51A-15-3. Notice of voluntary liquidation--Manner of publication--Contents.
Within thirty days of the approval, a notice of voluntary liquidation shall be:
(1)Mailed to the last known post-office address of each depositor, creditor, person interested in funds held as a fiduciary, lessee of a safe deposit box or bailor of property;
(2)Posted conspicuously on the premises of the bank; and
(3)Published as the director shall require.
The bank shall mail with the notice a statement of the amount shown on its books to be the claim of the depositor or creditor. The notice shall also demand that property held by the bank as bailee or in a safe deposit box be withdrawn by the person entitled thereto within thirty days. The notice shall direct that objections of depositors and creditors, if the amount claimed differs from that in such statement be filed with the bank before a specified date which shall not be less than sixty days from the date of first publication in accordance with the procedure described therein. The notice shall also include such other information as the director or the bank may deem pertinent.
Source: SL 1969, ch 11, §13.2 (2); SL 1970, ch 265, §61; SDCL, §51-27-3.
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.