4-6A-19. Subrogation of commission to depositors' claims--Apportionment of amounts recovered--Refund of assessments--Expenses of liquidation.
Upon payment to any public depositor, the public deposit protection commission is subrogated to all of such depositor's right, title and interest against the qualified public depository in which the loss occurred. If the commission incurs expense in enforcing any such claim, the amount shall be paid as a liquidation expense of the depository in which the loss occurred.
Source: SL 1974, ch 39, §10; SL 1986, ch 44, §19.
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.