51A-12-5. Discounting not considered as money borrowed for purposes of loan limitation.
For the purposes of §51A-12-2, the discount of bills of exchange drawn in good faith against actual existing values, and the discount of commercial paper actually owned by the person negotiating the same shall not be considered as money borrowed.
Source: SL 1909, ch 222, art 2, §29; SL 1915, ch 102, art 2, §33; RC 1919, §8980; SL 1923, ch 114; SL 1927, ch 59, §1; SDC 1939, §6.0428; SL 1943, ch 18; SL 1947, ch 27; SL 1957, ch 14; SL 1961, ch 19; SL 1963, ch 27; SDCL, §51-11-9; SL 1969, ch 11, §10.3; SDCL, §51-24-5.
Structure South Dakota Codified Laws
Section 51A-12-1 - Application to bank loans.
Section 51A-12-2 - Loan or credit limitation.
Section 51A-12-2.1 - Application for exception to agricultural loan or credit limitation.
Section 51A-12-2.2 - Expiration of exception--New exception request.
Section 51A-12-2.3 - Loan defined.
Section 51A-12-2.4 - Derivative transaction defined.
Section 51A-12-4 - Loan to customer used for partnership or corporation.
Section 51A-12-5 - Discounting not considered as money borrowed for purposes of loan limitation.
Section 51A-12-8 - Liability of officers and directors for excessive loans.
Section 51A-12-9 - Nonrisk and government guaranteed loans not included in loan limits.
Section 51A-12-10 - Sale of surplus federal reserve funds and excess bank funds not loan.
Section 51A-12-11 - Mortgage on real estate.
Section 51A-12-12 - Revolving credit authorized.
Section 51A-12-13 - Collection of certain credit service charges by bank.
Section 51A-12-14 - Right of offset on loans.
Section 51A-12-15 - Compounding interest and service fees.
Section 51A-12-16 - Security interests authorized.
Section 51A-12-17 - Maintenance of deposit as condition for loan.