51A-15-30. Limitations on powers of director or receiver in liquidating bank.
In liquidating a bank the director or receiver may exercise any power thereof but he may not, without the approval of the circuit court:
(1)Sell any asset of the bank having an appraised value in excess of five thousand dollars;
(2)Compromise or release any claim which exceeds five thousand dollars, exclusive of interest; or
(3)Make any payment on any claim, other than a claim upon an obligation incurred by the director or receiver, before preparing and filing a schedule of his determinations in accordance with subdivision 51A-15-36 (3).
Source: SL 1925, ch 103, §§1 to 3; SDC 1939, §6.0614; SDCL, §51-14-37; SL 1969, ch 11, §13.13; SL 1988, ch 377, §173; SDCL, §51-27-22.