reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-8 - Information to be submitted upon registration.

55-11-8. Information to be submitted upon registration.
When a person registers to sell prearranged funeral trust contracts, he shall submit to the State Board of Funeral Service the following information:
(1)The name and address of the funeral establishment or cemetery association which has authorized him to sell prearranged funeral trust contracts;
(2)His name and address;
(3)A sworn statement that he has not been convicted of any crime within the last five years involving the elements of fraud or misrepresentation; and
(4)A statement of compliance with chapter 37-13.
Source:
SL 1986, ch 408, §6.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-9 - Annual report required--Contents--Filing fee--Confidentiality--Violation as misdemeanor.

55-11-9. Annual report required--Contents--Filing fee--Confidentiality--Violation as misdemeanor.
Before March first of each year, the owner or manager of each cemetery association or licensed funeral establishment that has entered into any prearranged funeral trust contracts shall file a report covering the period of the preceding calendar year with the State Board of Funeral Service. The report shall include:
(1)The name and address of the licensed funeral establishment or cemetery association, the name and address of the manager or operator thereof, and the name of the contract holder;
(2)The lump sum consideration paid upon each prearranged funeral trust contract sold or the total amount in dollars of any installments paid upon each prearranged funeral trust contract sold;
(3)The name and address of the banking institution, federal credit union or savings and loan association in which such consideration was deposited;
(4)The total in dollars of all sums received as consideration upon prearranged funeral trust contracts executed by the licensed funeral establishment or cemetery association or in its behalf during all periods after July 1, 1986, which are undrawn or unexpended and on deposit in a banking institution, federal credit union or savings and loan association or in the hands of the licensed funeral establishment or cemetery association; and
(5)The current value, including accrued interest of each prearranged funeral trust contract being held.
The report shall be accompanied by a filing fee of five dollars. The contracts filed under this section are not public records and are confidential records of the board. Failure to file this report is a Class 2 misdemeanor.
Source:
SL 1986, ch 408, §11; SL 1990, ch 388.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-10 - Applicability of § 37-24-5.4.

55-11-10. Applicability of §37-24-5.4.
Notwithstanding §§55-11-1, 55-11-3, 55-11-5 and 55-11-5.1 and notwithstanding that the prearranged funeral trust contract may create an irrevocable trust, all prearranged funeral trust contracts are subject to the requirements of §37-24-5.4.
Source:
SL 1986, ch 408, §8.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-11 - Prearranged funeral contract pooled funds trust--Creation--Separate accounts--When consent of purchaser required.

55-11-11. Prearranged funeral contract pooled funds trust--Creation--Separate accounts--When consent of purchaser required.
A prearranged funeral contract pooled funds trust may be created by a funeral director or a funeral establishment licensed in South Dakota, the South Dakota funeral directors association or a cemetery association organized under chapter 55-12. However, separate accounts within the pooled funds trust shall be maintained so that a purchaser whose money has been deposited into the pooled funds trust may identify his money. No purchaser's money may be deposited into a pooled funds trust unless the purchaser signs a form consenting to the deposit of his money into a pooled funds trust. The provision regarding consent shall not apply to prearranged funeral trusts where the personal property and professional services are to be provided for a guaranteed amount of money.
Source:
SL 1986, ch 408, §9.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-12 - Death or relocation of beneficiary of irrevocable prearranged funeral trust--Seller's option to provide comparable services or return deposits and interest--Disposition of funds.

55-11-12. Death or relocation of beneficiary of irrevocable prearranged funeral trust--Seller's option to provide comparable services or return deposits and interest--Disposition of funds.
If the beneficiary of an irrevocable prearranged funeral trust for a guaranteed price dies outside the general area or moves outside the general area served by the provider designated in a prearranged funeral trust contract, the seller shall either provide for the furnishing of comparable funeral services and merchandise by a licensed mortuary or cemetery selected by the next of kin of the purchaser or, at the seller's option, shall pay over to the purchaser, or upon the death of the purchaser to the next of kin of the purchaser in fulfillment of all obligations under the contract, an amount equal to all deposits made into trust under the prearranged funeral trust contract together with the accrued trust interest to be provided for in the contract. Upon seller's full performance under the provisions of this section, the trustee shall distribute to the seller from the trust an amount equal to all deposits made into the trust together with the accrued trust interest.
Source:
SL 1986, ch 408, §10; SL 1997, ch 278, §1.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-12.1 - Disbursement of funds in irrevocable prearranged funeral trust.

