South Dakota § 55-16-1 Definitions.

South Dakota Statutes

§ 55-16-1 — Definitions.

South Dakota § 55-16-1

Title 55FIDUCIARIES AND TRUSTS

Ch. 55-14AQUALIFIED DISPOSITIONS IN TRUST

This text of South Dakota § 55-16-1 (Definitions.) 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 § 55-16-1 (2026).

Text

Terms used in this chapter mean:

(1)"Claim," a right to payment, whether or not the right is reduced to judgment liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured;

(2)"Creditor," with respect to a transferor, a person who has a claim;

(3)"Debt," liability on a claim;

(4)"Disposition," a transfer, conveyance, or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one trustee for another or the addition of one or more new trustees, or the exercise of a power so as to cause a transfer of property to a trustee or trustees. The term does not include the release or relinquishment of an interest in property that theretofore was the subject of a

Free access — add to your briefcase to read the full text and ask questions with AI

Terms used in this chapter mean: (1) "Claim," a right to payment, whether or not the right is reduced to judgment liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; (2) "Creditor," with respect to a transferor, a person who has a claim; (3) "Debt," liability on a claim; (4) "Disposition," a transfer, conveyance, or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one trustee for another or the addition of one or more new trustees, or the exercise of a power so as to cause a transfer of property to a trustee or trustees. The term does not include the release or relinquishment of an interest in property that theretofore was the subject of a qualified disposition; (5) "Property," real property, personal property, and interests in real or personal property; (6) "Qualified disposition," a disposition by or from a transferor to a qualified person or qualified persons, without consideration or for less than fair market value, by means of a trust instrument; (7) "Spouse" and "former spouse," only persons to whom the transferor was married at, or before, the time the qualified disposition is made; (8) "Transferor," any person as an owner of property; as a holder of a power of appointment which authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate, or the creditors of the holder's estate; or as a trustee, directly or indirectly, makes a disposition or causes a disposition to be made. The terms, transferor and beneficiary, may be any person as defined in subdivision 55-4-1(2).