South Dakota Codified Laws 55-10A-1. Definitions
Terms used in this chapter mean:
(1) “Adult,” a person who has attained the age of eighteen years;
Terms Used In South Dakota Codified Laws 55-10A-1
- 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
- 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.
- Executor: A male person named in a will to carry out the decedent
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See South Dakota Codified Laws 55-10A-1
(2) “Benefit plan,” an employer’s plan for the benefit of an employee or partner;
(3) “Broker,” a person lawfully engaged in the business of effecting transactions in securities or commodities for the person’s own account or for the account of others;
(4) “Conservator,” a person appointed or qualified by a court to act as general, limited or temporary conservator of a minor’s property or a person legally authorized to perform substantially the same functions;
(5) “Custodial property,” any interest in property transferred to a custodian under this chapter and the income from and proceeds of that interest in property;
(6) “Custodian,” a person so designated under § 55-10A-9 or a successor or substitute custodian designated under § 55-10A-18;
(7) “Financial institution,” a bank, trust company, savings institution or credit union, chartered and supervised under state or federal law;
(8) “Legal representative,” an individual’s personal representative or conservator;
(9) “Member of the minor’s family,” the minor’s parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption;
(10) “Minor,” a person who has not attained the age of eighteen years;
(11) “Personal representative,” an executor, administrator, successor personal representative or special administrator of a decedent‘s estate or a person legally authorized to perform substantially the same functions;
(11A) “Qualified minor’s trust,” a trust, including a trust created by a custodian, of which a minor is the sole income beneficiary and that satisfies the requirements of Section 2503(c) of the Federal Internal Revenue Code of 1986 and the regulations implementing that section;
(12) “State,” includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States;
(13) “Transfer,” a transaction that creates custodial property under § 55-10A-9;
(14) “Transferor,” a person who makes a transfer under this chapter; and
(15) “Trust company,” a financial institution, corporation or other legal entity, authorized to exercise general trust powers.
Source: SL 1986, ch 409, § 1; SL 1993, ch 213, § 256; SL 2008, ch 257, § 13.