Ruden v. Ruden

The Bank Guaranty Law of this state, which originated as article 3, c. 102, Laws 1915, and was in substance abandoned by chapter 54, Laws 1927, has been frequently before this court in various particulars. The history of the law and its operations were quite extensively reviewed in State ex rel Sharpe v. Smith (1931), 58 S. D. 22, 234 N. W. 764.

The law contemplated the creation and maintenance of a fund which would secure the payment of all deposit claims in case of the failure of any state bank. It provided that, in the case of failure of any state bank, the superintendent of banks should…