Liability of bank as insurer or as guarantor or endorser of security instrument prohibited.

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  5. Liability of bank as insurer or as guarantor or endorser of security instrument prohibited.

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51A-1-8. Liability of bank as insurer or as guarantor or endorser of security instrument prohibited.

Except as expressly permitted in this title, a bank shall not assume liability as an insurer or as a guarantor or endorser of any security instrument or obligation in which or with respect to which it has no property interest.

Source: SL 1969, ch 11, §1.6; SDCL, §51-15-6.


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