Transfer of Unclaimed Property in South Dakota

South Dakota unclaimed property claims often result in payouts.

Transfers involving unclaimed property in South Dakota fall under Chapter 43-41B Uniform Unclaimed Property Act. Unclaimed property includes money, any item with value, bills, written obligations, unwritten obligations and anything else that could possibly have value. There are general rules concerning the unclaimed property. Intangible property is equivalent to unclaimed property. The person in possession of the property is the 'holder,' the original owner of the property is called the 'owner,' and the 'apparent owner' is the person named on the holder's records of the property.

Instructions

Transfers of Unclaimed Property

1. Request an Unclaimed Property report by sending an e-mail to [e-mail]. You can also walk into the South Dakota Office of the State Treasurer at 500 E. Capitol Ave., Pierre, SD 57501-5070.

2. Report the Unclaimed Property to the Office of the State Treasurer. You can report the Unclaimed Property at the UPExchange website or in person at the South Dakota Office of the State Treasurer.

3. You can pay or deliver any unclaimed property to the Office of the State Treasurer at the same time you report the unclaimed property. The person who physically delivers the report is excused from any liability resulting from the claim.

4. You can pay the debts of the unclaimed property and be reimbursed in full from the Office of the State Treasurer.

5. You can reclaim the unclaimed property you delivered or paid to the Office of the State Treasurer if the owner claims it from you as the holder.

6. You can ask the Office of the State Treasurer to defend you against any claims made against you because of your position as holder of the unclaimed property.

7. You will be reimbursed for the safekeeping of any unclaimed property delivered to the Office of the State Treasurer. You are allowed to claim any amount not exceeding the value of the unclaimed property.

8. The Office of the State Treasurer can sell unclaimed property three years after receiving the unclaimed property. A claim can be made for the sale money of unclaimed property sold within three years of your report.

Rules for Unclaimed Property

1. The holder can't be a company or a group.

2. The holder can't be affiliated with the South Dakota government in any way.

3. The holder can't be affiliated with any state government without the Uniform Unclaimed Property Act.

4. The apparent owner's last address must be included in the holder's reports.

5. The apparent owner's current address can't be in the state of South Dakota.

6. The last known address of the apparent owner can't be in a foreign nation or a state without the Uniform Unclaimed Property Act

Tips & Warnings

• Keep receipts of any payments made or bills incurred on behalf of unclaimed property.

References

• South Dakota Legislature: Chapter 43-41B Uniform Unclaimed Property Act
• UPExchange:Unclaimed Property Reporting
• South Dakota Office of the State Treasurer: Unclaimed Property Quick Link
• US Legal:South Dakota Law Summary Uniform Disposition of Unclaimed Property Act