South Dakota Codified Laws 26-2-1. Delegation of power by minor–Contracts relating to property–Account at financialinstitution
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No minor may give a delegation of power, nor make a contract relating to real property, or any interest therein, or relating to any personal property not in his immediate possession or control. However, a minor’s parent, grandparent, uncle, or aunt, if such person is an adult, and a minor’s adult sibling may establish an account with a financial institution, and establish a present ownership right in that account. Such adult family member may sign the minor’s name for and on behalf of the minor, for the purposes of establishing an account, and such subscription shall constitute a binding agreement between the financial institution, and the named parties to the account.
Terms Used In South Dakota Codified Laws 26-2-1
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Source: SDC 1939, § 43.0103; SL 1991, ch 215, § 2.