South Dakota Codified Laws 29A-6-402. Definitions
Terms used in this part mean:
(1) “Beneficiary,” a person who receives property under a transfer on death deed;
Terms Used In South Dakota Codified Laws 29A-6-402
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
(2) “Designated beneficiary,” a person designated to receive property in a transfer on death deed;
(3) “Joint owner,” any individual who owns property concurrently with one or more other individuals with a right of survivorship. The term includes a joint tenant with a right of survivorship. The term does not include a tenant in common;
(4) “Person,” an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity;
(5) “Property,” an interest in real property located in this state which is transferable on the death of the owner;
(6) “Transfer on a death deed,” a document authorized under this part and is considered a governing instrument as defined by subdivision 29A-1-201(19);
(7) “Transferor,” any individual who makes a transfer on a death deed.
Source: SL 2014, ch 133, § 2.