4-6A-14. Payment of assessments by depositories--Liquidation of collateral on failure to pay.
Assessments made by the Public Deposit Protection Commission pursuant to §4-6A-13 shall be payable on the second business day following demand, and in case of the failure of any qualified public depository so to pay, the commission shall forthwith take possession of the securities segregated as collateral by such depository pursuant to this chapter and liquidate the same for the purpose of paying such assessment.
Source: SL 1974, ch 39, §9 (4).
Structure South Dakota Codified Laws
Title 4 - Public Fiscal Administration
Chapter 06A - Insurance Of Public Deposits
Section 4-6A-2 - Public deposit protection commission established--Function.
Section 4-6A-4 - Valuation of collateral--Substitution of securities.
Section 4-6A-5 - Income from collateral.
Section 4-6A-7 - Reports of public deposits and segregated collateral--False statement as perjury.
Section 4-6A-8 - Treasurer not liable for loss from authorized deposits.
Section 4-6A-9 - Public deposits protected by chapter.
Section 4-6A-10 - Payment to public officers after loss determined--Procedures.
Section 4-6A-12 - Depositors' statements of deposits to commission.
Section 4-6A-13 - Losses in depositories--Assessment against public depositories.
Section 4-6A-15 - Reimbursement of public depositors from proceeds of assessments.
Section 4-6A-16 - Actions for protection or settlement of claims.
Section 4-6A-17 - Fixing date of loss.