Title 55, FIDUCIARIES AND TRUSTS

The personal property to be delivered according to the terms of a prearranged funeral trust contract includes such things as: grave liners, vaults, transportation containers, grave markers, cremation urns or vaults, grave ornamentation, flowers, statuary, floral arrangements, cas…

Notwithstanding §§ 55-11-1 , 55-11-3 , 55-11-5 and 55-11-5.1 and notwithstanding that the prearranged funeral trust contract may create an irrevocable trust, all prearranged funeral trust contracts are subject to the requirements of § 37-24-5.4 . Source: SL 1986, ch 408 , § 8.

A prearranged funeral contract pooled funds trust may be created by a funeral director or a funeral establishment licensed in South Dakota, the South Dakota funeral directors association or a cemetery association organized under chapter 55-12 . However, separate accounts within t…

If the beneficiary of an irrevocable prearranged funeral trust for a guaranteed price dies outside the general area or moves outside the general area served by the provider designated in a prearranged funeral trust contract, the seller shall either provide for the furnishing of c…

Every trustee of an irrevocable prearranged funeral trust which does not provide for a guaranteed price shall pay from the trust funds and any accrued interest the actual charges incurred for furnishing funeral services and merchandise to the funeral director, funeral establishme…

A prearranged funeral contract sold in compliance with chapter 55-11 is not burial insurance under § 58-9-4 . Source: SL 1986, ch 408 , § 14.

The terms of each prearranged funeral trust contract in effect before July 1, 1986, is subject to chapter 55-11 in effect as it appeared in the 1980 revision and pocket parts of volume 15B of the South Dakota Codified Laws on June 30, 1986. All prearranged funeral trust contracts…

Any person, corporation, partnership, association or other entity engaged in the business of owning, maintaining or operating a cemetery in the state of South Dakota prior to July 1, 1986, shall be exempt from the provisions of this chapter for purposes of the sale through the ce…

Within ten days after receipt, the person holding money in trust under § 55-11-1 shall deposit it in a banking institution, or place the money in an account in a savings and loan association, or a federal credit union organized under the laws of this state or of the United States…

A contract pursuant to § 55-11-1 shall be in writing and sufficient copies thereof shall be left with the depository pursuant to § 55-11-2 to comply with the provisions of this chapter, and a copy thereof shall also be furnished, upon request, to any personal representative of th…

In addition to the requirements of § 55-11-3 , any contract entered into pursuant to § 55-11-1 , which does not provide for a guaranteed price for services or personal property to be delivered or performed pursuant to the terms of the contract, shall contain the following in twel…

When a banking institution, federal credit union or a savings and loan association has received money in trust under § 55-11-2 , it shall acknowledge receipt thereof upon the copies of the contract for said prearranged funerals. Source: SL 1953, ch 496 , § 3; SDC Supp 1960, § 27.…

The contract creating a revocable trust mentioned in § 55-11-1 may be canceled by either party thereto at any time upon thirty days' written notice of such cancellation. Source: SL 1953, ch 496 , § 1; SDC Supp 1960, § 27.1409; SL 1967, ch 104 , § 1; SL 1975, ch 302 , § 2.

A person who revokes a revocable trust under a contract providing a guaranteed price is entitled to receive one hundred percent of all money paid into trust under the contract together with one hundred percent of accrued interest unless a greater amount is specified in the contra…

Notwithstanding the provision contained in subdivision 36-19-38(8), prearranged funeral trust contracts may be solicited. However, no person may sell, offer to sell or solicit a prearranged funeral trust contract unless he registers annually with the State Board of Funeral Servic…

When a person registers to sell prearranged funeral trust contracts, he shall submit to the State Board of Funeral Service the following information: (1) The name and address of the funeral establishment or cemetery association which has authorized him to sell prearranged funeral…

Any persons, firms, or corporations or other forms of organization organized or engaging in the business under the laws of the State of South Dakota, or wheresoever organized and engaging in the business in the State of South Dakota, of the ownership, maintenance or operation of …

Each nonperpetual care cemetery shall post in a conspicuous place in the office or offices where sales are conducted a legible sign stating: "This is a nonperpetual care cemetery." The lettering of this sign shall be of suitable size so it is easily read at a distance of fifty fe…

Each nonperpetual care cemetery shall also have printed or stamped at the head of all its contracts, deeds, statements, letterheads and advertising material, the legend: "This is a nonperpetual care cemetery," and shall not sell any lot or interment space therein unless the purch…

Any nonperpetual care cemetery may become a perpetual care cemetery by placing in the perpetual care trust fund twenty - five thousand dollars, five thousand dollars per acre of all property sold or one hundred dollars per burial space, whichever is less, and shall comply with th…

No organization subject to the provisions of this chapter may pay or offer to pay to, or for any person, firm or corporation to receive, directly or indirectly, a commission or bonus or rebate or other thing of value, for or in connection with the sale of any interment space, lot…

No organization subject to the provisions of this chapter nor any person representing it in a sales capacity shall advertise or represent, in connection with the sale or attempted sale of any interment space, that the same is or will be a desirable speculative investment for resa…

