South Dakota Codified Laws 51A-15-32. Fiduciary positions of bank terminated after commencement of liquidation
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As soon after the commencement of involuntary liquidation as is practicable, the director or receiver shall take the necessary steps to terminate all fiduciary positions held by a bank and take such action as may be necessary to surrender all property held by such bank as a fiduciary and to settle its fiduciary accounts.
Terms Used In South Dakota Codified Laws 51A-15-32
- Fiduciary: A trustee, executor, or administrator.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1969, ch 11, § 13.15; SL 1970, ch 265, § 70; SL 1988, ch 377, § 175; SDCL, § 51-27-24.