55-11-12.1. Disbursement of funds in irrevocable prearranged funeral trust.
Every trustee of an irrevocable prearranged funeral trust which does not provide for a guaranteed price shall pay from the trust funds and any accrued interest the actual charges incurred for furnishing funeral services and merchandise to the funeral director, funeral establishment, or embalmer, licensed under chapter 36-19, or similarly licensed in any other state that provides funeral services and merchandise for the beneficiary of the irrevocable prearranged funeral trust. The balance of the funds remaining in the prearranged funeral trust, if any, shall be paid by the trustee to the purchaser or to the estate or next of kin of the purchaser, subject to §28-6-23 and rules pertaining thereto and the terms of the prearranged funeral trust agreement. Payment of all of the trust funds, plus any accrued interest, as provided in this section, within thirty days after receipt of a death certificate, relieves the trustee of any further duties or obligations.
Source:
SL 1997, ch 278, §2.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-13 - Prearranged funeral contract not burial insurance.

55-11-13. Prearranged funeral contract not burial insurance.
A prearranged funeral contract sold in compliance with chapter 55-11 is not burial insurance under §58-9-4.
Source:
SL 1986, ch 408, §14.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-14 - Applicability of act to certain contracts.

55-11-14. Applicability of act to certain contracts.
The terms of each prearranged funeral trust contract in effect before July 1, 1986, is subject to chapter 55-11 in effect as it appeared in the 1980 revision and pocket parts of volume 15B of the South Dakota Codified Laws on June 30, 1986. All prearranged funeral trust contracts entered on or after July 1, 1986, are subject to this chapter.
Source:
SL 1986, ch 408, §12.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-15 - Certain persons operating cemeteries exempted from provisions regarding sale of merchandise and services--Maintenance of funds.

55-11-15. Certain persons operating cemeteries exempted from provisions regarding sale of merchandise and services--Maintenance of funds.
Any person, corporation, partnership, association or other entity engaged in the business of owning, maintaining or operating a cemetery in the state of South Dakota prior to July 1, 1986, shall be exempt from the provisions of this chapter for purposes of the sale through the cemetery of merchandise and services incidental to a burial service. Except that such person, corporation, partnership, association or other entity engaged in the cemetery business shall maintain at least seventy percent of all money paid under a prearranged burial contract in the manner set forth in §§55-11-1, 55-11-2 and 55-11-5.1.
Source:
SL 1986, ch 408, §15A.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-1 - Cemeteries subject to provisions of chapter.

55-12-1. Cemeteries subject to provisions of chapter.
Any persons, firms, or corporations or other forms of organization organized or engaging in the business under the laws of the State of South Dakota, or wheresoever organized and engaging in the business in the State of South Dakota, of the ownership, maintenance or operation of a cemetery, providing lots or other interment space therein for the remains of human bodies, except such organizations which are churches or religious or established fraternal societies, or municipalities or other political subdivisions of the State of South Dakota owning, maintaining or operating cemeteries, or persons, firms, or corporations owning and operating cemeteries which have been in existence more than five years prior to February 28, 1955 shall be subject to the provisions of this chapter.
Source:
SL 1955, ch 97, §1; SDC Supp 1960, §11.19A01; SL 1992, ch 60, §2.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-2 - Classification of cemeteries.

55-12-2. Classification of cemeteries.
All such persons, firms or organizations subject to the provisions of this chapter shall be, for the purposes hereof, designated either as "perpetual care cemeteries" or "nonperpetual care cemeteries."
Source:
SL 1955, ch 97, §2; SDC Supp 1960, §11.19A02.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-3 - Operation of perpetual care cemetery--Creation of perpetual care fund required.

