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Can you summarize SDCL Chapter 43-41B?
PROPERTY > Uniform Unclaimed Property Act
Short Summary
The provided legal document content pertains to the South Dakota Codified Laws governing the Uniform Unclaimed Property Act. The Act defines various terms used in the chapter, such as ‘administrator’, ‘apparent owner’, ‘attorney general’, ‘banking organization’, ‘business association’, ‘domicile’, ‘financial organization’, and ‘holder’. The Act also defines terms like ‘insurance company’, ‘intangible property’, ’last known address’, ‘owner’, ‘person’, ‘property’, ‘state’, ‘Unclaimed Property Division’, and ‘utility’. The documents cover various aspects of unclaimed property, including the presumption of abandonment, reporting requirements, examination of records, payment or delivery of abandoned property, notice and publication of names of owners, treatment of property held by fiduciaries and agents, treatment of stock or ownership interests in business associations, filing a claim with the administrator, deposit of funds received under the Act, recovery of property by another state, cooperation with other jurisdictions, and the treatment of property with insubstantial commercial value. The documents provide guidelines and procedures for holders of unclaimed property, administrators, and owners of unclaimed property. They also outline the responsibilities and authority of the administrator, including the power to require reports and examine records, bring legal actions, and deposit funds received under the Act. Overall, these documents establish the framework for the administration and custody of unclaimed property in South Dakota.
Whom does it apply to?
The documents apply to holders of unclaimed property, administrators, owners of unclaimed property, and other entities involved in the administration and custody of unclaimed property.
What does it govern?
The legal document content pertains to the South Dakota Codified Laws governing the Uniform Unclaimed Property Act.
What are exemptions?
The documents provide exemptions for certain types of property, such as rewards cards, open-loop prepaid cards, closed-loop prepaid cards, gift certificates, and certain types of intangible property held by fiduciaries and agents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
South Dakota