South Dakota Codified Laws 51A-6A-42. Director to take charge of insolvent trust company–Appointment of special assistant
If it appears upon the examination of any trust company or from any report made to the director that any trust company is insolvent, the director shall take charge of the trust company and all of its property and assets. In so doing the director may appoint a special assistant to take charge temporarily of the affairs of the insolvent trust company until a receiver is appointed. The assistant shall qualify, give bond, and receive compensation the same as the regular examiner, but the compensation shall be paid by the insolvent trust company, or in case of the appointment of a receiver, allowed by the court as costs in the case. No trust company may continue in the charge of a special assistant for a longer period than six months.
Terms Used In South Dakota Codified Laws 51A-6A-42
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1995, ch 268, § 40; SL 2012, ch 252, § 19.