South Dakota Codified Laws 29A-5-406. Protective arrangements for minors or protected persons
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Upon petition therefor, the court may authorize a conservator to enter into a protective arrangement, to disburse the estate of the minor or protected person, and to petition for termination of the conservatorship. Protective arrangements include but are not limited to payment, delivery, deposit, or retention of funds or property; sale, mortgage, lease, or other transfer of property; entry into an annuity contract, a contract for life care, a deposit contract, or a contract for training and education; and the addition to or establishment of a suitable trust.
Terms Used In South Dakota Codified Laws 29A-5-406
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: refers to either an "interested person" a "person alleged to need protection" or a "protected person" as the context requires, and does not refer to a "person" as defined in §. See South Dakota Codified Laws 29A-5-102
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1993, ch 213, § 49; SDCL 30-36-49; SL 1995, ch 167, § 181.