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 […]
55-10A-10. Designation of initial custodian. An instrument in the following form satisfies the requirements of subdivisions 55-10A-9(1)(a) and (7): TRANSFER UNDER THE SOUTH DAKOTA UNIFORM TRANSFERS TO MINORS ACT I, ______________ (name of transferor or name and representative capacity if a fiduciary) hereby transfer to ______________ (name of custodian), as custodian for ______________ (name of […]
55-10A-11. Control. A transferor shall place the custodian in control of the custodial property as soon as practicable. Source: SL 1986, ch 409, §11.
55-10A-12. Single custodianship. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship. Source: SL 1986, ch 409, §12.
55-10A-13. Validity and effect of transfer. The validity of a transfer made in a manner prescribed in this chapter is not affected by: (1)Failure of the transferor to comply with §55-10A-11 concerning possession and control; (2)Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is […]
55-10A-14. Care of custodial property. A custodian shall take control of custodial property, register or record title to custodial property if appropriate, and collect, hold, manage, invest and reinvest custodial property. In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property […]
55-10A-15. Powers of custodian. A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. This section does not relieve a custodian from liability for breach […]
55-10A-16. Use of custodial property. A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to the duty or ability of the custodian personally or […]
55-10A-17. Custodian’s expenses, compensation, and bond. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. Except for one who is a transferor under §55-10A-4, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. […]
55-10A-18. Exemption of third person from liability. A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: […]
55-10A-19. Liability to third persons. A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, […]
55-10A-2. Scope and jurisdiction. This chapter applies to any transfer that refers to this chapter in the designation under §55-10A-9 by which the transfer is made if at the time of the transfer, the transferor, the minor or the custodian is a resident of this state or the custodial property is located in this state. […]
55-10A-20. Renunciation, resignation, death, or removal of custodian–Designation of successor custodian. Any person nominated under §55-10A-3 or designated under §55-10A-9 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer […]
55-10A-21. Accounting by and determination of liability of custodian. A minor who has attained the age of fourteen years, the minor’s guardian conservator, or other legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court for an accounting by the custodian or the custodian’s legal […]
55-10A-22. Termination of custodianship. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (1)The minor’s attainment of eighteen years of age with respect to custodial property transferred under §55-10A-4, 55-10A-5, 55-10A-6 or 55-10A-7; or (2)The minor’s death. Source: SL 1986, ch […]
55-10A-23. Applicability. This chapter applies to a transfer within the scope of §55-10A-2 made after July 1, 1986 if: (1)The transfer purports to have been made under the Uniform Gifts to Minors Act of South Dakota; or (2)The instrument by which the transfer purports to have been made uses in substance the designation “as custodian […]
55-10A-24. Effect on existing custodianships. Any transfer of custodial property as now defined in this chapter made before July 1, 1986 is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of South Dakota for the coverage of custodial property of that kind or for a transfer from that […]
55-10A-25. Short title. This chapter may be cited as the “South Dakota Uniform Transfers to Minors Act.” Source: SL 1986, ch 409, §25.
55-10A-26. Repeal of the Gifts to Minors Act. Chapter 55-10 is hereby repealed. To the extent that this chapter, by virtue of §55-10A-24, does not apply to transfers made in a manner prescribed in the Gifts to Minors Act of South Dakota or to the powers, duties and immunities conferred by transfers in that manner […]
55-10A-3. Nomination of custodian. Any person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for […]
