South Dakota Codified Laws 51A-1-8. Liability of bank as insurer or as guarantor or endorser of security instrumentprohibited
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Except as expressly permitted in this title, a bank shall not assume liability as an insurer or as a guarantor or endorser of any security instrument or obligation in which or with respect to which it has no property interest.
Terms Used In South Dakota Codified Laws 51A-1-8
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1969, ch 11, § 1.6; SDCL, § 51-15-6.