South Dakota Codified Laws 13-55E-7. Nontransferability–Substitution of beneficiary
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An advance payment contract may not be sold or otherwise transferred by the purchaser or beneficiary. Subject to rules promulgated pursuant to chapter 1-26, the purchaser may substitute another individual for the beneficiary originally named in the contract.
Terms Used In South Dakota Codified Laws 13-55E-7
- 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.
Source: SL 1994, ch 145, § 7.