51A-15-18. Director's appointment of Federal Deposit Insurance Corporation as receiver in liquidation proceedings.The director may appoint the Federal Deposit Insurance Corporation as receiver for a bank of which he has taken possession. Upon filing with the court an order of appointment of the receiver and a certificate indicating the acceptance by the Federal Deposit Insurance Corporation, the possession of all the assets, business, and property, and the title thereto, shall be deemed transferred to such corporation. The director shall be forever thereafter relieved from all responsibility and liability in respect to the liquidation of the bank. Source: SL 1935, ch 60, §§1, 7, 8; SDC 1939, §6.0626; SDCL, §§51-14-15, 51-14-17; SL 1969, ch 11, §13.25; SL 1970, ch 265, §74; SDCL, §51-27-37; SL 1988, ch 377, §187; SDCL, §51-27-12.3.
South Dakota Legal Code