Fiduciary positions of bank terminated after commencement of liquidation

As soon after the commencement of involuntary liquidation as is practicable, the director or receiver shall take the necessary steps to terminate all fiduciary positions held by a bank and take such action as may be necessary to surrender all property held by such bank as a fiduciary and to settle its fiduciary accounts. Source: SL 1969, ch 11 , § 13.15; SL 1970, ch 265 , § 70; SL 1988, ch 377 , § 175; SDCL, § 51-27-24.