55-12-3. Operation of perpetual care cemetery--Creation of perpetual care fund required.
Any such organization subject to the provisions of this chapter which is organized or commences business in the State of South Dakota after February 28, 1955, and desires to operate as a perpetual care cemetery shall, before selling or disposing of any interment space or lots, establish a minimum perpetual care and maintenance guarantee fund of twenty-five thousand dollars or one hundred dollars per burial space, whichever is less, in cash.
Source:
SL 1955, ch 97, §3; SDC Supp 1960, §11.19A03; SL 1990, ch 389, §1.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-4 - Continuance of operation--Cemetery principal fund deposits.

55-12-4. Continuance of operation--Cemetery principal fund deposits.
To continue to operate as a perpetual care cemetery, any such organization shall set aside and deposit in the cemetery principal fund not less than the following amounts for lots of interment space thereafter sold or disposed of:
(1)A minimum of twenty percent of the gross selling price with a minimum of twenty dollars for each adult burial space, whichever is the greater.
(2)A minimum of twenty percent of the gross selling price for each child's space with a minimum of five dollars for each space up to forty-two inches in length or ten dollars for each space up to sixty inches in length, whichever is the greater.
(3)A minimum of twenty percent of the gross selling price with a minimum of one hundred dollars for each crypt in a public mausoleum, whichever is the greater.
(4)A minimum of twenty percent of the gross selling price with a minimum of ten dollars for each inurnment niche in a public columbarium.
No amount of the principal in the principal cemetery fund may be withdrawn or transferred out of the cemetery principal fund.
Source:
SL 1955, ch 97, §3; SDC Supp 1960, §11.19A03; SL 2014, ch 228, §3, eff. Mar. 28, 2014.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-5 - Previously existing cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund.

55-12-5. Previously existing cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund.
Any such organization subject to the provisions of this chapter which was organized and engaged in business prior to February 28, 1955, shall be a perpetual care cemetery if it shall at all times comply with the requirements of a perpetual care cemetery as set forth in §55-12-4. Trust funds set aside under §47-29-22 shall be administered under this chapter.
Source:
SL 1955, ch 97, §4; SDC Supp 1960, §11.19A04.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-8 - Income from cemetery principal fund--Transfer to earnings fund--Use.

55-12-8. Income from cemetery principal fund--Transfer to earnings fund--Use.
The income from the cemetery principal fund may be transferred to an earnings fund established by the cemetery and may be used for the care and maintenance of the cemetery.
Source:
SL 1955, ch 97, §3; SDC Supp 1960, §11.19A03; SL 2014, ch 228, §4, eff. Mar. 28, 2014.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-9 - Nonperpetual care cemeteries.

55-12-9. Nonperpetual care cemeteries.
All other organizations subject to the provisions of this chapter shall be nonperpetual care cemeteries.
Source:
SL 1955, ch 97, §5; SDC Supp 1960, §11.19A05.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-10 - Nonperpetual care cemetery sign--Requirements as to display.

55-12-10. Nonperpetual care cemetery sign--Requirements as to display.
Each nonperpetual care cemetery shall post in a conspicuous place in the office or offices where sales are conducted a legible sign stating: "This is a nonperpetual care cemetery." The lettering of this sign shall be of suitable size so it is easily read at a distance of fifty feet.
Source:
SL 1955, ch 97, §5; SDC Supp 1960, §11.19A05.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-11 - Forms to disclose status as nonperpetual care cemetery--Information to purchaser of lot.

55-12-11. Forms to disclose status as nonperpetual care cemetery--Information to purchaser of lot.
Each nonperpetual care cemetery shall also have printed or stamped at the head of all its contracts, deeds, statements, letterheads and advertising material, the legend: "This is a nonperpetual care cemetery," and shall not sell any lot or interment space therein unless the purchaser thereof is informed that the cemetery is a nonperpetual care cemetery.
Source:
SL 1955, ch 97, §5; SDC Supp 1960, §11.19A05.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-12 - Nonperpetual care cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund.

