South Dakota Codified Laws 34-12-15.3. Deposit in bank of residents’ funds not kept at nursing facility–Public facility to deposit with state treasurer
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Residents’ moneys in excess of fifty dollars shall be deposited in a local financial institution authorized to do business in South Dakota in an interest bearing demand trust account that is separate from any of the facility’s operating accounts and credits all interest earned on such account to such account. However, a public agency which is subject to §§ 34-12-15.1 to 34-12-15.10, inclusive, shall deposit such funds with the state treasurer in the appropriate trust and agency account for the facility.
Terms Used In South Dakota Codified Laws 34-12-15.3
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
Source: SL 1977, ch 279, § 5; SL 1991, ch 271, § 2.