S.D. Admin. R. 20:07:03:07

Current through Register Vol. 50, page 162, June 24, 2024

Section 20:07:03:07 - Accounting for advances to borrowers

When a bank has made a loan, any advances made to the borrower, whether to protect the bank's security or otherwise, shall be considered as increasing the loan and not as protecting the security as far as the liability of SDCL 51A-12-8 is concerned. This includes advances made for the payment of taxes on the collateral security to the loan and any advances for operations.

S.D. Admin. R. 20:07:03:07

SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 51A-2-13.

Law Implemented: SDCL 51A-12-8.