South Dakota Codified Laws 51A-15-45. Instruments affecting real estate executed on behalf of insolvent banks validated
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All real estate mortgages, assignments and satisfactions of real estate mortgages and all assignments of sheriff’s certificates of sale and all sales made and deeds executed by a receiver of an insolvent suspended national bank, by the board of trustees or local liquidation committee or corporation of an insolvent suspended state bank, or by the director, in charge of an insolvent suspended state bank or by a duly appointed, qualified and acting examiner in charge, either in the name of the director, or in his own name as examiner in charge of such insolvent suspended state bank, are hereby legalized, cured and validated.
Terms Used In South Dakota Codified Laws 51A-15-45
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
Source: SL 1949, ch 20; SDC Supp 1960, § 65.0327; SDCL, §§ 51-14-66, 51-27-39.