South Dakota § 43-41B-45 Virtual currency--Promulgation of rules--Liquidation--Gain in value.

South Dakota Statutes

§ 43-41B-45 — Virtual currency--Promulgation of rules--Liquidation--Gain in value.

South Dakota § 43-41B-45

Title 43PROPERTY

Ch. 43-41AUNIFORM UNCLAIMED PROPERTY ACT

This text of South Dakota § 43-41B-45 (Virtual currency--Promulgation of rules--Liquidation--Gain in value.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 43-41B-45 (2026).

Text

Virtual currency is deemed abandoned three years after the latest indication of interest. The administrator may decline to accept virtual currency presumed abandoned if, in the administrator's discretion:

(1)The virtual currency is not freely transferable;

(2)The virtual currency is of nominal value; or (3) The value of the virtual currency is less than the estimated expenses of maintenance, notice, or sale. The administrator may prescribe, by rule promulgated pursuant to chapter 1-26 , classes or types of virtual currency exempt from reporting or liquidation. Except as otherwise provided in this section, a holder of unclaimed virtual currency shall liquidate the virtual currency within thirty days prior to the filing of the report required by § 43-41B-18 and remit the proceeds

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Virtual currency is deemed abandoned three years after the latest indication of interest. The administrator may decline to accept virtual currency presumed abandoned if, in the administrator's discretion: (1) The virtual currency is not freely transferable; (2) The virtual currency is of nominal value; or (3) The value of the virtual currency is less than the estimated expenses of maintenance, notice, or sale. The administrator may prescribe, by rule promulgated pursuant to chapter 1-26 , classes or types of virtual currency exempt from reporting or liquidation. Except as otherwise provided in this section, a holder of unclaimed virtual currency shall liquidate the virtual currency within thirty days prior to the filing of the report required by § 43-41B-18 and remit the proceeds to the administrator. If the holder is unable to liquidate the virtual currency, or reasonably believes the virtual currency cannot be liquidated, the holder must promptly provide written notice to the administrator explaining why the virtual currency cannot be liquidated as required by this section, and the administrator must direct the holder concerning an alternate disposition of the virtual currency. An owner does not have recourse against the administrator or the holder to recover any gain in value that occurs after the liquidation of the virtual currency pursuant to this section. For purposes of this section, "indication of interest" means any action or communication by an apparent owner that demonstrates the apparent owner's knowledge of the existence of property held, issued, or owing by the holder or the apparent owner's intent to retain ownership of property held, issued, or owing by the holder.