South Dakota Codified Laws 53-12-1. Definition of terms
Terms used in this chapter mean:
(1) “Agreement,” the bargain of the parties in fact, as found in their language or inferred from other circumstances and from rules and procedures given the effect of agreements under laws otherwise applicable to a particular transaction;
Terms Used In South Dakota Codified Laws 53-12-1
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) “Automated transaction,” a transaction conducted or performed, in whole or in part, by electronic means or electronic records, in which the acts or records of one or both parties are not reviewed by an individual in the ordinary course in forming a contract, performing under an existing contract, or fulfilling an obligation required by the transaction;
(3) “Blockchain technology,” technology that uses a distributed, shared, and replicated ledger, either public or private, with or without permission, or driven with or without tokenized crypto economics where the data on the ledger is protected with cryptography and is immutable and auditable;
(4) “Computer program,” a set of statements or instructions to be used directly or indirectly in an information processing system in order to bring about a certain result;
(5) “Contract,” the total legal obligation resulting from the parties’ agreement as affected by this chapter and other applicable law;
(6) “Electronic,” any technology, including blockchain technology, using electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities;
(7) “Electronic agent,” a computer program or an electronic or other automated means used independently to initiate an action or respond to electronic records or performances in whole or in part, without review or action by an individual;
(8) “Electronic record,” a record created, generated, sent, communicated, received, or stored by electronic means. The term includes a record that is secured through blockchain technology;
(9) “Electronic signature,” an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record. The term includes a signature that is secured through blockchain technology;
(10) “Governmental agency,” an executive, legislative, or judicial agency, department, board, commission, authority, institution, or instrumentality of the federal government or of a state or of a county, municipality, or other political subdivision of a state;
(11) “Information,” data, text, images, sounds, codes, computer programs, software, databases, or the like;
(12) “Information processing system,” an electronic system for creating, generating, sending, receiving, storing, displaying, or processing information;
(13) “Person,” an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, governmental agency, public corporation, or any other legal or commercial entity;
(14) “Record,” information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;
(15) “Security procedure,” a procedure employed for the purpose of verifying that an electronic signature, record, or performance is that of a specific person or for detecting changes or errors in the information in an electronic record. The term includes a procedure that requires the use of algorithms or other codes, identifying words or numbers, encryption, or callback or other acknowledgment procedures;
(16) “State,” a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band, or Alaskan native village, which is recognized by federal law or formally acknowledged by a state;
(17) “Transaction,” an action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs.
Source: SL 2000, ch 225, § 1; SL 2019, ch 207, § 1.