§ 13-63-1 Definitions
§ 13-63-2 Powers of South Dakota Investment Council
§ 13-63-3 Depositories and managers–Bidding by financial institutions–Selection criteria
§ 13-63-4 Contract with financial institution to serve as program manager
§ 13-63-5 Duties of program manager
§ 13-63-6 Term of contract between council and financial institution
§ 13-63-7 Conditions applicable to nonrenewed contracts
§ 13-63-8 Termination of contract for good cause–Transfer of accounts
§ 13-63-9 Program operated through accounts–Requirements to open
§ 13-63-10 Contributions to accounts
§ 13-63-11 Withdrawals from account
§ 13-63-12 Changing designated beneficiary
§ 13-63-13 Transferring funds to another account–Conditions
§ 13-63-14 Limitations on changing designated beneficiary and rolling over funds
§ 13-63-17 Accounts to be maintained separately
§ 13-63-18 No direction of investments–Limited options permitted–Financial institution obligation
§ 13-63-19 Council to select financial institution in event of transfer of accounts–Exception
§ 13-63-20 Interest in account not subject to levy, judgment or garnishment–Not deemed asset–Interest not to be used as security–Inclusion as gross asset
§ 13-63-21 Council to adopt rules to prevent excess contributions
§ 13-63-21.1 Excess contributions–Processing
§ 13-63-22 Account distributions to be reported as required by federal law
§ 13-63-23 Account statements–Contents
§ 13-63-24 Statements to comply with federal or state tax laws
§ 13-63-25 Government and non-profit organizations as account owners–Beneficiaries identified after account opened
§ 13-63-26 Identifying information of account holders and beneficiaries confidential
§ 13-63-27 Account balance of beneficiary student treated as asset of parent–Exceptions
§ 13-63-28 Limitations of chapter
§ 13-63-29 Chapter does not establish guarantees
§ 13-63-30 Mandated disclaimers
§ 13-63-31 Annual report by council
§ 13-63-32 Immunity from liability
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Terms Used In South Dakota Codified Laws > Title 13 > Chapter 63 - Higher Education Savings Plan

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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.
  • 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.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • 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
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Trustee: A person or institution holding and administering property in trust.