South Dakota § 58-15-15 - Insurance policy loan--Security--Maximum amount--Private placement policies.
Full text of South Dakota South Dakota Codified Laws § 58-15-15 — Insurance policy loan--Security--Maximum amount--Private placement policies., with citation guidance and answers to common questions.
§ 58-15-15. Insurance policy loan--Security--Maximum amount--Private placement policies.
There shall be a provision that after three full years' premiums have been paid and after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer shall advance, on proper assignment or pledge of the policy and on the sole security thereof, an amount not to exceed the loan value of the policy. However, in the case of a private placement policy, the obligation of the insurer to advance the loan value of the policy, or any portion of the loan value, is subject to the liquidity of separate account assets comprising such loan value, and the insurer shall advance the loan value of the policy, or any portion of the loan value, as and when the separate account assets from which the loan is to be made, can be, by their respective terms, converted to cash.
Source: SL 1966, ch 111, ch 23, § 9; SL 1974, ch 313, § 1; SL 2006, ch 252, § 2; SL 2009, ch 259, § 2.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-15-15
What does South Dakota Codified Laws § 58-15-15 cover?
Section 58-15-15 ("Insurance policy loan--Security--Maximum amount--Private placement policies.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-15-15?
A common citation format is "South Dakota Codified Laws § 58-15-15" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-15-15 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.