51A-15-25. Execution of lien on assets of bank in director's or receiver's possession prohibited--Powers of director.
No judgment, lien or attachment may be executed upon any asset of the bank while it is in possession of the director. Upon the election of the director or receiver in connection with a liquidation or reorganization:
(1)Any lien or attachment, other than an attorney's or mechanic's lien, obtained upon any asset of the bank during the director's possession or within four months prior to commencement thereof shall be vacated except liens created by the director while in possession.
(2)Any transfer of an asset of the bank made after or in contemplation of its insolvency with intent to effect a preference shall be voided.
Source: SL 1909, ch 222, art 1, §12; SL 1911, ch 256, §25; SL 1915, ch 102, art 1, §22; RC 1919, §8938; SL 1925, ch 94; SL 1929, ch 74; SDC 1939, §6.0620; SDCL, §51-14-30; SL 1969, ch 11, §13.8; SL 1988, ch 377, §170; SDCL, §51-27-17.
Structure South Dakota Codified Laws
Chapter 15 - Suspension And Liquidation Of Banks
Section 51A-15-1 - Voluntary liquidation--Requirements for approval.
Section 51A-15-2 - Ceasing to do business and winding up affairs on voluntary liquidation.
Section 51A-15-3 - Notice of voluntary liquidation--Manner of publication--Contents.
Section 51A-15-5 - Disposition of safe deposit on voluntary liquidation.
Section 51A-15-8 - Authority of director to take possession of bank in voluntary liquidation.
Section 51A-15-10 - Cancellation of voluntary liquidation.
Section 51A-15-11 - Director's authority to suspend activities and take possession of bank--Grounds.
Section 51A-15-12 - "Insolvent" defined.
Section 51A-15-13 - Receipt of deposits by insolvent bank unlawful--Felony.
Section 51A-15-14 - Notice of suspension and possession.
Section 51A-15-15 - Management and control powers of director in possession.
Section 51A-15-16 - Circuit court jurisdiction of proceedings--Venue.
Section 51A-15-17 - Change of venue.
Section 51A-15-20 - Postponement of limitation periods on director's taking actions.
Section 51A-15-23 - Proceedings exempt from open meetings and administrative procedure laws.
Section 51A-15-26 - Borrowing money by director in possession.
Section 51A-15-27 - Expenses of director paid from assets.
Section 51A-15-28 - Requirements for adoption of reorganization plan.
Section 51A-15-30 - Limitations on powers of director or receiver in liquidating bank.
Section 51A-15-31 - Executory contracts of bank terminated after commencement of liquidation.
Section 51A-15-32 - Fiduciary positions of bank terminated after commencement of liquidation.
Section 51A-15-34 - Notice of liquidation by director or receiver.
Section 51A-15-35 - Disposition of safe deposit boxes in liquidation by director or receiver.
Section 51A-15-36 - Settlement of claims by director or receiver in liquidation proceedings.
Section 51A-15-37 - Objections to schedule of determinations in settlement of claims.
Section 51A-15-38 - Partial distributions to claim holders authorized--Final distribution.
Section 51A-15-39 - Priority of claims in liquidation proceedings.
Section 51A-15-40 - Payment of claims not filed within time prescribed.
Section 51A-15-41 - Prorata payment of claims authorized.
Section 51A-15-42 - Distribution of assets remaining after liquidation.
Section 51A-15-43 - Disposition of unclaimed funds after liquidation.