reglab/housing_qa huggingface dataset:
SD Codified L § 55-10A-13 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-13 - Validity and effect of transfer.

55-10A-13. Validity and effect of transfer.The validity of a transfer made in a manner prescribed in this chapter is not affected by:(1)Failure of the transferor to comply with §55-10A-11 concerning possession and control;(2)Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under §55-10A-9; or(3)Death or incapacity of a person nominated under §55-10A-3, or designated under §55-10A-9, as custodian or the disclaimer of the office by that person.A transfer made pursuant to §55-10A-9, is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties and authority provided in this chapter and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as provided in this chapter.By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided in this chapter. Source: SL 1986, ch 409, §13.
SD Codified L § 55-10A-14 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-14 - Care of custodial property.

55-10A-14. Care of custodial property.A custodian shall take control of custodial property, register or record title to custodial property if appropriate, and collect, hold, manage, invest and reinvest custodial property.In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.A custodian may invest in or pay premiums on life insurance or endowment policies on the life of the minor only if the minor or the minor's estate is the sole beneficiary, or the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian, is the irrevocable beneficiary.A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: "as a custodian for ___________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act."A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of fourteen years. Source: SL 1986, ch 409, §14.
SD Codified L § 55-10A-15 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-15 - Powers of custodian.

55-10A-15. Powers of custodian.A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. This section does not relieve a custodian from liability for breach of §55-10A-14.At any time, a custodian may transfer part or all of a custodial property to a qualified minor's trust without a court order. Such transfer terminates the custodianship to the extent of the transfer. Source: SL 1986, ch 409, §15; SL 2008, ch 257, §14.
SD Codified L § 55-10A-16 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-16 - Use of custodial property.

55-10A-16. Use of custodial property.A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to the duty or ability of the custodian personally or of any other person to support the minor, or any other income or property of the minor which may be applicable or available for that purpose. On petition of an interested person or the minor if the minor has attained the age of fourteen years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor. A delivery, payment or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor. Source: SL 1986, ch 409, §16.
SD Codified L § 55-10A-17 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-17 - Custodian's expenses, compensation, and bond.

55-10A-17. Custodian's expenses, compensation, and bond.A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. Except for one who is a transferor under §55-10A-4, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. Except as provided in §55-10A-20, a custodian need not give a bond. Source: SL 1986, ch 409, §17.
SD Codified L § 55-10A-18 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-18 - Exemption of third person from liability.

55-10A-18. Exemption of third person from liability.A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:(1)The validity of the purported custodian's designation;(2)The propriety of, or the authority under this chapter for, any act of the purported custodian;(3)The validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or(4)The propriety of the application of any property of the minor delivered to the purported custodian. Source: SL 1986, ch 409, §18.
SD Codified L § 55-10A-19 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-19 - Liability to third persons.

55-10A-19. Liability to third persons.A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor.No custodian is personally liable:(1)On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or(2)For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.No minor is personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault. Source: SL 1986, ch 409, §19.
SD Codified L § 55-10A-21 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-21 - Accounting by and determination of liability of custodian.

55-10A-21. Accounting by and determination of liability of custodian.A minor who has attained the age of fourteen years, the minor's guardian conservator, or other legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court for an accounting by the custodian or the custodian's legal representative; or for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under §55-10A-18, to which the minor or the minor's legal representative was a party.A successor custodian may petition the court for an accounting by the predecessor custodian.The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.If a custodian is removed under §55-10A-20, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property. Source: SL 1986, ch 409, §21; SL 1993, ch 213, §257.
SD Codified L § 55-10A-22 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-22 - Termination of custodianship.

55-10A-22. Termination of custodianship.The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:(1)The minor's attainment of eighteen years of age with respect to custodial property transferred under §55-10A-4, 55-10A-5, 55-10A-6 or 55-10A-7; or(2)The minor's death. Source: SL 1986, ch 409, §22.
SD Codified L § 55-10A-23 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-23 - Applicability.

55-10A-23. Applicability.This chapter applies to a transfer within the scope of §55-10A-2 made after July 1, 1986 if:(1)The transfer purports to have been made under the Uniform Gifts to Minors Act of South Dakota; or(2)The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of this chapter is necessary to validate the transfer. Source: SL 1986, ch 409, §23.
SD Codified L § 55-10A-24 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-24 - Effect on existing custodianships.

55-10A-24. Effect on existing custodianships.Any transfer of custodial property as now defined in this chapter made before July 1, 1986 is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of South Dakota for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.This chapter applies to all transfers made before July 1, 1986 in a manner and form prescribed in the Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 1, 1986.Sections 55-10A-1 and 55-10A-22, with respect to the age of a minor for whom custodial property is held under this chapter do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of eighteen after July 1, 1968, and before July 1, 1986. Source: SL 1986, ch 409, §24.
SD Codified L § 55-10A-25 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-25 - Short title.

