29A-6-101. Definition of terms. Terms used in §§29A-6-101 to 29A-6-114, inclusive, mean: (1)”Account,” any contract of deposit of funds between a depositor and a financial institution, and includes any checking account, savings account, certificate of deposit, share account, and other like arrangement; (2)”Beneficiary,” any person named in a trust account as one for whom a […]
29A-6-102.Application to controversies between parties and between parties and P.O. D. The provisions of §§29A-6-103 to 29A-6-105, inclusive, concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to controversies between these persons and their creditors and other successors, and have no bearing on […]
29A-6-103.Ownership of joint account, P.O.D. (1) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent. (2) A P.O.D. account belongs to the original payee during his lifetime […]
29A-6-104.Rights of survivorship upon death of party to joint account, P.O. D. (1) Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention at the time […]
29A-6-105. Rights of survivorship determined by form of account at death of party–Alteration of form. The provisions of §29A-6-104 as to rights of survivorship are determined by the form of the account at the death of a party. This form may be altered by written order given by a party to the financial institution to […]
29A-6-106. Effectiveness of transfers–Not considered testamentary. Any transfers resulting from the application of §29A-6-104 are effective by reason of the account contracts involved and §§29A-6-101 to 29A-6-113, inclusive, and are not to be considered as testamentary except to the extent directed by §29A-6-107. Source: SL 1987, ch 208, §6; SDCL 30-23-48; SL 1995, ch 167, […]
29A-6-107. Payment to surviving party from multiple-party account–Liability for debts and expenses of administration–Procedure–Liability of financial institution. No multiple-party account is effective against an estate of a deceased party to transfer to a survivor sums needed to pay debts, taxes, and expenses of administration, including statutory allowances to the surviving spouse, minor children and dependent […]
29A-6-108. Financial institution as party to multiple-party accounts. Any financial institution may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. No financial institution may be required to inquire as to the source […]
29A-6-109. Payments from joint account to party, personal representative or heirs. Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded. However, payment may not be made to the personal representative or heirs […]
29A-6-110. Payment from trust account to trustee, personal representative, heirs or beneficiary. Any trust account may be paid, on request, to any trustee. Unless the financial institution has received written notice that the beneficiary has a vested interest not dependent upon his surviving the trustee, payment may be made to the personal representative or heirs […]
29A-6-111. Financial institution discharged from claims–Exception where notice given. Payment made pursuant to §29A-6-108, 29A-6-109, 29A-6-110, or 29A-6-114, discharges the financial institution from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, or beneficiaries, or their successors. The protection here given […]
29A-6-112. Right of financial institution to setoff–Amount. Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to a financial institution, the financial institution has a right to setoff against the account in which the party has or had immediately […]
29A-6-113. Provisions deemed nontestamentary–Rights of creditors not limited. (a) A provision for a nonprobate transfer on death in an insurance policy, contract of employment, bond, mortgage, promissory note, certificated or uncertificated security, account agreement, custodial agreement, deposit agreement, compensation plan, pension plan, individual retirement plan, employee benefit plan, trust, conveyance, deed or gift, marital property […]
29A-6-114.Payment of P.O.D. Any P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee upon presentation to the financial institution of proof of death showing that the P.O.D. payee […]
29A-6-301. Definitions. In this part: (1)”Beneficiary form,” means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner; (2)”Register,” including its derivatives, means to issue a certificate showing the […]
29A-6-302. Registration in beneficiary form–Sale or joint tenancy ownership. Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold […]
29A-6-303. Registration in beneficiary form–Applicable law. A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity’s principal office, the office of its transfer agent or its office making the […]
29A-6-304. Origination of registration in beneficiary form. A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners. Source: SL 1995, ch 168, §6-304.
29A-6-305. Form of registration in beneficiary form. Registration in beneficiary form may be shown by the words “transfer on death” or the abbreviation “TOD,” or by the words “pay on death” or the abbreviation “POD,” after the name of the registered owner and before the name of a beneficiary. Source: SL 1995, ch 168, §6-305.
29A-6-306. Effect of registration in beneficiary form. The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners without the […]
