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State of South Dakota
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SEVENTY-SEVENTH
SESSION
LEGISLATIVE ASSEMBLY, 2002 |
| 490H0447 |
HOUSE BILL
NO.
1074
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Introduced by:
Representatives Solum and Pummel and Senators Duxbury and Munson
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FOR AN ACT ENTITLED, An Act to
repeal certain inheritance tax provisions and to re-enact
a provision regarding access to a safe deposit box upon the death of a person having access.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 10-41-73 be repealed.
10-41-73.
No register of deeds of any county within this state shall file or record in his office
any satisfaction or assignment of any real or personal property mortgage executed by a personal
representative or trustee of a nonresident decedent's estate, until it is certified to said register of
deeds by the Department of Revenue that the inheritance tax has or will be paid, or that no tax
is due from said estate.
Section 2. That § 10-41-86 be repealed.
10-41-86.
No person, firm, partnership, association, limited liability company, joint-stock
company, or corporation may undertake any action which results in the payment, withdrawal,
transfer, assignment, or other disposition of an intangible asset or security held by the same,
excepting payments, withdrawals, transfers, assignments, or other disposition to a surviving
spouse or transfers of stock in any corporation, foreign or domestic, unless such person, firm,
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 10-41-73 be repealed.
Section 2. That § 10-41-86 be repealed.
partnership, association, limited liability company, joint-stock company, or corporation submits
a complete list of all such intangible assets or securities, the name in which such assets or
securities were held, the value of each asset or security and the name of the person to whom such
assets or securities were released, to the Department of Revenue within thirty business days after
the same are released. The list required by this section need only be submitted when a person,
firm, partnership, association, limited liability company, joint-stock company, or corporation
holds assets or securities valued at more than ten thousand dollars, in the aggregate, in the name
of a decedent.
Any person, firm, partnership, association, limited liability company, joint-stock company,
or corporation violating the provisions of this section is liable to the state for the amount of tax
due to the state on the payment, withdrawal, transfer, assignment, or other disposition of the
intangible asset or security unless such tax has previously been paid.
Section 3. That § 10-41-87 be repealed.
10-41-87.
Every person or representative having a right of access to a safe deposit box or
other receptacle of similar character shall, upon the death of any other person having a right of
access to such box or receptacle, notify the person, firm, partnership, association, limited liability
company, joint-stock company, or corporation from whom the box or receptacle is leased or
rented of the death of such person prior to gaining access to the box or receptacle.
Section 4. That § 10-41-88 be repealed.
10-41-88.
Every person, except a surviving spouse, owning an interest in an intangible asset
or security in which a decedent had an interest shall notify the transfer agent of the person, firm,
partnership, association, limited liability company, joint-stock company, or corporation which
issued the intangible asset or security of the death of the decedent prior to withdrawing,
transferring, assigning, or undertaking similar action with the intangible asset or security and,
Section 3. That § 10-41-87 be repealed.
Section 4. That § 10-41-88 be repealed.
upon request of that transfer agent, provide that transfer agent with the consent of the
Department of Revenue to transfer the intangible asset or security.
Any such person, intentionally violating the provisions of this section is subject to a civil
penalty in the amount of five hundred dollars or one hundred percent of the inheritance tax due
by reason of the death of the decedent, whichever is greater.
Section 5. That § 10-41-89 be repealed.
10-41-89.
No personal representative or person may assign or transfer any stock in any
corporation standing in the name of a resident decedent or in trust for a resident decedent,
without the consent of the Department of Revenue. No corporation, domestic or foreign, may
transfer on its books any shares of its capital stock standing in the name of a resident decedent
without the consent of the Department of Revenue. Any corporation violating the provisions of
this section is liable to the state for the amount of tax due to the state on a transfer of any such
shares of stock.
Section 6. That chapter 51A-11 be amended by adding thereto a NEW SECTION to read as follows:
Section 5. That § 10-41-89 be repealed.
Section 6. That chapter 51A-11 be amended by adding thereto a NEW SECTION to read as follows:
Any person or representative having a right of access to a safe deposit box or other
receptacle of similar character shall, upon the death of any other person having a right of access
to such box or receptacle, notify the person, firm, partnership, association, limited liability
company, joint-stock company, or corporation from whom the box or receptacle is leased or
rented of the death of such person prior to accessing the box or receptacle.
