§ 55-11-1 Prearranged funeral contract–Portion of money paid under contract held in trust
§ 55-11-1.1 Personal property and professional services to be provided under prearranged funeraltrust contract
§ 55-11-2 Deposit of trust fund in banking institution or association–Violation as misdemeanor
§ 55-11-3 Contract to be in writing–Copies furnished depository and personal representativeof contracting party–Clause concerning trust fund required
§ 55-11-3.1 Clause required in contract not providing guaranteed price
§ 55-11-4 Financial institution receiving money in trust–Acknowledgment on copy ofprearranged funeral contract
§ 55-11-5 Cancellation of contract creating revocable trust
§ 55-11-5.1 Return of payments required on revocation under contract with guaranteed price
§ 55-11-7 Solicitation of funeral trust contracts–Annual registration required–Exception–Unauthorized solicitation or sale prohibited–Violation as misdemeanor
§ 55-11-8 Information to be submitted upon registration
§ 55-11-9 Annual report required–Contents–Filing fee–Confidentiality–Violation asmisdemeanor
§ 55-11-10 Applicability of § 37-24-5.4
§ 55-11-11 Prearranged funeral contract pooled funds trust–Creation–Separate accounts–Whenconsent of purchaser required
§ 55-11-12 Death or relocation of beneficiary of irrevocable prearranged funeral trust–Seller’soption to provide comparable services or return deposits and interest–Disposition offunds
§ 55-11-12.1 Disbursement of funds in irrevocable prearranged funeral trust
§ 55-11-13 Prearranged funeral contract not burial insurance
§ 55-11-14 Applicability of act to certain contracts

Terms Used In South Dakota Codified Laws > Title 55 > Chapter 11 - Prearranged Funeral Trusts

  • 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.
  • Decedent: A deceased person.
  • Fraud: Intentional deception resulting in injury to another.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • 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
  • Personal property: All property that is not real property.
  • 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
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2