S.D. Codified Laws § 51A-2-24
This is the official text of S.D. Codified Laws § 51A-2-24, part of South Dakota’s Codified Laws — part of the compiled statutory law of South Dakota, published by the state as "Codified Laws." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Accounting practices--Valuation of assets--Required practices to protect loans
Official statutory text
The director may require any bank:
(1) To maintain its accounts in a prescribed manner having regard for the size of the bank;
(2) To observe methods and standards for determining the value of various types of assets;
(3) To charge off the whole or part of any asset which could not then be lawfully acquired;
(4) To write down an asset to its market value;
(5) To record liens and other interests in property;
(6) To obtain a financial statement and adequate credit information from borrowers;
(7) To require borrowers to obtain insurance against damage to real or personal property taken as security;
(8) To require borrowers to search or obtain insurance of title to real estate or chattels taken as security;
(9) To maintain adequate insurance against such other risks relating to the bank premises, its deposits, vaults and offices as he may determine to be necessary and appropriate for the protection of deposits and the public.
Source: SL 1915, ch 102, art 2, § 21; RC 1919, § 8968; SDC 1939, § 6.0434; SDCL, § 51-12-1; SL 1969, ch 11, § 2.17 (3); SL 1970, ch 265, § 11; SL 1988, ch 377, § 40; SDCL, § 51-16-26.
(1) To maintain its accounts in a prescribed manner having regard for the size of the bank;
(2) To observe methods and standards for determining the value of various types of assets;
(3) To charge off the whole or part of any asset which could not then be lawfully acquired;
(4) To write down an asset to its market value;
(5) To record liens and other interests in property;
(6) To obtain a financial statement and adequate credit information from borrowers;
(7) To require borrowers to obtain insurance against damage to real or personal property taken as security;
(8) To require borrowers to search or obtain insurance of title to real estate or chattels taken as security;
(9) To maintain adequate insurance against such other risks relating to the bank premises, its deposits, vaults and offices as he may determine to be necessary and appropriate for the protection of deposits and the public.
Source: SL 1915, ch 102, art 2, § 21; RC 1919, § 8968; SDC 1939, § 6.0434; SDCL, § 51-12-1; SL 1969, ch 11, § 2.17 (3); SL 1970, ch 265, § 11; SL 1988, ch 377, § 40; SDCL, § 51-16-26.
Status: in_force · Read it on the official government site
Need a lawyer in South Dakota?
Find a South Dakota lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.