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.
S.D. Codified Laws § 51A-15-32
Fiduciary positions of bank terminated after commencement of liquidation
Source: SL 1969, ch 11, § 13.15; SL 1970, ch 265, § 70; SL 1988, ch 377, § 175; SDCL, § 51-27-24.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.