55-10A-25. Short title.This chapter may be cited as the "South Dakota Uniform Transfers to Minors Act." Source: SL 1986, ch 409, §25.
SD Codified L § 55-10A-26 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 10A - Uniform Transfers To Minors Act|Section 55-10A-26 - Repeal of the Gifts to Minors Act.

55-10A-26. Repeal of the Gifts to Minors Act.Chapter 55-10 is hereby repealed. To the extent that this chapter, by virtue of §55-10A-24, does not apply to transfers made in a manner prescribed in the Gifts to Minors Act of South Dakota or to the powers, duties and immunities conferred by transfers in that manner upon custodians and person dealing with custodians, the repeal of the Gifts to Minors Act of South Dakota does not affect those transfers or those powers, duties and immunities. Source: SL 1986, ch 409, §26.
SD Codified L § 55-11-1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 11 - Prearranged Funeral Trusts|Section 55-11-1 - Prearranged funeral contract--Portion of money paid under contract held in trust.

55-11-1. Prearranged funeral contract--Portion of money paid under contract held in trust.Before a person's death, he or someone on his behalf may contract with another person for the purchase or rental of personal property or professional services for the final disposition of his body. At least eighty-five percent of all money paid under the contract shall be held in a revocable or an irrevocable trust, at the purchaser's option. The money shall be held in trust until the obligation of the contract is fulfilled according to its terms or, if a revocable trust, the money is refunded to the person who made the payments. Source: SL 1953, ch 496, §1; SDC Supp 1960, §27.1409; SL 1967, ch 104, §1; SL 1975, ch 302, §1; SL 1981, ch 355, §1; SL 1986, ch 408, §1.
SD Codified L § 55-11-1.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 11 - Prearranged Funeral Trusts|Section 55-11-1.1 - Personal property and professional services to be provided under prearranged funeral trust contract.

55-11-1.1. Personal property and professional services to be provided under prearranged funeral trust contract.The personal property to be delivered according to the terms of a prearranged funeral trust contract includes such things as: grave liners, vaults, transportation containers, grave markers, cremation urns or vaults, grave ornamentation, flowers, statuary, floral arrangements, caskets, clothing, memorial items, guest books and other personal property incidental to a funeral or burial service. Professional services to be provided according to the terms of a prearranged funeral trust contract are the embalming of the deceased person's body or the conduct of a funeral service for hire and any other professional services associated with the disposition, storage, preparation or burial of a deceased person's body. Source: SL 1986, ch 408, §7.
SD Codified L § 55-11-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 11 - Prearranged Funeral Trusts|Section 55-11-2 - Deposit of trust fund in banking institution or association--Violation as misdemeanor.

55-11-2. Deposit of trust fund in banking institution or association--Violation as misdemeanor.Within ten days after receipt, the person holding money in trust under §55-11-1 shall deposit it in a banking institution, or place the money in an account in a savings and loan association, or a federal credit union organized under the laws of this state or of the United States of America, provided, however, such institutions are domiciled in the state of South Dakota, and the deposits or accounts of which banking institution, federal credit union or association are guaranteed by the federal government or insured by an instrumentality of the federal government. The money shall be carried in a trust account in the name of the depositor as trustee for the person who will receive the benefit of the property and services upon his death. Any person intentionally violating the provisions of this section is guilty of a Class 1 misdemeanor. Source: SL 1953, ch 496, §§2, 4; SDC Supp 1960, §§27.1410, 27.9954; SL 1967, ch 104, §2; SL 1980, ch 24, §109; SL 1986, ch 408, §2.
SD Codified L § 55-11-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 11 - Prearranged Funeral Trusts|Section 55-11-3 - Contract to be in writing--Copies furnished depository and personal representative of contracting party--Clause concerning trust fund required.

55-11-3. Contract to be in writing--Copies furnished depository and personal representative of contracting party--Clause concerning trust fund required.A contract pursuant to §55-11-1 shall be in writing and sufficient copies thereof shall be left with the depository pursuant to §55-11-2 to comply with the provisions of this chapter, and a copy thereof shall also be furnished, upon request, to any personal representative of the estate of the decedent who contracted for his burial during his lifetime. The contract shall contain the following in twelve point bold type:IF THIS CONTRACT IS PURCHASED FOR A GUARANTEED PRICE, NO LESS THAN EIGHTY-FIVE PERCENT OF ANY FUNDS RECEIVED UNDER THIS CONTRACT ARE REQUIRED BY LAW TO BE PLACED IN A FUNERAL TRUST FUND IN A DEPOSITORY DESCRIBED IN SDCL 55-11-2, IN EITHER A REVOCABLE OR IRREVOCABLE TRUST. IF THIS CONTRACT IS NOT FOR A GUARANTEED PRICE, ONE HUNDRED PERCENT OF ANY FUNDS RECEIVED UNDER THIS CONTRACT ARE REQUIRED BY LAW TO BE PLACED IN A FUNERAL TRUST FUND IN A DEPOSITORY DESCRIBED IN SDCL 55-11-2 IN EITHER A REVOCABLE OR IRREVOCABLE TRUST. THIS CONTRACT, IF A REVOCABLE TRUST, MAY BE CANCELED AT ANY TIME UPON THIRTY DAYS WRITTEN NOTICE AND ONE HUNDRED PERCENT OF THE MONEY PAID INTO TRUST TOGETHER WITH ONE HUNDRED PERCENT OF ACCRUED TRUST INTEREST SHALL BE RETURNED TO THE CONTRACT PURCHASER. Source: SL 1953, ch 496, §1; SDC Supp 1960, §27.1409; SL 1967, ch 104, §1; SL 1981, ch 355, §2; SL 1986, ch 408, §3.
SD Codified L § 55-11-3.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 11 - Prearranged Funeral Trusts|Section 55-11-3.1 - Clause required in contract not providing guaranteed price.

