51A-15-39. Priority of claims in liquidation proceedings.
The following claims shall have priority:
(1)First, public deposits that are subject to chapter 4-6A and §51A-10-9;
(2)Then, obligations incurred by the director or receiver;
(3)Then, total deposits of each depositor;
(4)Then, all taxes due on a pro rata basis;
(5)Then, wages and salaries of officers and employees earned during the three-month period preceding the director's possession in an amount not exceeding the normal amount of compensation due;
(6)Then, fees and assessments due to the division on a pro rata basis;
(7)Then, all other claims on a pro rata basis exclusive of claims by holders of capital notes and debentures.
Source: SL 1969, ch 11, §13.21 (1); SL 1988, ch 377, §181; SL 1989, ch 411, §5; SDCL, §51-27-31.
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.