Section 51A-5-18 - Deposits of cash held by bank as fiduciary. - South-dakota Statutes

State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-05 > Statute-51a-5-18

51A-5-18. Deposits of cash held by bank as fiduciary. Cash held by a bank as fiduciary may be deposited to the credit of the bank as such fiduciary either with a bank with deposit insurance or with itself, but if such funds are deposited with itself the bank shall pledge as security United States bonds or other securities approved by the director for the purpose in the amount of the deposit in excess of the amount covered by deposit insurance. Deposits may represent the assets of more than one fiduciary estate if a record is maintained of the proper allocation.

Source: SL 1969, ch 11, § 5.7; SDCL, § 51-19-8.

State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-05 > Statute-51a-5-18

51A-5-18. Deposits of cash held by bank as fiduciary. Cash held by a bank as fiduciary may be deposited to the credit of the bank as such fiduciary either with a bank with deposit insurance or with itself, but if such funds are deposited with itself the bank shall pledge as security United States bonds or other securities approved by the director for the purpose in the amount of the deposit in excess of the amount covered by deposit insurance. Deposits may represent the assets of more than one fiduciary estate if a record is maintained of the proper allocation.

Source: SL 1969, ch 11, § 5.7; SDCL, § 51-19-8.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-05 > Statute-51a-5-18

51A-5-18. Deposits of cash held by bank as fiduciary. Cash held by a bank as fiduciary may be deposited to the credit of the bank as such fiduciary either with a bank with deposit insurance or with itself, but if such funds are deposited with itself the bank shall pledge as security United States bonds or other securities approved by the director for the purpose in the amount of the deposit in excess of the amount covered by deposit insurance. Deposits may represent the assets of more than one fiduciary estate if a record is maintained of the proper allocation.

Source: SL 1969, ch 11, § 5.7; SDCL, § 51-19-8.