{"data":{"id":"us-sd/sdcl-62-5-15","jurisdiction":"us-sd","citation":"SDCL § 62-5-15","heading":"Perfected security interest in deposit--Release of security interest.","body":"Upon the secretary sending a request to renew, request to post, or request to increase a security deposit to the maximum amount permitted by §§ 62-5-10 to 62-5-16, inclusive, a perfected security interest is created in the private self-insured's assets in favor of the secretary to the extent of any then unsecured portion of the self-insured's incurred liabilities for workers' compensation claims. That perfected security interest is transferred to any cash or securities thereafter posted by the private self-insured with the state treasurer or other financial institution and is released only upon:\n(1) The acceptance by the secretary of a surety bond, certificate of deposit, or irrevocable letter of credit for the full amount of the incurred liabilities for the payment of compensation; or\n(2) The return of cash or securities by the secretary.\nThe private self-insured employer loses all right and title in and any right to control all assets or obligations posted or placed on deposit as security. In the event of a declaration of bankruptcy or insolvency by a court of competent jurisdiction the secretary may liquidate the deposit for application to the self-insured employer's incurred liability.","path":["TITLE 62. WORKERS' COMPENSATION","CHAPTER 62-5. INSURANCE AND SECURITY FOR PAYMENTS"],"source_url":"https://sdlegislature.gov/Statutes/62-5-15","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"37b737bf690b5652b1970e530c174441362477808d6a03fcc729f49319ebb4d4","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-62-5-14","next":"us-sd/sdcl-62-5-16"},"notice":"GroundRules: Original legal text. Not legal advice."}