TITLE 26

BANKS AND BANKING

CHAPTER 7

LIMITATIONS ON LOANS, INVESTMENTS, AND PRACTICES

26-709.  Statutory bad debt. Every bank carrying any bad debt, or a debt of doubtful value, as an asset shall, upon the request or demand of the director, collect the same or put it in good bankable condition or charge it out of its books. Any debt on which interest is past due and unpaid for a period of six (6) months, unless the same is well secured and in process of collection, shall be considered a bad debt within the meaning of this section.

History:

[(26-709) 26-713, added 1979, ch. 41, sec. 2, p. 93; am. and redesig. 2004, ch. 159, sec. 9, p. 523.]