55-12-12. Nonperpetual care cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund.
Any nonperpetual care cemetery may become a perpetual care cemetery by placing in the perpetual care trust fund twenty-five thousand dollars, five thousand dollars per acre of all property sold or one hundred dollars per burial space, whichever is less, and shall comply with the requirement for a perpetual care cemetery as provided in §55-12-4.
Source:
SL 1955, ch 97, §6; SDC Supp 1960, §11.19A06; SL 1990, ch 389, §3.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-13 - Commission, bonus, rebate or other thing of value in connection with sale of interment space in perpetual care cemetery prohibited--Exceptions.

55-12-13. Commission, bonus, rebate or other thing of value in connection with sale of interment space in perpetual care cemetery prohibited--Exceptions.
No organization subject to the provisions of this chapter may pay or offer to pay to, or for any person, firm or corporation to receive, directly or indirectly, a commission or bonus or rebate or other thing of value, for or in connection with the sale of any interment space, lot or part thereof, in any cemetery described in §55-12-1. The provisions of this section do not apply to a person regularly employed and supervised by such organization or to any agent of such organization who is directly supervised by such organization.
Source:
SL 1955, ch 97, §7; SDC Supp 1960, §11.19A07; SL 1997, ch 279, §1.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-14 - Representations in connection with sale of interment space as to speculative investment prohibited.

55-12-14. Representations in connection with sale of interment space as to speculative investment prohibited.
No organization subject to the provisions of this chapter nor any person representing it in a sales capacity shall advertise or represent, in connection with the sale or attempted sale of any interment space, that the same is or will be a desirable speculative investment for resale purposes.
Source:
SL 1955, ch 97, §12; SDC Supp 1960, §11.19A10.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-15 - Violations as petty offenses.

55-12-15. Violations as petty offenses.
A violation of §55-12-3, 55-12-4, 55-12-8, 55-12-10, 55-12-11, 55-12-13 or 55-12-14 is a petty offense. Each day a violation occurs except the commission of any act declared unlawful in §55-12-13 shall be a separate and distinct offense.
Source:
SL 1955, ch 97, §§9, 10; SDC Supp 1960, §11.9902; SL 1980, ch 24, §110.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-16 - Severability of provisions.

55-12-16. Severability of provisions.
If any provision hereof or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are declared to be severable.
Source:
SL 1955, ch 97, §11; SDC Supp 1960, §11.19A09.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-17 - Annual financial report.

55-12-17. Annual financial report.
A perpetual cemetery, as defined in §55-12-4, or a perpetual cemetery corporation operating under chapter 47-29 shall file an annual financial report for the preceding fiscal year with the secretary of state by July thirty-first of each year on a form prescribed by the secretary of state if the cemetery has one hundred or more people buried in the cemetery.
Source:
SL 2013, ch 232, §2; SL 2014, ch 228, §5, eff. Mar. 28, 2014.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-18 - Funds to be administered by trustee under control of licensed banking institution--Report to secretary of state.

55-12-18. Funds to be administered by trustee under control of licensed banking institution--Report to secretary of state.
If a perpetual care cemetery has more than three thousand people buried in the cemetery, the cemetery shall transfer all moneys from the perpetual care fund into the principal fund. The principal fund and the earnings fund of a perpetual cemetery shall be administered by an independent trustee and shall remain in the control of a licensed banking institution. No moneys may be taken out of the principal fund to pay for the costs of administering the funds. The principal fund and the earnings fund are open for public inspection. Each perpetual care cemetery shall submit a report to the secretary of state that includes the name and address of the licensed banking institution and the account numbers of the principal account and the earnings account by April 1, 2014.
Source:
SL 2014, ch 228, §6, eff. Mar. 28, 2014.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-19 - Attorney general investigation into use of earnings fund--Subpoena.

