South Dakota Codified Laws 55-16-1. Definitions
Terms used in this chapter mean:
(1) “Claim,” a right to payment, whether or not the right is reduced to judgment liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured;
Terms Used In South Dakota Codified Laws 55-16-1
- 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
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Personal property: includes money, goods, chattels, things in action, and evidences of debt. See South Dakota Codified Laws 2-14-2
- Personal property: All property that is not real property.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(2) “Creditor,” with respect to a transferor, a person who has a claim;
(3) “Debt,” liability on a claim;
(4) “Disposition,” a transfer, conveyance, or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one trustee for another or the addition of one or more new trustees, or the exercise of a power so as to cause a transfer of property to a trustee or trustees. The term does not include the release or relinquishment of an interest in property that theretofore was the subject of a qualified disposition;
(5) “Property,” real property, personal property, and interests in real or personal property;
(6) “Qualified disposition,” a disposition by or from a transferor to a qualified person or qualified persons, without consideration or for less than fair market value, by means of a trust instrument;
(7) “Spouse” and “former spouse,” only persons to whom the transferor was married at, or before, the time the qualified disposition is made;
(8) “Transferor,” any person as an owner of property; as a holder of a power of appointment which authorizes the holder to appoint in favor of the holder, the holder’s creditors, the holder’s estate, or the creditors of the holder’s estate; or as a trustee, directly or indirectly, makes a disposition or causes a disposition to be made.
The terms, transferor and beneficiary, may be any person as defined in subdivision 55-4-1(2).
Source: SL 2005, ch 261, § 1; SL 2015, ch 240, § 20; SL 2018, ch 275, § 28.