S.D. Codified Laws § 55-10A-1

Current through the 2024 Legislative Session

Section 55-10A-1 - Definitions

Terms used in this chapter mean:

(1) "Adult," a person who has attained the age of eighteen years;

(2) "Benefit plan," an employer's plan for the benefit of an employee or partner;

(3) "Broker," a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others;

(4) "Conservator," a person appointed or qualified by a court to act as general, limited or temporary conservator of a minor's property or a person legally authorized to perform substantially the same functions;

(5) "Custodial property," any interest in property transferred to a custodian under this chapter and the income from and proceeds of that interest in property;

(6) "Custodian," a person so designated under § 55-10A-9 or a successor or substitute custodian designated under § 55-10A-18;

(7) "Financial institution," a bank, trust company, savings institution or credit union, chartered and supervised under state or federal law;

(8) "Legal representative," an individual's personal representative or conservator;

(9) "Member of the minor's family," the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption;

(10) "Minor," a person who has not attained the age of eighteen years;

(11) "Personal representative," an executor, administrator, successor personal representative or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions;

(11A) "Qualified minor's trust," a trust, including a trust created by a custodian, of which a minor is the sole income beneficiary and that satisfies the requirements of Section 2503(c) of the Federal Internal Revenue Code of 1986 and the regulations implementing that section;

(12) "State," includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States;

(13) "Transfer," a transaction that creates custodial property under § 55-10A-9;

(14) "Transferor," a person who makes a transfer under this chapter; and

(15) "Trust company," a financial institution, corporation or other legal entity, authorized to exercise general trust powers.

SDCL 55-10A-1

SL 1986, ch 409, § 1; SL 1993, ch 213, § 256; SL 2008, ch 257, §13.