51A-12-4. Loan to customer used for partnership or corporation.A loan or other extension of credit to a customer, the proceeds of which the customer intends to place in a partnership in which he is a partner or a corporation in which he is a stockholder, is not required to be combined with obligations of the partnership or corporation for the purpose of §51A-12-2 unless the loan is made in reliance on the assets and repayment ability of the partnership or the corporation. Source: SL 1969, ch 11, §10.2; SL 1970, ch 265, §53; SDCL, §51-24-4; SL 1993, ch 351, §2.
South Dakota Legal Code