Terms used in this chapter mean:
(1) “Administrator,” the director of property management for the Bureau of Administration;
Terms Used In South Dakota Codified Laws 5-24A-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Personal property: includes money, goods, chattels, things in action, and evidences of debt. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) “Authorized entity,” a political subdivision, school, Indian tribe, or any nonprofit educational or health institutions as determined under Section 501 of the Internal Revenue Code;
(3) “Bureau,” the Bureau of Administration;
(4) “Cannibalization,” to take salvageable parts from a disabled machine for use in building or repairing another machine; or to make use of a part taken from one thing in building or repairing something else;
(5) “Disposed,” the destruction, sale, transfer, trade in, discarding, or donation of state personal property;
(6) “Fair market value,” the price at which sales have been consummated for assets of like type, quality, and quantity in a particular market at time of acquisition;
(7) “Fixed asset,” personal property that has an expected life exceeding one year and has an initial purchase cost of five thousand dollars or more;
(8) “Net disposal value,” the fair market value less the expense of the most cost effective disposal method;
(9) “Personal property,” all property which, due to its nature or physical characteristics, cannot be included within the scope or definition of real property. The term includes property capable of being moved from one place to another and usually has a useful life of temporary duration as compared to real property. The term does not include livestock, seed, nursery stock, or organisms purchased for use in research, agricultural, landscaping, or forestry activities of state institutions or agencies or products derived or made from them. The term does not include foodstuffs or inventory purchased for resale by state institutions;
(10) “Proceeds,” funds derived from the sale of surplus property;
(11) “Property manager,” the chief administrative officer of the agency or an authorized agent;
(12) “Public auction,” either a tangible event at a public location, an electronic event which is advertised and made available to the public via the internet, or some other bid process which is advertised and made available to the public;
(13) “Public agency,” any unit of state, local, or tribal government within the State of South Dakota;
(14) “Surplus property,” any item of personal property that is no longer needed by the owning agency.
Source: SL 2008, ch 32, § 1.