Section 58-15-18 - Loan value of policy--Indebtedness deducted. - South-dakota Statutes

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58-15-18. Loan value of policy--Indebtedness deducted. The loan value of the policy shall be at least equal to the amount required by § 58-15-16 or 58-15-17, provided that the insurer may deduct, either from such loan value or from the proceeds of the loan, any existing indebtedness not already deducted in determining such amount including any interest then accrued but not due, any unpaid balance of the premium for the current policy year, and interest on the loan to the end of the current policy year.

Source: SL 1966, ch 111, ch 23, § 9.

State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-15 > Statute-58-15-18

58-15-18. Loan value of policy--Indebtedness deducted. The loan value of the policy shall be at least equal to the amount required by § 58-15-16 or 58-15-17, provided that the insurer may deduct, either from such loan value or from the proceeds of the loan, any existing indebtedness not already deducted in determining such amount including any interest then accrued but not due, any unpaid balance of the premium for the current policy year, and interest on the loan to the end of the current policy year.

Source: SL 1966, ch 111, ch 23, § 9.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-58 > Chapter-15 > Statute-58-15-18

58-15-18. Loan value of policy--Indebtedness deducted. The loan value of the policy shall be at least equal to the amount required by § 58-15-16 or 58-15-17, provided that the insurer may deduct, either from such loan value or from the proceeds of the loan, any existing indebtedness not already deducted in determining such amount including any interest then accrued but not due, any unpaid balance of the premium for the current policy year, and interest on the loan to the end of the current policy year.

Source: SL 1966, ch 111, ch 23, § 9.