4-6A-3. Segregation of collateral by public depository--Value--Deposit and designation--Letters of credit and surety bonds.
Every qualified public depository shall at all times maintain, segregated from its other assets, eligible collateral having a value at least equal to its maximum liability under this chapter. Such collateral shall be segregated by deposit in such manner as the commission approves. The collateral shall be clearly designated as security for the benefit of public depositors under this chapter and shall be pledged as collateral for those public deposit accounts which exceed deposit insurance. Irrevocable standby letters of credit or surety bonds shall be segregated or issued in such manner as the commission approves.
Source: SL 1974, ch 39, §6; SL 1982, ch 45, §1A; SL 1986, ch 44, §2; SL 1986, ch 45, §3; SL 1987, ch 45, §2; SL 1997, ch 273, §3.
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.