<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-3-41 - Qualified person defined. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072694Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072694SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072694CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072694Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072694DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072694Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072694000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072694SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072694SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2072694Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-41"><span class="s2072694SENU">55-3-41</span></a><span xml:space="preserve" class="s2072694SENU">. </span><span class="s2072694CL">Qualified person defined.</span></p><p dir="ltr" class="s2072694Normal-000000"><span xml:space="preserve" class="s2072694DefaultParagraphFont">For the purposes of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-39"><span class="s2072694DefaultParagraphFont">55-3-39</span></a><span class="s2072694DefaultParagraphFont">, the term, qualified person, means:</span></p><p dir="ltr" class="s2072694Normal-000001"><span class="s2072694DefaultParagraphFont">(1)    An individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does not have a present intention of moving from this state, and who has the intention of returning to this state when away;</span></p><p dir="ltr" class="s2072694Normal-000001"><span class="s2072694DefaultParagraphFont">(2)    A trust company that is organized under Title 51A or under federal law and that has its principal place of business in this state; or</span></p><p dir="ltr" class="s2072694Normal-000001"><span class="s2072694DefaultParagraphFont">(3)    A bank or savings association that possesses and exercises trust powers, has its principal place of business in this state, and the deposits of which are insured by the Federal Deposit Insurance Corporation.</span></p><p dir="ltr" class="s2072694Normal"><span xml:space="preserve" class="s2072694000002"> </span></p><p dir="ltr" class="s2072694Normal"><span class="s2072694SCL">Source:</span><span xml:space="preserve" class="s2072694SCL-000003"> SL 1998, ch 282, § 22.</span></p></div></body></html>