Section 51A-12-8 - Liability of officers and directors for excessive loans. - South Dakota Statutes

51A-12-8. Liability of officers and directors for excessive loans. The issuing officer, the chief executive or managing officer and the board of directors of a bank shall be held personally liable for all excessive loans, until they are in compliance, including overdrafts which could create excess. Such liability shall remain in effect for so long as any such loans may be in excess of the amount limited by law.

Source: SL 1909, ch 222, art 2, § 38; SL 1915, ch 102, art 2, § 42; RC 1919, § 8990; SDC 1939, § 6.0431; SDCL, § 51-11-11; SL 1969, ch 11, § 10.6; SL 1981, ch 346, § 55; SL 1988, ch 377, § 149; SDCL, § 51-24-9.