S.D. Admin. R. 67:46:05:01

Current through Register Vol. 51, page 67, December 16, 2024

Section 67:46:05:01 - Definitions

Terms used in this chapter mean:

(1) "Assets," the income and resources of an individual and the individual's spouse, including any income or resource which the individual or the individual's spouse is entitled to receive but does not because of some action or inaction on the part of any of the individuals listed in § 67:46:05:32.01;

(2) "Contiguous property," all land adjacent to the home including land separated only by roads, rivers, streams, and similar features and not separated by intervening property owned by another person;

(3) "Equity" or "equity value," the fair market value of property less any encumbrances. Future interest owed as a result of the debt is not considered in establishing equity value;

(4) "Fair market value," the amount for which the property can be expected to sell on the open market in the geographic area involved under existing economic conditions;

(5) "Home property," a shelter which the individual owns and which is used as the individual's principal place of residence, including the buildings and contiguous property;

(6) "Liquid resources," assets which are in cash or payable in cash on demand or financial instruments which can be converted into cash within 20 workdays. Liquid resources include cash on hand, savings or checking accounts, stocks, bonds, mutual fund shares, promissory notes, mortgages, contracts for deed, and similar properties;

(7) "Nonliquid resources," all resources other than liquid resources and excluded resources. Nonliquid resources include real, personal, or business property such as inventories, livestock, implements, vehicles, stored grain, and similar properties;

(8) "Other real property," real property other than that having the characteristics of home property or real property held in trust;

(9) "Real property," real property as defined in SDCL 43-1-3;

(10) "Real property held in trust," real property to which the federal government has the legal title but which is being held for the benefit of citizens;

(11) "Transfer," any action or inaction taken by an individual or the individual's spouse or someone acting on behalf of or at the request of the individual or the individual's spouse which results in loss of possession, ownership of a lesser share, or less control or access by an individual of any interest in income or real or personal property, including items such as a gift, a disclaimer of inheritance, or an assignment; or any action that results in reducing the amounts which an individual might otherwise claim from any source, including items such as a decedent's estate, a trust or similar legal device, or an obligation from someone required by law to furnish support;

(12) "Trust" or "Similar legal device," any arrangement, instrument, or device, such as an annuity, escrow account, pension fund, or investment account, in which another entity controls an individual's funds and has a duty to that individual to follow the instructions of the arrangement, instrument, or device; and

(13) "Vested right" or "life estate interest," the immediate fixed right of possession or future enjoyment of property by an individual or individuals.

S.D. Admin. R. 67:46:05:01

2 SDR 74, effective 5/13/1976; 4 SDR 10, effective 8/28/1977; 5 SDR 109, effective 7/1/1979; 7 SDR 23, effective 9/18/1980; 7 SDR 66, 7 SDR 89, effective 7/1/1981; 8 SDR 170, effective 6/21/1982; 17 SDR 187, effective 6/3/1991; transferred from § 67:16:20:01, effective 8/23/1992; 21 SDR 162, effective 3/23/1995; 41 SDR 93, effective 12/3/2014.

General Authority: SDCL 28-6-1.

Law Implemented: SDCL 28-6-1.

Real and personal property distinguished, SDCL 43-1-3. Homestead limited to house or mobile home and appurtenant buildings -- Business place -- Minimum size of mobile home, SDCL 43-31-2. Homestead containing one or more lots or tracts of land -- Contiguous tracts -- Use in good faith, SDCL 43-31-3. Limited area of homestead -- Mineral lands, SDCL 43-31-4.