South Dakota Codified Laws 29A-6-424. More than one transfer on death deed at time of death–Beneficiaries jointly andseverally liable to creditors
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In any case where a deceased transferor has more than one transfer on death deed at the time of transferor’s death, all of the beneficiaries therein are jointly and severally liable to the creditors or personal representative of the deceased transferor as herein provided and any beneficiary who is made a defendant in any action has the right to require any other such beneficiary within the jurisdiction of the court to be joined as a party defendant in the action and has the right of pro rata contribution against other beneficiaries, to the extent of their respective liability hereunder.
Terms Used In South Dakota Codified Laws 29A-6-424
- 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
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Source: SL 2014, ch 133, § 24.