South Dakota Codified Laws 29A-3-706. Duty of personal representative–Inventory and appraisement
Within six months after appointment, or nine months after the decedent‘s death, whichever is later, a personal representative, other than a special administrator or a successor to another representative who has previously discharged this duty, shall prepare an inventory of property owned by the decedent at the time of death, listing it with reasonable detail, and indicating as to each listed item, its fair market value as of the date of the decedent’s death, and the type and amount of any encumbrance that may exist with reference to any item.
The personal representative shall promptly make a copy of the inventory available, by mail or delivery, to any interested person who requests it. The personal representative may also file the original of the inventory with the court.
Terms Used In South Dakota Codified Laws 29A-3-706
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1994, ch 232, § 3-706.