South Dakota Codified Laws 43-41B-24. Deposit of funds
(a) Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under this chapter, including the proceeds from the sale of abandoned property under § 43-41B-23. The administrator shall retain in a separate trust fund an amount not more than fifty thousand dollars from which prompt payment of claims duly allowed must be made by him. Before making the deposit, the administrator shall record the name and last known address of each person appearing from the holders’ reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or contract listed in the report of an insurance company its number, the name of the company, and the amount due. The record must be available for public inspection at all reasonable business hours.
(b) The administrator may pay from the unclaimed property trust fund:
Terms Used In South Dakota Codified Laws 43-41B-24
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(1) Any costs in connection with the sale of abandoned property;
(2) Costs of mailing and publication in connection with any abandoned property;
(3) Reasonable service charges; and
(4) Costs incurred in examining records of holders of property and in collecting the property from those holders.
Source: SL 1992, ch 312, § 23; SL 1993, ch 327, § 1.