There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 43-41B-10 — Stock and other intangible interests in business associations.
43-41B-10. Stock and other intangible interests in business associations. (a) Except as provided in subsections (b) and (e), stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend, distribution, or other sum payable as a result of the interest has remained unclaimed by the owner for five years and the owner within five years has not:
(1) Communicated in writing with the
association regarding the interest or a dividend, distribution, or
other sum payable as a result of the interest; or
(2) Otherwise communicated with the
association regarding the interest or a dividend, distribution, or
other sum payable as a result of the interest, as evidenced by a
memorandum or other record on file with the association prepared by
an employee of the association.
(b) At the
expiration of a five-year period following the failure of the owner
to claim a dividend, distribution, or other sum payable to the
owner as a result of the interest, the interest is not presumed
abandoned unless there have been at least five dividends,
distributions, or other sums paid during the period, none of which
has been claimed by the owner. If five dividends, distributions, or
other sums are paid during the five-year period, the period leading
to a presumption of abandonment commences on the date payment of
the first such unclaimed dividend, distribution, or other sum
became due and payable. If five dividends, distributions, or other
sums are not paid during the presumptive period, the period
continues to run until there have been five dividends,
distributions, or other sums that have not been claimed by the
owner.
(c) The
running of the five-year period of abandonment ceases immediately
upon the occurrence of a communication referred to in subsection
(a). If any future dividend, distribution, or other sum payable to
the owner as a result of the interest is subsequently not claimed
by the owner, a new period of abandonment commences and relates
back to the time a subsequent dividend, distribution, or other sum
became due and payable.
(d) At the
time an interest is presumed abandoned under this section, any
dividend, distribution, or other sum then held for or owing to the
owner as a result of the interest, and not previously presumed
abandoned, is presumed abandoned.
(e) This
chapter does apply to any stock or other intangible ownership
interest enrolled in a plan that provides for the automatic
reinvestment of dividends, distributions, or other sums payable as
a result of the interest if the records available to the
administrator of the plan show, with respect to any intangible
ownership interest not enrolled in the reinvestment plan, that the
owner has not within five years communicated in any manner
described in subsection (a).
Source: SL 1992, ch 312, § 10.
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