-45. Contracts for services.Unless prohibited by another provision of statute, a financial institution, known as the customer institution, may contract with another financial institution, known as the service institution, to grant the service institution the authority to render services to the depositors, borrowers, or other customers of the customer institution, after notice of the proposed contract is given to the director and the director does not object to the contract within thirty days of the notice. A contract may include authority to conduct transactions at or through any principal office, branch, or detached facility of either financial institution which is party to the contract. For the purposes of this section, the service institution is not considered a branch of the customer institution. Nothing in this section or §51A-4-44 may be construed to apply to any loan production office as defined in subdivision 51A-1-2(18). Source: SL 1995, ch 267, §2; SL 2012, ch 252, §15; SL 2015, ch 239, §4.
SD Codified L § 51A-4-46 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-46 - Debt cancellation contracts and debt suspension contracts--Fee.

51A-4-46. Debt cancellation contracts and debt suspension contracts--Fee.A bank may enter into debt cancellation contracts and debt suspension contracts and charge a fee for those contracts in connection with any extension of credit that it makes to its customers. Source: SL 2004, ch 290, §2.
SD Codified L § 51A-5-1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-1 - Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor.

51A-5-1. Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor.No person may assume or use the word "trust" in such person's name in any manner which infers or suggests that the person has authority to transact such business unless the person is authorized to transact trust business pursuant to this title. A violation of this paragraph is a Class 2 misdemeanor.No bank may exercise trust powers unless it is so authorized by its articles of incorporation and approved by the director and it has qualified by making the deposit required by §51A-5-4. Any person who exercises trust powers in violation of this section is guilty of a Class 2 misdemeanor. Source: SDC 1939, §§6.0504, 6.9906; SDCL §51-7-1; SL 1969, ch 11, §5.1; SL 1970, ch 265, §35; SL 1975, ch 291; SL 1980, ch 24, §86; SL 1988, ch 377, §109; SL 1990, ch 158, §5; SL 1990, ch 158, §5; SDCL §51-19-1; SL 1994, ch 364, §1; SL 2008, ch 258, §1.
SD Codified L § 51A-5-1.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-1.1 - Powers of banks engaging in trust business.

51A-5-1.1. Powers of banks engaging in trust business. Banks engaging in the trust business pursuant to this chapter have all powers necessary and incidental to carrying on the trust business, including:(1)Acting as agent, custodian, or attorney-in-fact for any person, and, in such capacity, taking and holding property on deposit for safekeeping and acting as general or special agent or attorney-in-fact in the acquisition, management, sale, assignment, transfer, encumbrance, conveyance, or other disposition of property, in the collection or disbursement of income from or principal of property and, generally in any matter incidental to any of the foregoing;(2)Acting as registrar or transfer agent for any corporation, partnership, association, municipality, state, or public authority, and in such capacity, receiving and disbursing money, transferring, registering, and countersigning certificates of stock, bonds or other evidences of indebtedness or securities and performing any and all acts which may be incidental thereto;(3)Acting as trustee or fiduciary under any mortgage or bond issued by a person;(4)Acting as trustee or fiduciary under any trust established by a person;(5)Acting as fiduciary, assignee for the benefit of creditors, receiver or trustee under or pursuant to the order or direction of any court or public official of competent jurisdiction;(6)Acting as fiduciary, guardian, conservator, assignee, or receiver of the estate of any person and as executor of the last will and testament or administrator, fiduciary or personal representative of the estate of any deceased person when appointed by a court or public official of competent jurisdiction;(7)Establishing and maintaining common trust funds or collective investment funds pursuant to the provisions of chapter 55-6; or(8)Acting in any fiduciary capacity and performing any act as a fiduciary which a trust company organized under chapter 51A-6A may perform. Source: SL 1995, ch 268, §85; SL 2011, ch 212, §20; SL 2021, ch 203, § 1.
SD Codified L § 51A-5-1.2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-1.2 - "Trust business" defined.

