South Dakota Codified Laws 55-11-5.1. Return of payments required on revocation under contract with guaranteed price
Current as of: 2023 | Check for updates
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A person who revokes a revocable trust under a contract providing a guaranteed price is entitled to receive one hundred percent of all money paid into trust under the contract together with one hundred percent of accrued interest unless a greater amount is specified in the contract.
Terms Used In South Dakota Codified Laws 55-11-5.1
- 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
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
Source: SL 1981, ch 355, § 3; SL 1986, ch 408, § 4.