Upon payment to any public depositor, the public deposit protection commission is subrogated to all of such depositor's right, title and interest against the qualified public depository in which the loss occurred. If the commission incurs expense in enforcing any such claim, the amount shall be paid as a liquidation expense of the depository in which the loss occurred.
S.D. Codified Laws § 4-6A-19
Subrogation of commission to depositors' claims--Apportionment of amounts recovered--Refund of assessments--Expenses of liquidation
Known as the Public Deposit Insurance Act
The act spans §§ 4–4 (21 sections).
Source: SL 1974, ch 39, § 10; SL 1986, ch 44, § 19.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.