There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 43-41B-6 — Bank deposits and funds in financial organizations.
43-41B-6. Bank deposits and funds in financial organizations. (a) Any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial organization is presumed abandoned unless in the case of a matured time deposit, the banking or financial organization has mailed, at least once in five years certified mail requesting a return receipt, to the owner and the receipt has been returned and signed by the addressee, or unless the owner, within five years has:
(1) In the case of a deposit, increased or
decreased its amount or presented the passbook or other similar
evidence of the deposit for the crediting of interest;
(2) Communicated in writing with the
banking or financial organization concerning the
property;
(3) Otherwise indicated an interest in the
property as evidenced by a memorandum or other record on file
prepared by an employee of the banking or financial
organization;
(4) Owned other property to which
paragraph (1), (2), or (3) applies and if the banking or financial
organization communicates in writing with the owner with regard to
the property that would otherwise be presumed abandoned under this
subsection at the address to which communications regarding the
other property regularly are sent;
(5) Had another relationship with the
banking or financial organization concerning which the owner
has:
(i) Communicated in writing with the
banking or financial organization; or
(ii) Otherwise indicated an interest as
evidenced by a memorandum or other record on file prepared by an
employee of the banking or financial organization and if the
banking or financial organization communicates in writing with the
owner with regard to the property that would otherwise be abandoned
under this subsection at the address to which communications
regarding the other relationship regularly are sent; or
(6) Received tax reports or regular
statements of the deposit by mail from the banking or financial
organization regarding the deposit. Receipt of the statement by the
owner is presumed if the statement is mailed first class by the
banking or financial organization and not returned.
(b) For
purposes of subsection (a) property includes any income,
increments, interest, or dividends.
(c) A holder
may not impose with respect to property described in subsection (a)
any charge due to dormancy or inactivity or cease payment of
interest unless:
(1) There is an enforceable written
contract between the holder and the owner of the property pursuant
to which the holder may impose a charge or cease payment of
interest;
(2) For property in excess of two dollars,
the holder, no more than three months before the initial imposition
of those charges or cessation of interest, has given written notice
to the owner of the amount of those charges at the last known
address of the owner stating that those charges will be imposed or
that interest will cease, but the notice provided in this section
need not be given with respect to charges imposed or interest
ceased before July 1, 1993; and
(3) The holder regularly imposes such
charges or ceases payment of interest and does not regularly
reverse or otherwise cancel them or retroactively credit interest
with respect to the property.
(d) Any
property described in subsection (a) that is automatically
renewable is matured for purposes of subsection (a) upon the
expiration of its initial time period, but in the case of any
renewal to which the owner consents at or about the time of renewal
by communicating in writing with the banking or financial
organization or otherwise indicating consent as evidenced by a
memorandum or other record on file prepared by an employee of the
organization, the property is
matured upon the expiration of the last time period for which
consent was given. If, at the time provided for delivery in
§ 43-41B-20, a penalty or forfeiture in the payment of
interest would result from the delivery of the property, the time
for delivery is extended until the time when no penalty or
forfeiture would result.
Source: SL 1992, ch 312, § 6; SL 2002, ch 200, § 1.
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.