7-3-25. Bad debts.
All demand and matured debts due to any bank on which interest is past due and has not
been paid for a period of six months, unless they are well secured and in process of collection, are
considered bad debts and shall be charged off to the reserve for loan losses account.
Amended by Chapter 200, 1994 General Session
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Last revised: Thursday, May 28, 2009