{"data":{"id":"us-sd/sdcl-51a-4-10","jurisdiction":"us-sd","citation":"SDCL § 51A-4-10","heading":"Property authorized to be purchased to satisfy debts--Limitation on period of retention.","body":"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:\n(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;\n(2) Real property shall be sold within five years, unless an extension be granted by the director.\nSource: 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.","path":["TITLE 51A. BANKS AND BANKING","CHAPTER 51A-4. GENERAL POWERS OF BANKS"],"source_url":"https://sdlegislature.gov/Statutes/51A-4-10","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"6cc2994c10a89b9e69088af4aa2638313f8df3c6a1039ca3f884eade6ff8449f","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-51a-4-9","next":"us-sd/sdcl-51a-4-11"},"notice":"GroundRules: Original legal text. Not legal advice."}