51A-5-1.2."Trust business" defined.Trust business is engaging in, or holding out to the public as willing to engage in, the business of acting as a fiduciary for hire, except that no abstractor, accountant, attorney, credit union, insurance broker, insurance company, investment advisor, real estate broker or sales agent, savings and loan association, savings bank, securities broker or dealer, real estate title insurance company or real estate escrow company shall be deemed to be engaged in a trust business with respect to fiduciary services customarily performed by them for compensation as a traditional incident to their regular business activities. Source: SL 1995, ch 268, §85A.
SD Codified L § 51A-5-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-2 - Bank as trustee or custodian for retirement benefit plans.

51A-5-2. Bank as trustee or custodian for retirement benefit plans.Pursuant to rules of the commission and the terms of Public Law 93-406, the Employees Retirement Income Security Act of 1974 and the Self-employed Individuals Tax Retirement Act of 1962, a bank may act as trustee or custodian for individual retirement accounts, HR 10 Keogh accounts or both such accounts, or any other pension, profit-sharing, money purchase, or other retirement benefit plan. Source: SDCL, §51-19-1 as added by SL 1975, ch 291; SL 1981, ch 346, §40; SL 1988, ch 377, §110; SDCL, §51-19-1.1.
SD Codified L § 51A-5-3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-3 - Fiduciary authority of bank authorized by charter to exercise trust powers.

51A-5-3. Fiduciary authority of bank authorized by charter to exercise trust powers.A bank authorized to exercise trust powers may act as fiduciary in any capacity, including, but without limitation, registrar or transfer agent, fiscal agent or attorney in fact, and as having the power to receive and apply sinking funds. Source: SL 1911, ch 255, §17; RC 1919, §9047; SDC 1939, §6.0501 (1) to (4), (6); SDCL, §§51-7-4 to 51-7-8; SL 1969, ch 11, §5.2; SL 1988, ch 377, §111; SDCL, §51-19-2.
SD Codified L § 51A-5-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-4 - Deposit required to do trust business--Amount and form of deposit--Disposition of income.

51A-5-4. Deposit required to do trust business--Amount and form of deposit--Disposition of income.Any bank empowered by its articles of incorporation to do trust business, shall, before transacting any such business, deposit and keep on deposit with the division evidences of indebtedness acceptable to the director which are payable to bearer or recorded in the name of the division and which constitute readily marketable legal investments for funds held by a bank as fiduciary in the amount of one hundred thousand dollars. Such deposit shall be for the security of the trust creditors of such bank or trust company, and shall be in bonds or notes and mortgages on real property within this state worth double the amount secured thereby, or insured by the federal housing administration, or bonds of the United States, or any state of the United States that has not defaulted on its principal or interest within ten years, or any organized county or township or first or second class municipality or school district in this state or some other state, and upon which there has been no default in payment of interest or principal. Income from such securities shall belong to and be paid the bank or trust company as long as it continues to conduct its business in the ordinary course and so long as authorized by the director. Source: SDC 1939, §6.0502; SDCL §51-7-2; SL 1969, ch 11, §5.3; SL 1970, ch 265, §36; SL 1988, ch 377, §112; SDCL §51-19-3; SL 1992, ch 60, §2; SL 1994, ch 364, §2; SL 2010, ch 232, §23.
SD Codified L § 51A-5-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-5 - Deposit available for satisfaction of claims upon liquidation, abandonment of trust powers, or resignation from fiduciary positions.

51A-5-5. Deposit available for satisfaction of claims upon liquidation, abandonment of trust powers, or resignation from fiduciary positions.Upon liquidation, abandonment of trust powers, or resignation from all fiduciary positions, the deposit shall be made available for the reasonable satisfaction of claims involving fiduciary accounts. Any surplus remaining after the satisfaction of all such claims shall be returned to the bank or trust company. Source: SL 1969, ch 11, §5.3; SDCL, §51-19-4; SL 1995, ch 268, §66.
SD Codified L § 51A-5-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-6 - National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination.