55-12-19. Attorney general investigation into use of earnings fund--Subpoena.
If the attorney general has reason to believe that a perpetual care cemetery is not using the money in the earnings fund for the purposes listed in §55-12-8.1, the attorney general may investigate the use of the money in the earnings fund. The attorney general may execute in writing and may issue a subpoena upon any person who is believed to have information, documentary material, or physical evidence relevant to an alleged misuse of the money in the earnings fund. The subpoena shall require the person to furnish, under oath or otherwise, a report in writing setting forth the relevant facts and circumstances of which the person has knowledge, or to appear and testify, or to produce relevant documentary material or physical evidence for examination, at a reasonable time and place as stated in the subpoena.
Source:
SL 2019, ch 210, §2.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-20 - Procedures available to attorney general.

55-12-20. Procedures available to attorney general.
The attorney general may issue a subpoena under §37-24-14 or an investigative demand under §37-24-12 to any person and may conduct any hearing in aid of any investigation or inquiry. The attorney general may prescribe the forms governing:
(1)The conduct of investigations;
(2)When, what, and to whom information concerning the use of the earnings fund will be released; and
(3)The conditions under which assurances of voluntary compliance will be accepted.
Source:
SL 2019, ch 210, §3.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-21 - Court action to enforce compliance.

55-12-21. Court action to enforce compliance.
If any person refuses to obey an investigative demand or subpoena, the attorney general may petition the circuit court to enforce compliance under §37-24-17.
Source:
SL 2019, ch 210, §4.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-22 - Injunction to restrain use of money in earnings fund.

55-12-22. Injunction to restrain use of money in earnings fund.
If the attorney general has reason to believe that any person is using the money in the earnings fund for purposes not related to the care and maintenance of the perpetual care cemetery, the attorney general may bring an action in the name of the state against the person to restrain by temporary or permanent injunction the use of the money in the earnings fund. The notice of the action shall state generally the relief sought and be served at least three days before any hearing in the action.
Source:
SL 2019, ch 210, §5.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-23 - Restoration of misused money or property--Appointment of receiver.

55-12-23. Restoration of misused money or property--Appointment of receiver.
The court may make any additional orders or judgments as may be necessary to restore to any person in interest any moneys or property, real or personal, that the court finds to have been misused. Additional relief may include the appointment of a receiver whenever it appears to the satisfaction of the court that the defendant threatens or is about to remove, conceal, or dispose of his property to the damage of persons to whom restoration would be made under this section.
Source:
SL 2019, ch 210, §6.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 12 - Cemetery Perpetual Care Funds › Section 55-12-24 - Authority of receiver.

55-12-24. Authority of receiver.
If a receiver is appointed by the court, the receiver may collect, receive, and take into the receiver's possession all the goods and chattels, rights and credits, moneys and effects, land and tenements, books, records, documents, papers, choses in action, bills, notes, and property of every description. If any property has been commingled and the property cannot be identified because of the commingling, the receiver may sell, convey, and assign the property and hold and dispose of any proceeds under the direction of the court.
Source:
SL 2019, ch 210, §7.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-1 - Definitions.

55-13-1. Definitions.
As used in this chapter:
(1)"Income beneficiary" means the person to whom income is presently payable or for whom it is accumulated for distribution as income;
(2)"Inventory value" means the cost of property purchased by the trustee and the market value of other property at the time it became subject to the trust, but in the case of a testamentary trust the trustee may use any value finally determined for the purposes of an estate or inheritance tax;
(3)"Remainderman" means the person entitled to principal, including income which has been accumulated and added to principal;
(4)"Trustee" means an original trustee and any successor or added trustee.
Source:
SL 1984, ch 323, §1.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-2 - Duty of trustee as to receipts and expenditures.

