<html> <head> <title>Rule 61:24:06:03 Escrow or trust agreement contents.</title> <META NAME="Keywords" Content="Administrative Rules 61:24:06:03"> <META NAME="Description" Content="Administrative Rules 61:24:06:03 Escrow or trust agreement contents."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>61:24:06:03.</b><b>Escrow or trust agreement contents.</b> In addition to the conditions set forth in SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-6B-7.1">32-6B-7.1</A>, each escrow or trust agreement must include the following conditions in its terms:</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)That the escrow agent or trustee pay claims within 45 days after presentation of any final judgment or execution order involving claims that arose while the vehicle dealer was a participant in the pool;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)That the escrow agent or trustee file with the department at least 30 days before the end of each calendar year a report listing all of the participating vehicle dealers and license numbers;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)That the escrow agent or trustee report quarterly to the department any vehicle dealers added or deleted from the bond pool;</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)That the escrow agent or trustee file with the department at least 30 days before the end of each calendar year a financial report concerning the bond pool; and</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)That all pooled assets be deposited only in a federally insured account of the financial institution or invested in the securities stated in SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=4-5-6">4-5-6.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this section, a final judgment is a judgment rendered by a court of competent jurisdiction after all avenues of appeal have been exhausted or time to file an appeal has elapsed.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 17 SDR 98, effective January 15, 1991.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-6B-7.1">32-6B-7.1.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-6B-7.1">32-6B-7.1.</A></p> </div> </body> </html>