Upon liquidation, abandonment of trust powers, or resignation from all fiduciary positions, the deposit shall be made available for the reasonable satisfaction of claims involving fiduciary accounts. Any surplus remaining after the satisfaction of all such claims shall be returned to the bank or trust company.
S.D. Codified Laws § 51A-5-5
Deposit available for satisfaction of claims upon liquidation, abandonment of trust powers, or resignation from fiduciary positions
Source: SL 1969, ch 11, § 5.3; SDCL, § 51-19-4; SL 1995, ch 268, § 66.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.