Valuation of collateral--Substitution of securities

Securities eligible as collateral shall be valued at face value or market value, whichever is less. A qualified public depository may make substitutions of eligible collateral at any time and shall notify the public deposit protection commission of such change immediately. Source: SL 1923, ch 281 , § 1; SL 1925, ch 281 , § 1; SL 1927, ch 196 , § 1; SL 1933 (SS), ch 16 , § 1; SDC 1939, § 55.2402; SL 1939, ch 208 , § 2; SL 1941, ch 302 ; SDCL, § 4-6-11; SL 1974, ch 39 , § 7; SL 1986, ch 44 , § 3.