The director may appoint the Federal Deposit Insurance Corporation as receiver for a bank of which he has taken possession. Upon filing with the court an order of appointment of the receiver and a certificate indicating the acceptance by the Federal Deposit Insurance Corporation, the possession of all the assets, business, and property, and the title thereto, shall be deemed transferred to such corporation. The director shall be forever thereafter relieved from all responsibility and liability in respect to the liquidation of the bank.
S.D. Codified Laws § 51A-15-18
Director's appointment of Federal Deposit Insurance Corporation as receiver in liquidation proceedings
Source: SL 1935, ch 60, §§ 1, 7, 8; SDC 1939, § 6.0626; SDCL, §§ 51-14-15, 51-14-17; SL 1969, ch 11, § 13.25; SL 1970, ch 265, § 74; SDCL, § 51-27-37; SL 1988, ch 377, § 187; SD…
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.