As used in this chapter, unless the context otherwise requires:

(1) “Administrator,” the state treasurer;

Terms Used In South Dakota Codified Laws 43-41B-1

  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Trustee: A person or institution holding and administering property in trust.

(2) “Apparent owner,” the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder;

(3) “Attorney general,” the chief legal officer of this state;

(4) “Banking organization,” any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, or any organization defined by other law as a bank or banking organization;

(5) “Business association,” a nonpublic corporation, joint stock company, investment company, business trust, partnership, cooperative, or association for business purposes of two or more individuals, whether or not for profit, including a banking organization, financial organization, insurance company, or utility;

(6) “Domicile,” the state of incorporation of a corporation or the state of the principal place of business of an unincorporated person;

(7) “Financial organization,” a savings and loan association, cooperative bank, building and loan association, or credit union;

(8) “Holder,” a person, wherever organized or domiciled, who is:

(i) In possession of property belonging to another;

(ii) A trustee; or

(iii) Indebted to another on an obligation;

(9) “Insurance company,” an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety, and wage protection insurance;

(10) “Intangible property,” includes:

(i) Moneys, checks, drafts, deposits, interest, dividends, unpaid mineral proceeds, royalties, vendor checks, income, unpaid commissions, unpaid overcharges, and unpaid accounts payable;

(ii) Credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances;

(iii) Stocks and other intangible ownership interests in business associations;

(iv) Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;

(v) Amounts due and payable under the terms of insurance policies;

(vi) Amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits; and

(vii) United States savings bonds held or owing in this state by any person, or issued or owed in the course of a holder’s business, or by a state or other government, governmental subdivision, agency, or instrumentality;

(11) “Last known address,” a description of the last known location of the apparent owner sufficient for the purpose of the delivery of mail;

(12) “Owner,” a depositor in the case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or any other person having a legal or equitable interest in property subject to this chapter or his legal representative;