51A-12-2. Loan or credit limitation.
Except as otherwise provided in this title, no bank organized as a corporation or limited liability company may loan, or otherwise extend credit, to any corporation, partnership, or individual, an amount greater than the sum of:
(1)Twenty percent of its capital stock or members' equity and surplus; and
(2)Ten percent of its undivided profit.
Such limit shall be determined for each calendar quarter on the basis of the bank's quarterly report of condition for the immediately previous calendar quarter.
Source: SL 1909, ch 222, art 2, §29; SL 1915, ch 102, art 2, §33; RC 1919, §8980; SL 1923, ch 114; SL 1927, ch 59, §1; SDC 1939, §6.0428; SL 1943, ch 18; SL 1947, ch 27; SL 1957, ch 14; SL 1961, ch 19; SL 1963, ch 27; SDCL, §51-11-7; SL 1969, ch 11, §10.2; SL 1981, ch 346, §52; SL 1987, ch 359; SL 1988, ch 377, §144; SL 1990, ch 382; SDCL, §51-24-2; SL 2004, ch 289, §11.