55-13-2. Duty of trustee as to receipts and expenditures.
(a)A trust shall be administered with due regard to the respective interests of income beneficiaries and remaindermen. A trust is so administered with respect to the allocation of receipts and expenditures if a receipt is credited or an expenditure is charged to income or principal or partly to each
(1)in accordance with the terms of the trust instrument, notwithstanding contrary provisions of this chapter;
(2)in the absence of any contrary terms of the trust instrument, in accordance with the provisions of this chapter; or
(3)if neither of the preceding rules of administration is applicable, in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal, and in view of the manner in which men of ordinary prudence, discretion and judgment would act in the management of their own affairs.
(b)If the trust instrument gives the trustee discretion in crediting a receipt or charging an expenditure to income or principal or partly to each, no inference of imprudence or partiality arises from the fact that the trustee has made an allocation contrary to a provision of this chapter.
Source:
SL 1984, ch 323, §2.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-3 - Income--Principal--Charges.

55-13-3. Income--Principal--Charges.
(a)Income is the return in money or property derived from the use of principal, including return received as
(1)rent of real or personal property, including sums received for cancellation or renewal of a lease;
(2)interest on money lent, including sums received as consideration for the privilege of prepayment of principal except as provided in §55-13-7 on bond premium and bond discount;
(3)income earned during administration of a decedent's estate as provided in §55-13-5;
(4)corporate distributions as provided in §55-13-6;
(5)accrued increment on bonds or other obligations issued at discount as provided in §55-13-7;
(6)receipts from business and farming operations as provided in §55-13-8;
(7)receipts from disposition of natural resources as provided in §§55-13-9 and 55-13-10;
(8)receipts from other principal subject to depletion as provided in §55-13-11;
(9)receipts from disposition of any underproductive property.
(b)Principal is the property which has been set aside by the owner or the person legally empowered so that it is held in trust eventually to be delivered to a remainderman while the return or use of the principal is in the meantime taken or received by or held for accumulation for an income beneficiary. Principal includes
(1)consideration received by the trustee on the sale or other transfer of principal or on repayment of a loan or as a refund or replacement or change in the form of principal;
(2)proceeds of property taken on eminent domain proceedings;
(3)proceeds of insurance upon property forming part of the principal except proceeds of insurance upon a separate interest of an income beneficiary;
(4)stock dividends, receipts on liquidation of a corporation, and other corporate distributions as provided in §55-13-6;
(5)receipts from the disposition of corporate securities as provided in §55-13-7;
(6)royalties and other receipts from disposition of natural resources as provided in §§55-13-9 and 55-13-10;
(7)receipts from other principal subject to depletion as provided in §55-13-11;
(8)any profit resulting from any change in the form of principal on underproductive property;
(9)receipts from disposition of any underproductive property;
(10)any allowances for depreciation established under §§55-13-8 and 55-13-13(a)(2).
(c)After determining income and principal in accordance with the terms of the trust instrument or of this chapter, the trustee shall charge to income or principal expenses and other charges as provided in §55-13-13.
Source:
SL 1984, ch 323, §3; SL 2021, ch 204, § 7.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-4 - When right to income arises--Apportionment of income.

55-13-4. When right to income arises--Apportionment of income.
(a)An income beneficiary is entitled to income from the date specified in the trust instrument, or, if none is specified, from the date an asset becomes subject to the trust. In the case of an asset becoming subject to a trust by reason of a will, it becomes subject to the trust as of the date of the death of the testator even though there is an intervening period of administration of the testator's estate.
(b)In the administration of a decedent's estate or an asset becoming subject to a trust by reason of a will
(1)receipts due but not paid at the date of death of the testator are principal;
(2)receipts in the form of periodic payments (other than corporate distributions to stockholders), including rent, interest, or annuities, not due at the date of the death of the testator shall be treated as accruing from day to day. That portion of the receipt accruing before the date of death is principal, and the balance is income.
(c)In all other cases, any receipt from an income producing asset is income even though the receipt was earned or accrued in whole or in part before the date when the asset became subject to the trust.
(d)On termination of an income interest, the income beneficiary whose interest is terminated, or his estate, is entitled to
(1)income undistributed on the date of termination;
(2)income due but not paid to the trustee on the date of termination;
(3)income in the form of periodic payments (other than corporate distributions to stockholders), including rent, interest, or annuities, not due on the date of termination, accrued from day to day.
(e)Corporate distributions to stockholders shall be treated as due on the day fixed by the corporation for determination of stockholders of record entitled to distribution or, if no date is fixed, on the date of declaration of the distribution by the corporation.
Source:
SL 1984, ch 323, §4.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-5 - Income earned during administration of a decedent's estate.

