South Dakota Codified Laws 40-21-17. Sale proceeds of undetermined ownership escheat to board–Deposit in ownershipinspection and theft prevention fund when ownership not established
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If the ownership of any livestock sold pursuant to § 40-21-12 is not established within a one–year period, the net sale proceeds escheat to the board, and the board shall deposit the proceeds in the South Dakota livestock ownership inspection and theft prevention fund, provided for in § 40-21-9.
Terms Used In South Dakota Codified Laws 40-21-17
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
Source: SL 1943, ch 142, § 11; SL 1949, ch 144, § 4; SDC Supp 1960, § 40.12A06; SL 1967, ch 165; SL 1988, ch 328, § 92.