South Dakota Codified Laws 10-50B-3. Definitions
Terms used in §§ 10-50B-1 to 10-50B-10, inclusive, mean:
(1) “Adjusted for inflation,” increased in accordance with the formula for inflation adjustment set forth in the Master Settlement Agreement;
Terms Used In South Dakota Codified Laws 10-50B-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) “Affiliate,” a person who directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or control with, another person. Solely for purposes of this definition, the terms, owns, is owned, and ownership, mean ownership of an equity interest, or the equivalent thereof, of ten percent or more, and the term, person, means an individual, partnership, committee, association, corporation, or any other organization or group of persons;
(3) “Allocable share,” allocable share as that term is defined in the Master Settlement Agreement;
(4) “Master Settlement Agreement,” the settlement agreement, and related documents, entered into on November 23, 1998, by the State of South Dakota and major United States tobacco product manufacturers which is filed as part of the court record in State of South Dakota, et al. v. Philip Morris, Inc., et al., Civ. No. 98-65, Sixth Judicial Circuit, Hughes County;
(5) “Qualified escrow fund,” an escrow arrangement with a federally or state–chartered financial institution having no affiliation with any tobacco product manufacturer and having assets of at least one billion dollars where such arrangement requires that the financial institution hold the escrowed funds’ principal for the benefit of releasing parties and prohibits the tobacco product manufacturer placing the funds into escrow from using, accessing, or directing the use of the funds’ principal except as consistent with § 10-50B-8;
(6) “Released claims,” released claims as that term is defined in the Master Settlement Agreement;
(7) “Releasing parties,” releasing parties as that term is defined in the Master Settlement Agreement;
(8) “NPM Adjustment Settlement Agreement,” the settlement agreement, and related documents, entered into on March 9, 2018, by the State of South Dakota and major United States tobacco product manufacturers which is filed as part of the court record in State of South Dakota, et al. v. Philip Morris, Inc., et al., Civ. No. 98-65, Sixth Judicial Circuit, Hughes County.
Source: SL 1999, ch 60, § 3; SL 2020, ch 36, § 4.