55-13-5. Income earned during administration of a decedent's estate.
(a)Unless the will otherwise provides and subject to subsection (b), all expenses incurred in connection with the settlement of a decedent's estate, including debts, funeral expenses, estate taxes, interest and penalties concerning taxes, family allowances, fees of attorneys and personal representatives, and court costs shall be charged against the principal of the estate.
(b)Unless the will otherwise provides, income from the assets of a decedent's estate after the death of the testator and before distribution, including income from property used to discharge liabilities, shall be determined in accordance with the rules applicable to a trustee under this chapter and distributed as follows:
(1)to specific legatees and devisees, the income from the property bequeathed or devised to them respectively, less taxes, ordinary repairs, and other expenses of management and operation of the property, and an appropriate portion of interest accrued since the death of the testator and of taxes imposed on income (excluding taxes on capital gains) which accrue during the period of administration;
(2)to all other legatees and devisees, except legatees of pecuniary bequests not in trust, the balance of the income, less the balance of taxes, ordinary repairs, and other expenses of management and operation of all property from which the estate is entitled to income, interest accrued since the death of the testator, and taxes imposed on income (excluding taxes on capital gains) which accrue during the period of administration, in proportion to their respective interests in the undistributed assets of the estate computed at times of distribution on the basis of inventory value.
(c)Income received by a trustee under subsection (b) shall be treated as income of the trust.
Source:
SL 1984, ch 323, §5.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-6 - Corporate distributions.

55-13-6. Corporate distributions.
(a)Corporate distributions of shares of the distributing corporation, including distributions in the form of a stock split or stock dividend, are principal. A right to subscribe to shares or other securities issued by the distributing corporation accruing to stockholders on account of their stock ownership and the proceeds of any sale of the right are principal.
(b)Except to the extent that the corporation indicates that some part of a corporate distribution is a settlement of preferred or guaranteed dividends accrued since the trustee became a stockholder or is in lieu of an ordinary cash dividend, a corporate distribution is principal if the distribution is pursuant to
(1)a call of shares;
(2)a merger, consolidation, reorganization, or other plan by which assets of the corporation are required by another corporation; or
(3)a total or partial liquidation of the corporation, including any distribution which the corporation indicates is a distribution in total or partial liquidation or any distribution of assets, other than cash, pursuant to a court decree or final administrative order by a government agency ordering distribution of the particular assets.
(c)Distributions made from ordinary income by a regulated investment company or by a trust qualifying and electing to be taxed under federal law as a real estate investment trust are income. All other distributions made by the company or trust, including distributions from capital gains, depreciation, or depletion, whether in the form of cash or an option to take new stock or cash or an option to purchase additional shares, are principal.
(d)Except as provided in subsections (a), (b), and (c), all corporate distributions are income, including cash dividends, distributions of or rights to subscribe to shares or securities or obligations of corporations other than the distributing corporation, and the proceeds of the rights or property distributions. Except as provided in subsections (b) and (c), if the distributing corporation gives a stockholder an option to receive a distribution either in cash or in its own shares, the distribution chosen is income.
(e)The trustee may rely upon any statement of the distributing corporation as to any fact relevant under any provision of this chapter concerning the source or character of dividends or distributions of corporate assets.
Source:
SL 1984, ch 323, §6.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-7 - Increase in value of certain trust investments distributable as income.

