Title 59 — AGENCY

Terms used in this chapter mean: (1) "Agent," a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term includes an original agent, co-agent, successor agent, and a person to whom an agent's…

(1) A principal may designate two or more persons to act as co-agents. If two or more persons are appointed as co-agents, and unless the power of attorney otherwise provides, the concurrence of a majority is required on all acts connected with the power of attorney. This restrict…

An agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal. An agent is entitled to reasonable compensation for services rendered on behalf of the principal unless the power of attorney otherwise provides. Any compensation shall be reasonable…

Except as otherwise provided in the power of attorney, a person accepts appointment as an agent under a power of attorney by exercising authority or performing duties as an agent or by any other assertion or conduct indicating acceptance. Source: SL 2020, ch 214 , § 12.

(1) Notwithstanding provisions in the power of attorney, an agent that has accepted appointment shall: (a) Act in accordance with the principal's reasonable expectations to the extent actually known by the agent and otherwise in the principal's best interest; (b) Act in good fait…

A provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal's successors in interest except to the extent the provision: (1) Relieves the agent of liability for breach of duty committed dishonestly, with an i…

(1) In addition to any petition under chapter 21-65 , the following persons may petition a court to construe a power of attorney or review the agent's conduct, and grant appropriate relief: (a) The principal or the agent; (b) A guardian, conservator, or other fiduciary acting for…

An agent that violates the provisions of this chapter is liable to the principal or the principal's successors in interest for the amount required to: (1) Restore the value of the principal's property to its value had the violation not occurred; and (2) Reimburse the principal or…

Unless otherwise provided in the power of attorney, an agent may resign by giving notice to the principal and, if the principal is incapacitated, to the guardian, if any, and any co-agent or successor agent, or to: (1) The principal's caregiver; or (2) If there is no principal ca…

(1) For purposes of this section and § 52-12-19, the term, South Dakota compliant, means a power of attorney signed by the principal and substantially in the form provided in § 59-12-41 and acknowledged before a notary public or other individual authorized to take acknowledgement…

(1) A person shall accept a South Dakota compliant power of attorney or request a certification, a translation, or an opinion of counsel under subdivision 59-12-18 (4) no later than ten business days after presentation of the power of attorney for acceptance. If a person requests…

This chapter applies to all powers of attorney other than: (1) A power to the extent it is coupled with an interest in the subject of the power, including a power given to or for the benefit of a creditor in connection with a credit transaction; (2) A power to make health care de…

Unless otherwise required under this chapter, the principles of law and equity apply to the provisions of this chapter. Source: SL 2020, ch 214 , § 20.

Nothing in this chapter may be interpreted to amend or supersede any other law applicable to financial institutions or other entities. Source: SL 2020, ch 214 , § 21.

The remedies under this chapter are not exclusive and do not abrogate any right or remedy under the laws of this state. Source: SL 2020, ch 214 , § 22.

(1) An agent under a power of attorney may do the following on behalf of the principal or with the principal's property only if the power of attorney expressly grants the agent the authority and exercise of the authority is not otherwise prohibited by another agreement or instrum…

(1) An agent has authority described in this chapter if the power of attorney refers to general authority with respect to the descriptive term for the subjects stated in §§ 59-12-26 through 59-12-39 or cites the section in which the authority is described. (2) A reference in a po…

Except as otherwise provided in the power of attorney, by executing a power of attorney that incorporates by reference a subject described in §§ 59-12-26 through 59-12-39 or that grants to an agent authority to do all acts that a principal could do pursuant to subdivision 59-12-2…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to: (1) Demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or otherwise acquire or …

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to tangible personal property authorizes the agent to: (1) Demand, buy, receive, accept as a gift or as security for an extension of credit, or otherwise acqui…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to: (1) Buy, sell, and exchange stocks and bonds; (2) Establish, continue, modify, or terminate an account with respec…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to commodities and options authorizes the agent to: (1) Buy, sell, exchange, assign, settle, and exercise commodity futures contracts and call or put options o…

If a principal designates another as the principal’s agent by a written power of attorney which contains the words "This power of attorney shall not be affected by disability of the principal," or "This power of attorney shall become effective upon the disability of the principal…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions authorizes the agent to: (1) Continue, modify, and terminate an account or other banking arrangement made by or on be…

Subject to the terms of the governing instrument of an entity or an entity ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority regarding operation of an entity or business authorizes the agent to: (1)…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to: (1) Continue, pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a…

(1) For purposes of this section, the terms, estate, trust, or other beneficial interest, mean a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be, entitled to a share or payment. (2) …

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to claims and litigation authorizes the agent to: (1) Assert and maintain before a court or administrative agency a claim, claim for relief, cause of action, c…

(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to personal and family maintenance authorizes the agent to: (a) Perform the acts necessary to maintain the customary standard of living of the principal, t…

(1) For purposes of this section, the terms, benefits from governmental programs, or civil or military service, mean any benefit, program, or assistance provided under a statute or regulation including but not limited to, Social Security, Medicare, and Medicaid. (2) Unless the po…

(1) For purposes of this section, the term, retirement plan, means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a pl…

Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to: (1) Prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, Federal Insurance Contributio…

(1) For purposes of this section, a gift "for the benefit of" a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act (1983/1986), and a tuition savings account or prepaid tuition plan as defined under 26 U.S.C. § 529. (2) Unless the power of att…

(3) A power of attorney executed other than in this state is valid in this state if, when the power of attorney was executed, the execution complied with: (a) The law of the jurisdiction that determines the meaning and effect of the power of attorney pursuant to § 59-12-6 ; or (b…

With respect to a vehicle for which title is to be transferred to an insurer, a power of attorney to make application for or to assign a certificate of title is exempt from the notarization requirements under §

Except as otherwise provided in this chapter: (1) This chapter applies to a power of attorney created on, or after July 1, 2020; (2) This chapter applies to a judicial proceeding concerning a power of attorney commenced on or after July 1, 2020; (3) This chapter applies to a judi…

A document substantially in the following form may be used to create a statutory form power of attorney that has the meaning and effect prescribed by this chapter. The provisions of §§ 43-28-23 and 7-9-1 apply to any power of attorney that is to be recorded with the register of d…

The following optional form may be used by an agent to certify facts concerning a power of attorney. The provisions of §§ 43-28-23 and 7-9-1 apply to any power of attorney that is to be recorded with the register of deeds. AGENT'S CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTO…

A document substantially in the following form may be used to create a statutory form revocation of power of attorney that has the meaning and effect prescribed by this chapter. The provisions of §§ 43-28-23 and 7-9-1 apply to any power of attorney that is to be recorded with the…

(1) A power of attorney executed in this state on or after July 1, 2020, is valid if its execution complies with §

The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power of attorney and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power of attorney was executed. Source: SL 2020, ch 214 …

(1) In a power of attorney, a principal may nominate a conservator or guardian for consideration by the court. Except for good cause shown or disqualification, the court shall make its appointment in accordance with the principal's most recent nomination. A guardian appointed und…

(1) A power of attorney is effective when executed unless the principal provides in the power of attorney that it becomes effective at a future date or upon the occurrence of a future event or contingency. (2) If a power of attorney becomes effective upon the occurrence of a futu…

(1) A power of attorney terminates when: (a) The principal dies; (b) The principal becomes incapacitated, if the power of attorney is not durable; (c) The principal revokes the power of attorney; (d) The power of attorney provides that it terminates; (e) The purpose of a limited …

Source: SL 2020, ch 214 , § 7.