If default occurs in the payment of interest or principal of any deposited security and such default continues for a period of one hundred twenty days, the director may declare such security no longer eligible for deposit under § 58-7-1.
S.D. Codified Laws § 58-7-5
Ineligibility for deposit of securities in default
Source: SL 1966, ch 111, ch 7, § 1 (5).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.