51A-12-14. Right of offset on loans.
73 words·~1 min read·
/sd/title-51/chapter-51-12/51a-12-14·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to the general lien created by § 44-11-11 in favor of a bank on all property in possession of the bank belonging to its customers, a bank may offset against all loan balances, whether principal or interest, owed to the bank by a customer, all or any portion of the bank's obligation to the customer in the form of certificates of deposit, time savings certificates and any other form of deposit.