South Dakota Codified Laws 47-18-26. Assets distributable to unknown persons–Deposit in state treasury–Subsequentclaim–Time limitation
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Upon liquidation of a cooperative, the assets distributable to persons who are unknown or cannot be found may be reduced to cash and deposited with the state treasury. If claimed within ten years thereafter such funds shall be paid without interest to persons entitled thereto upon proof satisfactory to the state treasurer of their right thereto. If not claimed within ten years, such funds shall become the property of the state to be used in furthering agriculture.
Terms Used In South Dakota Codified Laws 47-18-26
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SDC 1939, § 11.1147 as enacted by SL 1965, ch 23, § 1.