South Dakota Codified Laws 43-41B-44. United States savings bonds
(a) Notwithstanding the provisions of §§ 43-41B-3, 43-41B-14, 43-41B-18, 43-41B-19, 43-41B-20, 43-41B-21, 43-41B-23, and 43-41B-36, United States savings bonds which are unclaimed property and subject to the provisions of chapter 43-41B shall escheat to this state three years after becoming unclaimed property and subject to the provisions of chapter 43-41B and all property rights and legal title to and ownership of such United States savings bonds or proceeds from such bonds, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, shall vest solely in this state.
(b) Within one hundred eighty days after the three year period in subsection (a), if no claim has been filed in accordance with the provisions of chapter 43-41B for such United States savings bonds, the administrator shall commence a civil action in the Sixth Judicial Circuit for a determination that such United States savings bonds shall escheat to this state. The administrator may postpone the bringing of such action until sufficient United States savings bonds have accumulated in the administrator’s custody to justify the expense of the proceedings.
Terms Used In South Dakota Codified Laws 43-41B-44
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- 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
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Summons: Another word for subpoena used by the criminal justice system.
(c) The administrator shall make service by publication of the proceeding in Hughes County in accordance with § 15-9-7. The notice shall name any defendant to be served and notify the defendant:
(1) The defendant has been sued in a named court;
(2) The defendant shall answer the petition or other pleading or otherwise defend, on or before a specified date, not less than forty-one days after the date the notice is first published; and
(3) If the defendant does not answer or otherwise defend, the petition or other pleading will be taken as true and judgment, the nature of which will be stated, will be rendered accordingly.
In addition, before service by publication under this section can be made, the administrator or the administrator’s attorney shall file an affidavit or a declaration stating all of the following facts that apply:
(i) The residences of all named defendants sought to be served, if known, and the names of all defendants whose residences are unknown after reasonable effort to ascertain them and the specific efforts made to ascertain their residences;
(ii) The affiant or declarant has made a reasonable but unsuccessful effort to ascertain the names and residences of any defendants sought to be served as unknown parties and the specific efforts made to ascertain the names and residences;
(iii) The party seeking service by publication is unable to obtain service of summons on the defendants in this state; and
(iv) The case is one in which the party with due diligence is unable to serve summons on the defendant in this state and:
(A) The case relates to or involves real or personal property in this state, if any defendant has or claims a lien or interest, vested or contingent, in the property; or
(B) In which the relief demanded consists wholly or partly in excluding the defendant from any interest in the property.
(d) If no person files a claim or appears at the hearing to substantiate a claim, or where the court determines that a claimant is not entitled to the property claimed by such claimant, then the court, if satisfied by evidence that the administrator has substantially complied with the laws of this state, shall enter a judgment that the subject United States savings bonds have escheated to this state, and all property rights and legal title to and ownership of such United States savings bonds or proceeds from such bonds, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, have vested solely to this state.