South Dakota Codified Laws 13-63-28. Limitations of chapter
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Nothing in this chapter:
(1) Gives any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner;
Terms Used In South Dakota Codified Laws 13-63-28
- 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
(2) Guarantees that a designated beneficiary will be admitted to an eligible education institution or be allowed to continue enrollment at or graduate from an eligible education institution after admission;
(3) Establishes state residency for an individual merely because the individual is a designated beneficiary; or
(4) Guarantees that amounts saved pursuant to the program will be sufficient to cover the qualified higher education expenses of a designated beneficiary.
Source: SL 2001, ch 97, § 28.