Title 51A — BANKS AND BANKING
18 chapters · 543 sections in this title.
SDCL § 51A-10-1 "Deposit" or "deposits" defined
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The word "deposit" or "deposits" shall be construed to be the unpaid balance of money or its equivalent, including "deposits subject to check"; "dividends unpaid"; "savings deposits"; "special deposits"; "trust deposits"; "certified checks" and "cashier's checks outstanding"; "de…
SDCL § 51A-10-10 Substitution or exchange of securities deposited to qualify as depository for funds of governmental subdivisions
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Any bank pledging such securities pursuant to § 51A-10-9 may substitute or exchange, at any time it deems it advisable or desirable and without concurrence of the depositor, or any officers of such depositors, eligible securities of like nature and character for securities pledge…
SDCL § 51A-10-11 Loans prohibited when reserve deficient
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Whenever the reserve of any bank shall fall below the legal amount required, such bank shall not increase its loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight or on demand. Source: SL 1909, ch 222 , art 2, § 28; SL 1915, ch 102 , a…
SDCL § 51A-10-2 Minors' accounts
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A bank may operate its deposit account in the name of a minor or in the name of two or more persons, one or more of whom are minors, with the same effect upon its liability as if such minors were of full age. Source: SL 1909, ch 222 , art 2, § 44; SL 1915, ch 102 , art 2, § 48; R…
SDCL § 51A-10-3 Deposits in name of two or more persons
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Whenever a deposit has been made or shall hereafter be made, in any bank in the names of two or more persons, payable to any of them or payable to the survivor of them, such deposit or any part thereof, or any interest or dividend thereon, may be paid to any one or more of said p…
SDCL § 51A-10-4 Deposits in trust for another
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Whenever any deposit is made in a bank by a person which in form is in trust for another, but no other or further notice of the existence and terms of a legal and valid trust is given in writing to the bank, in the event of the death of the trustee, the deposit or any part thereo…
SDCL § 51A-10-5 Tax liability on payments to survivors of deposits in name of two or more persons or in trust for another
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No bank so paying any such survivor or survivors under §§ 51A-10-3 and 51A-10-4 is liable for any estate, inheritance, or succession taxes due this state. Source: SL 1969, ch 11 , § 8.6; SL 1970, ch 265 , § 44; SDCL, § 51-22-7; SL 1992, ch 88 , § 13; SL 1993, ch 94 , § 7.
SDCL § 51A-10-6 Statement of account between bank and depositor--Limitation on depositor's recourse after statement rendered
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When a statement of account has been rendered by a bank to a depositor accompanied by vouchers, if any, which are the basis for debit entries in such account, or the depositor's passbook has been written up by the bank showing the condition of the depositor's account and delivere…
SDCL § 51A-10-7 Duty of depositor to examine statement of account and vouchers
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Nothing in § 51A-10-6 shall be construed to relieve the depositor from the duty imposed by law of exercising due diligence in the examination of such account and vouchers, if any, when rendered by the bank and of immediate notification to the bank upon discovery of any error ther…
SDCL § 51A-10-8 Misdemeanor to certify check where drawer's funds insufficient
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It is a Class 2 misdemeanor for any officer or employee of any bank to certify any check, draft, or order drawn upon such bank unless the person drawing the same has on deposit an amount of money equal to the amount specified therein. Any check, draft, or order so certified by a …
SDCL § 51A-10-9 Preferential deposits
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No bank may give preference to any depositor or creditor by pledging the assets of the bank as collateral security except as provided in § 51A-4-13 and as follows: (1) The bank may deposit with the treasurer of the United States so much of its assets as may be necessary to qualif…