Bad debts--Maximum time allowed before charge-off--Overdraft not allowed as asset.

Checkout our iOS App for a better way to browser and research.

51A-4-21. Bad debts--Maximum time allowed before charge-off--Overdraft not allowed as asset.

Any debt due to any bank on which the interest is past due and unpaid for a period of six months unless the debt is well secured or in process of collection, shall be considered a bad debt and be charged to the reserve for loan and lease losses. In no case may an overdraft be held as an asset by any bank for a period of time longer than that set by the rules of the commission.

Source: SDC 1939, §6.0432; SDCL, §51-11-14; SL 1969, ch 11, §4.16; SL 1981, ch 346, §35; SL 1988, ch 377, §93; SDCL, §51-18-17; SL 1991, ch 390, §6; SL 1997, ch 271, §1.


Download our app to see the most-to-date content.