Each owner of a large boat subject to titling under §§ 32-3A-20 to 32-3A-32, inclusive, shall apply to the county treasurer for issuance of a certificate of title for the large boat within forty-five days after acquisition. The application shall be on forms the department prescribes, and accompanied by the certificate of title or other acceptable ownership document previously issued for the boat if the boat is used or the manufacturer’s statement of origin if the boat is new, a bill of sale and the required fee. The application shall contain the date of sale and purchase price of the large boat or the fair market value if no sale immediately preceded the transfer, and any additional information the department requires. If the application is made for a large boat last previously registered or titled in another state or foreign country, the application shall contain this information and any other information the department requires.

Terms Used In South Dakota Codified Laws 32-3A-21

  • 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.

Source: SL 1991, ch 362, § 4; SL 1993, ch 322, § 20; SL 1994, ch 335, § 30; SDCL § 42-8-72; SL 1998, ch 74, § 14; SL 2015, ch 156, § 6.