51A-4-21. Bad debts--Maximum time allowed before charge-off--Overdraft not allowed as asset.
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/sd/title-51/chapter-51-4/51a-4-21·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any debt due to any bank on which the interest is past due and unpaid for a period of six months unless the debt is well secured or in process of collection, shall be considered a bad debt and be charged to the reserve for loan and lease losses. In no case may an overdraft be held as an asset by any bank for a period of time longer than that set by the rules of the commission.