Section 51A-4-10 - Property authorized to be purchased to satisfy debts--Limitation on period ofretention.
51A-4-10. Property authorized to be purchased to satisfy debts--Limitation on period of retention. A bank may, by itself or through a subsidiary, acquire, hold and convey property of any kind to satisfy debts previously contracted in good faith and in the ordinary course of business at a purchase price which is no greater than the aggregate of the debt, interest and other costs, provided that such property shall be held subject to the following limitations:
(1) Personal property held by the bank shall be sold within six months or such additional period not exceeding one year as the director may allow;
(2) Real property shall be sold within five years, unless an extension be granted by the director.
Source: SL 1891, ch 27, § 5; RCivC 1903, § 851; SL 1909, ch 222, art 2, § 16; SL 1915, ch 102, art 2, § 18; RC 1919, § 8965; SDC 1939, § 6.0410 (2), (3); SDCL, § 51-11-19; SL 1969, ch 11, § 4.5; SL 1970, ch 265, § 27; SL 1981, ch 346, § 30; SL 1988, ch 377, § 85; SDCL, § 51-18-5.