State Codes and Statutes

Statutes > South-dakota > Title-51a > Chapter-15 > Statute-51a-15-19

51A-15-19. Powers of Federal Deposit Insurance Corporation as receiver in liquidation proceedings--Actions to recover money damages. The Federal Deposit Insurance Corporation may liquidate, reorganize, merge, or consolidate the bank in such manner as is permitted by the laws of the United States or by this chapter, possessing all rights, powers, duties, and obligations of the commission and director as therein set forth including the right to operate the trust department of any such bank which is qualified to do the business of a trust company.
A claim, proceeding, or action seeking to recover money damages may not be brought by the State of South Dakota, the Division of Banking, the Federal Deposit Insurance Corporation, Resolution Trust Corporation, or other federal banking regulatory agency against any director or officer, including any former director or officer, of any insured state chartered or federally chartered bank or financial depository institution as defined in the Financial Institutions Reform, Recovery and Enforcement Act of 1989, or bank chartered pursuant to Title 51A and its predecessors, unless such claim or action arises out of the gross negligence, or willful or intentional misconduct of such officer or director during his term of office with such insured financial institution. The provisions of this section shall be retroactive.

Source: SDC 1939, § 6.0626; SDCL, § 51-14-16; SL 1969, ch 11, § 13.25; SL 1970, ch 265, § 75; SDCL, §§ 51-27-12.4, 51-27-38; SL 1993, ch 353.