South Dakota Codified Laws 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.
Terms Used In South Dakota Codified Laws 51A-15-25
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Lien: A claim against real or personal property in satisfaction of a debt.
(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.