A Yankton-based bank is demanding that ReliaMax Holding Co. turn over office furniture and other equipment that was collateral in exchange for millions of dollars in loans.
First Dakota National Bank could be out as much as $6.1 million that it had in a loan and a line of credit with Sioux Falls-based ReliaMax, according to a lawsuit filed in Minnehaha County.
In June, the South Dakota Division of Insurance petitioned a judge to liquidate ReliaMax Surety Co. The company provided insurance to banks and other lenders who make private student loans. ReliaMax Holding Co. owned ReliaMax Surety.
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Read the full article at: https://www.argusleader.com/story/news/2018/08/21/first-dakota-national-bank-out-millions-reliamax-insolvency/1050988002/