Statutes, codes, and regulations
South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 4 - GENERAL POWERS OF BANKS
Section 51A-4-15 - Rediscounting of negotiable paper-Limitation on pledge of assets as security

S.D. Codified Laws § 51A-4-15

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Current through the 2024 Legislative Session
Section 51A-4-15 - Rediscounting of negotiable paper-Limitation on pledge of assets as security

A bank may rediscount in good faith and endorse any of its negotiable paper. However, no bank may pledge any of its assets as collateral security for the payment thereof, except as required by rules of the federal reserve bank. The director may require such bank to repay any such rediscounts.

SDCL 51A-4-15

SL 1909, ch 222, art 2, § 33; SL 1915, ch 102, art 2, § 37; SL 1918 (SS), ch 29; RC 1919, § 8984; SL 1919, ch 124; SL 1925, ch 92; SL 1927, ch 53; SL 1933, ch 50; SDC 1939, § 6.0425; SDCL § 51-6-17; SL 1969, ch 11, § 4.10; SDCL § 51-18-11; SL 2012, ch 252, §14.