South Dakota Codified Laws 51A-3-28. Credit of dividends, interest, or profits on indebtedness–Foreclosure of lien
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While any indebtedness under § 51A-3-26 exists, all dividends, interest, or profits on such stock, if any, shall be credited by the bank on such indebtedness in the event the bank has exercised its rights to acquire or purchase the stock. The lien hereby created in favor of the bank may be foreclosed by such bank in the manner provided by law for the foreclosure of liens.
Terms Used In South Dakota Codified Laws 51A-3-28
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
Source: SL 1909, ch 222, art 2, § 43; SL 1911, ch 255, § 22; SL 1915, ch 102, art 2, § 47; RC 1919, §§ 8995, 9052; SDC 1939, § 6.0310; SDCL, §§ 51-4-18, 51-4-19; SL 1969, ch 11, § 3.22; SL 1970, ch 265, § 23; SL 1988, ch 377, § 72; SDCL, § 51-17-25.