Security authorized or required for payment of a judgment for periodic installments entered in accordance with this chapter shall be in one or more of the following forms and approved by the court:

(1) Bond executed by a qualified insurer;

Terms Used In South Dakota Codified Laws 21-3A-7

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.

(2) Annuity contract executed by a qualified insurer;

(3) Evidence of applicable and collectible liability insurance with one or more qualified insurers;

(4) An agreement by one or more qualified insurers to guarantee payment of the judgment; or

(5) Any other satisfactory form of security.

Security complying with this section serves also as a required supersedeas bond.

Source: SL 1986, ch 163, § 7.

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