South Dakota Codified Laws 29A-3-914. Disposition of unclaimed assets
If an heir, devisee, or claimant cannot be found, the personal representative shall distribute the share of the missing person to the person’s conservator, if any, otherwise the court shall enter an order directing that the share vest in the State of South Dakota for the support of the common schools. The order of court shall contain a provision stating that an action asserting a claim or right to the share may be instituted in the court within ten years after the entry of the order in the manner provided in chapter 21-36. The order of court shall have the same force and effect as a judgment of escheat in an action instituted under chapter 21-36, and shall become final and conclusive at the expiration of the period prescribed by chapter 21-36.
Terms Used In South Dakota Codified Laws 29A-3-914
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1994, ch 232, § 3-914.