43-41B-3. General rules for taking custody of intangible unclaimed property.
Unless otherwise provided in this chapter or by other statute of this state, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under §§43-41B-2 and 43-41B-5 to 43-41B-17, inclusive, are satisfied and:
(1)The last known address, as shown on the records of the holder, of the apparent owner is in this state;
(2)The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state;
(3)The records of the holder do not reflect the last known address of the apparent owner, and it is established that:
(i)The last known address of the person entitled to the property is in this state;
(ii)The holder is a domiciliary or a government or governmental subdivision or agency of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property; or
(iii)The holder originating or issuing the intangible property is incorporated, organized, created or constructively located in this state;
(4)The last known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary or a government or governmental subdivision or agency of this state;
(5)The last known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this state; or
(6)The transaction out of which the property arose occurred in this state, and
(i)(A)The last known address of the apparent owner or other person entitled to the property is unknown; or
(B)The last known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property; and
(ii)The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
Source: SL 1992, ch 312, §3.
Structure South Dakota Codified Laws
Chapter 41B - Uniform Unclaimed Property Act
Section 43-41B-1 - Definitions and use of terms.
Section 43-41B-2 - Property presumed abandoned--General rule.
Section 43-41B-3 - General rules for taking custody of intangible unclaimed property.
Section 43-41B-4 - Travelers checks and money orders.
Section 43-41B-6 - Bank deposits and funds in financial organizations.
Section 43-41B-7 - Funds owing under life insurance.
Section 43-41B-8 - Deposits held by utilities.
Section 43-41B-9 - Refunds held by business associations.
Section 43-41B-10 - Stock and other intangible interests in business associations.
Section 43-41B-11 - Property of business associations held in course of dissolution.
Section 43-41B-13 - Property held by agents and fiduciaries.
Section 43-41B-14 - Property held by courts and public agencies.
Section 43-41B-15 - Gift certificates and credit memos.
Section 43-41B-18 - Report of abandoned property.
Section 43-41B-20 - Payment or delivery of abandoned property.
Section 43-41B-22 - Crediting of dividends, interest, or increments to owner's account .
Section 43-41B-23 - Public sale of abandoned property.
Section 43-41B-23.1 - Sale of securities, stocks, bonds, and other intangible ownership interests.
Section 43-41B-24 - Deposit of funds.
Section 43-41B-24.1 - Continuous appropriation of fund--Report--Approval of certain expenditures.
Section 43-41B-25 - Filing claim with administrator--Handling of claims by administrator.
Section 43-41B-26 - Claim of another state to recover property--Procedure.
Section 43-41B-27 - Action to establish claim.
Section 43-41B-28 - Election to take payment or delivery.
Section 43-41B-30 - Period of limitation.
Section 43-41B-31 - Requests for reports and examination of records.
Section 43-41B-32 - Retention of records.
Section 43-41B-33 - Enforcement.
Section 43-41B-35 - Interest on untimely payments.
Section 43-41B-36 - Agreements to locate reported property.
Section 43-41B-37 - Effect of new provisions--Clarification of application.
Section 43-41B-40 - Open-loop prepaid cards exempt.
Section 43-41B-41 - Rewards cards exempt.
Section 43-41B-43 - Certain gift certificates and closed-loop prepaid cards exempt.