58-27-31. Policy loans by life insurer--Maximum amount.
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/sd/title-58/chapter-58-27/58-27-31·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A life insurer may lend to its policyholder upon pledge of the policy as collateral security, any sum not exceeding the cash surrender value of the policy; or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligations, so long as the loan is adequately secured by such pledge or assignment.