South Dakota Codified Laws 15-2-19. Actions against bank directors, shareholders, agents, or employees
Current as of: 2023 | Check for updates
|
Other versions
No action may be brought against a director, shareholder, or an agent or employee of a bank or bank holding company, for any error, mistake, or omission, whether based on contract or tort, unless it is commenced within three years of the occurrence of the alleged error, mistake, or omission. For purposes of this section the term, bank, or, bank holding company, includes state banks as defined in Title 51A, national banks organized pursuant to 12 U.S.C. § 21 as amended as of January 1, 2008, and federal savings associations organized pursuant to 12 U. S.C. § 1464 as amended as of January 1, 2008.
Terms Used In South Dakota Codified Laws 15-2-19
- Contract: A legal written agreement that becomes binding when signed.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
Source: SDC 1939 & Supp 1960, § 33.0212; SL 2008, ch 252, § 45.