55-11-3.1. Clause required in contract not providing guaranteed price.In addition to the requirements of §55-11-3, any contract entered into pursuant to §55-11-1, which does not provide for a guaranteed price for services or personal property to be delivered or performed pursuant to the terms of the contract, shall contain the following in twelve point bold type:ANY FUNDS PAID UNDER THIS CONTRACT ARE ONLY A DEPOSIT TO BE APPLIED TOWARD THE FINAL COSTS OF THE SERVICES OR PERSONAL PROPERTY CONTRACTED FOR. ADDITIONAL CHARGES MAY BE REQUIRED. Source: SL 1981, ch 355, §4.
SD Codified L § 55-11-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 11 - Prearranged Funeral Trusts|Section 55-11-4 - Financial institution receiving money in trust--Acknowledgment on copy of prearranged funeral contract.

55-11-4. Financial institution receiving money in trust--Acknowledgment on copy of prearranged funeral contract.When a banking institution, federal credit union or a savings and loan association has received money in trust under §55-11-2, it shall acknowledge receipt thereof upon the copies of the contract for said prearranged funerals. Source: SL 1953, ch 496, §3; SDC Supp 1960, §27.1411; SL 1967, ch 104, §3; SL 1981, ch 356; SL 1986, ch 408, §15.
SD Codified L § 55-11-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 11 - Prearranged Funeral Trusts|Section 55-11-5 - Cancellation of contract creating revocable trust.

55-11-5. Cancellation of contract creating revocable trust.The contract creating a revocable trust mentioned in §55-11-1 may be canceled by either party thereto at any time upon thirty days' written notice of such cancellation. Source: SL 1953, ch 496, §1; SDC Supp 1960, §27.1409; SL 1967, ch 104, §1; SL 1975, ch 302, §2.
SD Codified L § 55-11-5.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 11 - Prearranged Funeral Trusts|Section 55-11-5.1 - Return of payments required on revocation under contract with guaranteed price.

55-11-5.1. Return of payments required on revocation under contract with guaranteed price.A person who revokes a revocable trust under a contract providing a guaranteed price is entitled to receive one hundred percent of all money paid into trust under the contract together with one hundred percent of accrued interest unless a greater amount is specified in the contract. Source: SL 1981, ch 355, §3; SL 1986, ch 408, §4.
SD Codified L § 55-11-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 11 - Prearranged Funeral Trusts|Section 55-11-7 - Solicitation of funeral trust contracts--Annual registration required--Exception--Unauthorized solicitation or sale prohibited--Violation as misdemeanor.

55-11-7. Solicitation of funeral trust contracts--Annual registration required--Exception--Unauthorized solicitation or sale prohibited--Violation as misdemeanor.Notwithstanding the provision contained in subdivision 36-19-38(8), prearranged funeral trust contracts may be solicited. However, no person may sell, offer to sell or solicit a prearranged funeral trust contract unless he registers annually with the State Board of Funeral Service and the person is a funeral establishment licensed in the State of South Dakota or a person, partnership or corporation engaged in the business of the ownership, maintenance or operation of a cemetery or an agent or employee of a funeral establishment licensed in the State of South Dakota or the agent or employee of a person, partnership or corporation engaged in the business of the ownership, maintenance or operation of a cemetery. Any natural person who is licensed to practice funeral service under chapter 36-19 and who is the owner or employee of a funeral home licensed pursuant to §36-19-14 is exempt from the registration requirements of this section and, as to activities for which such person is licensed pursuant to chapter 36-19, is exempt from the licensing and bonding provisions of chapter 37-13. Failure to annually register is a Class 2 misdemeanor.No person may sell, offer to sell or solicit a prearranged funeral trust contract for professional services as defined in §55-11-1.1 unless the seller or the funeral establishment or cemetery of which the seller is an agent or employee is authorized by law to provide and is regularly engaged in the business of providing such services. Any violation of this section is a Class 2 misdemeanor. Source: SL 1981, ch 355, §5; SL 1986, ch 408, §5; SL 1987, ch 366.