A violation of § 55-12-3 , 55-12-4 , 55-12-8 , 55-12-10 , 55-12-11 , 55-12-13 or 55-12-14 is a petty offense. Each day a violation occurs except the commission of any act declared unlawful in § 55-12-13 shall be a separate and distinct offense. Source: SL 1955, ch 97 , §§ 9, 10; …

If any provision hereof or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application, and to this end the provisio…

A perpetual cemetery, as defined in § 55-12-4 , or a perpetual cemetery corporation operating under chapter 47-29 shall file an annual financial report for the preceding fiscal year with the secretary of state by July thirty-first of each year on a form prescribed by the secretar…

If a perpetual care cemetery has more than three thousand people buried in the cemetery, the cemetery shall transfer all moneys from the perpetual care fund into the principal fund. The principal fund and the earnings fund of a perpetual cemetery shall be administered by an indep…

If the attorney general has reason to believe that a perpetual care cemetery is not using the money in the earnings fund for the purposes listed in § 55-12-8.1 , the attorney general may investigate the use of the money in the earnings fund. The attorney general may execute in wr…

All such persons, firms or organizations subject to the provisions of this chapter shall be, for the purposes hereof, designated either as "perpetual care cemeteries" or "nonperpetual care cemeteries." Source: SL 1955, ch 97 , § 2; SDC Supp 1960, § 11.19A02.

The attorney general may issue a subpoena under § 37-24-14 or an investigative demand under § 37-24-12 to any person and may conduct any hearing in aid of any investigation or inquiry. The attorney general may prescribe the forms governing: (1) The conduct of investigations; (2) …

If any person refuses to obey an investigative demand or subpoena, the attorney general may petition the circuit court to enforce compliance under § 37-24-17 . Source: SL 2019, ch 210 , § 4.

If the attorney general has reason to believe that any person is using the money in the earnings fund for purposes not related to the care and maintenance of the perpetual care cemetery, the attorney general may bring an action in the name of the state against the person to restr…

The court may make any additional orders or judgments as may be necessary to restore to any person in interest any moneys or property, real or personal, that the court finds to have been misused. Additional relief may include the appointment of a receiver whenever it appears to t…

If a receiver is appointed by the court, the receiver may collect, receive, and take into the receiver's possession all the goods and chattels, rights and credits, moneys and effects, land and tenements, books, records, documents, papers, choses in action, bills, notes, and prope…

Any such organization subject to the provisions of this chapter which is organized or commences business in the State of South Dakota after February 28, 1955, and desires to operate as a perpetual care cemetery shall, before selling or disposing of any interment space or lots, es…

To continue to operate as a perpetual care cemetery, any such organization shall set aside and deposit in the cemetery principal fund not less than the following amounts for lots of interment space thereafter sold or disposed of: (1) A minimum of twenty percent of the gross selli…

Any such organization subject to the provisions of this chapter which was organized and engaged in business prior to February 28, 1955, shall be a perpetual care cemetery if it shall at all times comply with the requirements of a perpetual care cemetery as set forth in § 55-12-4 …

The income from the cemetery principal fund may be transferred to an earnings fund established by the cemetery and may be used for the care and maintenance of the cemetery. Source: SL 1955, ch 97 , § 3; SDC Supp 1960, § 11.19A03; SL 2014, ch 228 , § 4, eff. Mar. 28, 2014.

The proceeds arising from the income transferred to the earnings fund pursuant to § 55-12-8 for the care and maintenance of the cemetery may only be used for protecting, preserving, improving, and embellishing the cemetery and its appurtenances; preserving and caring, and marking…

All other organizations subject to the provisions of this chapter shall be nonperpetual care cemeteries. Source: SL 1955, ch 97 , § 5; SDC Supp 1960, § 11.19A05.

As used in this chapter: (1) "Income beneficiary" means the person to whom income is presently payable or for whom it is accumulated for distribution as income; (2) "Inventory value" means the cost of property purchased by the trustee and the market value of other property at the…

If any part of the principal consists of land from which merchantable timber may be removed, the receipts from taking the timber from the land shall be allocated in accordance with § 55-13-2(a)(3). Source: SL 1984, ch 323 , § 10.

Except as provided in §§ 55-13-9 and 55-13-10 , if the principal consists of property subject to depletion, including leaseholds, patents, copyrights, royalty rights, and rights to receive payments on a contract for deferred compensation, receipts from the property, not in excess…

(a) The following charges shall be made against income: (1) Ordinary expenses incurred in connection with the administration, management, or preservation of the trust property, including regularly recurring taxes assessed against any portion of the principal, water rates, premium…

Except as specifically provided in the trust instrument, the will or in this chapter, this chapter shall apply to any receipt or expense received or incurred on or after July 1, 1984 by any trust executed or the estate of any decedent dying on or after July 1, 1984. Source: SL 19…

This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. Source: SL 1984, ch 323 , § 15.

This chapter may be cited as the Revised Uniform Principal and Income Act. Source: SL 1984, ch 323 , § 16.