51A-5-6. National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination.It is lawful for any national bank to engage in trust business in this state to the extent authorized by the laws of the United States, without incorporating or organizing under the laws of this state, but a national bank shall otherwise comply with and be subject to all laws of this state which are applicable to state banks engaged in trust business including such examinations as may be deemed necessary, except that the authority of the commission and the director shall apply to their trust business only. The director may accept in lieu of an examination conducted under the director's direction, any report of examination conducted by the appropriate federal regulatory agency. Source: SL 1915, ch 105; RC 1919, §8985; SL 1929, ch 76; SDC 1939, §6.0503; SDCL, §51-7-3; SL 1969, ch 11, §5.4; SL 1970, ch 265, §37; SL 1988, ch 377, §113; SDCL, §51-19-5; SL 2004, ch 289, §10.
SD Codified L § 51A-5-7 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-7 - Foreign bank or trust company to comply with requirements to act as fiduciary in state--Violation as misdemeanor.

51A-5-7. Foreign bank or trust company to comply with requirements to act as fiduciary in state--Violation as misdemeanor.No bank or trust company organized and doing business under the laws of any state or territory of the United States of America, or of the District of Columbia, other than South Dakota, or a national bank doing business in any other state, territory, or district, may act in a fiduciary capacity in this state, except pursuant to the provisions of §§51A-5-8 to 51A-5-10, inclusive. A violation of this section is a Class 2 misdemeanor. Source: SL 1973, ch 292, §4; SL 1990, ch 158, §28; SDCL, §51-19-5.1; SL 1995, ch 268, §67; SL 1997, ch 272, §5.
SD Codified L § 51A-5-8 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-8 - Reciprocal privileges extended to foreign bank or trust company acting as fiduciary.

51A-5-8. Reciprocal privileges extended to foreign bank or trust company acting as fiduciary.A bank or trust company organized and doing trust business under the laws of any state or territory of the United States of America, including the District of Columbia, other than South Dakota, and a national bank, duly authorized so to act, may be appointed and may serve in this state as trustee, whether of a corporation or personal trust, personal representative, guardian, conservator, or committee for an incompetent person, or in any other fiduciary capacity, whether the appointment is by will, deed, court order, or decree, or otherwise, when and to the extent that the state, territory, or district in which the bank or trust company is organized or has its principal place of business grants authority to serve in like fiduciary capacities to a bank or trust company organized and doing business under the laws of this state. Source: SL 1973, ch 292, §1; SL 1988, ch 377, §114; SDCL §51-19-5.2; SL 1995, ch 268, §68; SL 1997, ch 272, §6.
SD Codified L § 51A-5-9 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 05 - Trust Business Of Banks|Section 51A-5-9 - Filing with Office of the Secretary of State by foreign bank or trust company acting as fiduciary--Designation as agent to receive process--Service of process.

51A-5-9. Filing with Office of the Secretary of State by foreign bank or trust company acting as fiduciary--Designation as agent to receive process--Service of process. Before qualifying or serving in this state in any fiduciary capacity, as defined in §51A-5-8, the bank or trust company shall file in the Office of the Secretary of State of South Dakota, a copy of its charter certified by its secretary under its corporate seal, and a power of attorney designating the secretary of state or the secretary of state's successor in office as the person upon whom all notices and processes issued by any court of this state may be served in any action or proceeding relating to any trust, estate, or matter within this state in respect of which the bank or trust company is acting in any fiduciary capacity with like effect as personal service on the bank or trust company. The power of attorney is irrevocable so long as any liability remains outstanding against the bank or trust company in this state. Service of process under this section may be made in the manner provided in chapter 59-11. Source: SL 1973, ch 292, §2; SDCL, §51-19-5.3; SL 1995, ch 268, §69; SL 1997, ch 272, §7; SL 2005, ch 202, §22; SL 2021, ch 204, § 1.