51A-12-8. Liability of officers and directors for excessive loans.
60 words·~1 min read·
/sd/title-51/chapter-51-12/51a-12-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.