In liquidating a bank the director or receiver may exercise any power thereof but he may not, without the approval of the circuit court: (1) Sell any asset of the bank having an appraised value in excess of five thousand dollars; (2) Compromise or release any claim which exceeds five thousand dollars, exclusive of interest; or (3) Make any payment on any claim, other than a claim upon an obligation incurred by the director or receiver, before preparing and filing a schedule of his determinations in accordance with subdivision 51A-15-36 (3).
‹ Prev All South Dakota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.