Independent Trust Company, LLC v. South Dakota State Banking Commission

Summary

The Supreme Court of South Dakota reviewed the denial of Independent Trust Company, LLC's application to organize and operate a trust company in Dakota Dunes. The court held that the Banking Commission's findings under SDCL 51A-6A-5 were not clearly erroneous and affirmed the circuit court's affirmance of the denial.

Holdings

1. The Banking Commission, not the Banking Director, possessed final statutory authority to determine whether the conditions for establishing a trust company had been satisfied and to approve or disapprove the application.
2. The Commission's findings that ITC failed to prove the four statutory conditions for operating a trust company were not clearly erroneous, and the denial of the application was properly affirmed.

Questions Presented

1. Whether the circuit court erred in affirming the Banking Commission's denial of ITC's application to operate a trust company.
2. Whether the Commission's findings that ITC failed to satisfy the four conditions in SDCL 51A-6A-5 were clearly erroneous.
3. Whether the Banking Director's memorandum recommending or indicating satisfaction of the statutory conditions deprived the Commission of authority to deny the application.

Disposition

affirmed