55-13-7.Increase in value of certain trust investments distributable as income.
(a)Unless otherwise provided in the trust instrument, an increase in the value of the following investments owned by any trust is distributable as income when it becomes available for distribution:
(1)A zero coupon bond;
(2)An annuity contract before annuitization;
(3)A life insurance contract before the death of the insured;
(4)An interest in a common trust fund (as defined under §584 of the Internal Revenue Code) (26 U.S.C. §584);
(5)An interest in a partnership, as defined in §7701 of the Internal Revenue Code (26 U.S. C. §7701); or
(6)Any other obligation for the payment of money that is payable at a future time in accordance with a fixed, variable, or discretionary schedule of appreciation in excess of the price at which it was issued.
(b)For purposes of this section, the increase in value of an investment described in subsection (a) is available for distribution only if the trustee receives cash on account of the investment.
(c)The increase in value of the obligations described in subsection (a) is distributable to the beneficiary who was the income beneficiary at the time of the increase from the first principal cash available or, if none is available, when realized by sale, redemption, or other disposition. If unrealized increase is distributed as income but out of principal, the principal shall be reimbursed from the increase when realized.
Source:
SL 1984, ch 323, §7; SL 1995, ch 272, §1; SL 2002, ch 100, §25.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-8 - Business and farming operations.

55-13-8. Business and farming operations.
(a)If a trustee uses any part of the principal in the continuance of a business of which the settlor was a sole proprietor or a partner, the net profits of the business, computed in accordance with generally accepted accounting principles for a comparable business, are income. If a loss results in any fiscal or calendar year, the loss falls on principal and shall not be carried into any other fiscal or calendar year for purposes of calculating net income.
(b)Generally accepted accounting principles shall be used to determine income from an agricultural or farming operation, including the raising of animals or the operation of a nursery.
Source:
SL 1984, ch 323, §8.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-9 - Disposition of natural resources.

55-13-9. Disposition of natural resources.
(a)If any part of the principal consists of a right to receive royalties, overriding or limited royalties, working interests, production payments, net profit interests, or other interests in minerals or other natural resources in, on or under land, the receipts from taking the natural resources from the land shall be allocated as follows:
(1)If received as rent on a lease or extension payments on a lease, the receipts are income.
(2)If received from a production payment, the receipts are income to the extent of any factor for interest or its equivalent provided in the governing instrument. There shall be allocated to principal the fraction of the balance of the receipts which the unrecovered cost of the production payment bears to the balance owed on the production payment, exclusive of any factor for interest or its equivalent. The receipts not allocated to principal are income.
(3)If received as a royalty, overriding or limited royalty, or bonus, or from a working, net profit, or any other interest in minerals or other natural resources, receipts not provided for in the preceding paragraphs of this section shall be apportioned on a yearly basis in accordance with this paragraph whether or not any natural resource was being taken from the land at the time the trust was established. Twenty-seven and one-half percent of the gross receipts (but not to exceed fifty percent of the net receipts remaining after payment of all expenses, direct and indirect, computed without allowance for depletion) shall be added to principal as an allowance for depletion. The balance of the gross receipts, after payment therefrom of all expenses, direct and indirect, is income.
(b)If a trustee, on July 1, 1984, held an item of depletable property of a type specified in this section he shall allocate receipts from the property in the manner used before July 1, 1984, but as to all depletable property acquired after July 1, 1984 by an existing or new trust, the method of allocation provided herein shall be used.
(c)This section does not apply to timber, water, soil, sod, dirt, turf, or mosses.
Source:
SL 1984, ch 323, §9.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-10 - Timber.

55-13-10. Timber.
If any part of the principal consists of land from which merchantable timber may be removed, the receipts from taking the timber from the land shall be allocated in accordance with §55-13-2(a)(3).
Source:
SL 1984, ch 323, §10.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 13 - Revised Uniform Principal And Income Act › Section 55-13-11 - Other property subject to depletion.

55-13-11. Other property subject to depletion.
Except as provided in §§55-13-9 and 55-13-10, if the principal consists of property subject to depletion, including leaseholds, patents, copyrights, royalty rights, and rights to receive payments on a contract for deferred compensation, receipts from the property, not in excess of five percent per year of its inventory value, are income, and the balance is principal.
Source:
SL 1984, ch 323, §11.