Section 10-41-58 - Tax payment or agreement required before transfer of property in nonresident estate--Bond for payment of tax. - South-dakota Statutes

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Statutes > South-dakota > Title-10 > Chapter-41 > Statute-10-41-58

10-41-58. Tax payment or agreement required before transfer of property in nonresident estate--Bond for payment of tax. The Department of Revenue and Regulation shall not consent to the assignment or delivery of any property embraced in any legacy, devise, or transfer from a nonresident decedent to a nonresident trustee, where the property embraced in such legacy, devise, or transfer is so situated and disposed of as to be presently ascertained, until the tax thereon shall have been paid as in this code provided; nor shall the Department of Revenue and Regulation consent to the assignment or delivery of any property embraced in any such legacy, devise, or transfer, where the property embraced therein is so situated and disposed of as to authorize it to enter into a composition agreement with reference thereto, until the tax thereon shall have been compromised and the tax paid as in this code provided, or the trustee or other person to whom the possession of such property is delivered, shall have executed and delivered to the Department of Revenue and Regulation a bond to the state, in an amount equal to the amount of tax which in any contingency may become due and owing to the state on account of the transfer of such property; such bond to be approved by the Department of Revenue and Regulation and conditioned for the payment to the state of any tax which may accrue to the state under this chapter and chapter 10-40, on the subsequent transfer or delivery of the property to any person beneficially entitled thereto.

Source: SDC 1939, § 57.2313; SL 2003, ch 272, § 82.

State Codes and Statutes

Statutes > South-dakota > Title-10 > Chapter-41 > Statute-10-41-58

10-41-58. Tax payment or agreement required before transfer of property in nonresident estate--Bond for payment of tax. The Department of Revenue and Regulation shall not consent to the assignment or delivery of any property embraced in any legacy, devise, or transfer from a nonresident decedent to a nonresident trustee, where the property embraced in such legacy, devise, or transfer is so situated and disposed of as to be presently ascertained, until the tax thereon shall have been paid as in this code provided; nor shall the Department of Revenue and Regulation consent to the assignment or delivery of any property embraced in any such legacy, devise, or transfer, where the property embraced therein is so situated and disposed of as to authorize it to enter into a composition agreement with reference thereto, until the tax thereon shall have been compromised and the tax paid as in this code provided, or the trustee or other person to whom the possession of such property is delivered, shall have executed and delivered to the Department of Revenue and Regulation a bond to the state, in an amount equal to the amount of tax which in any contingency may become due and owing to the state on account of the transfer of such property; such bond to be approved by the Department of Revenue and Regulation and conditioned for the payment to the state of any tax which may accrue to the state under this chapter and chapter 10-40, on the subsequent transfer or delivery of the property to any person beneficially entitled thereto.

Source: SDC 1939, § 57.2313; SL 2003, ch 272, § 82.

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Statutes > South-dakota > Title-10 > Chapter-41 > Statute-10-41-58

10-41-58. Tax payment or agreement required before transfer of property in nonresident estate--Bond for payment of tax. The Department of Revenue and Regulation shall not consent to the assignment or delivery of any property embraced in any legacy, devise, or transfer from a nonresident decedent to a nonresident trustee, where the property embraced in such legacy, devise, or transfer is so situated and disposed of as to be presently ascertained, until the tax thereon shall have been paid as in this code provided; nor shall the Department of Revenue and Regulation consent to the assignment or delivery of any property embraced in any such legacy, devise, or transfer, where the property embraced therein is so situated and disposed of as to authorize it to enter into a composition agreement with reference thereto, until the tax thereon shall have been compromised and the tax paid as in this code provided, or the trustee or other person to whom the possession of such property is delivered, shall have executed and delivered to the Department of Revenue and Regulation a bond to the state, in an amount equal to the amount of tax which in any contingency may become due and owing to the state on account of the transfer of such property; such bond to be approved by the Department of Revenue and Regulation and conditioned for the payment to the state of any tax which may accrue to the state under this chapter and chapter 10-40, on the subsequent transfer or delivery of the property to any person beneficially entitled thereto.

Source: SDC 1939, § 57.2313; SL 2003, ch 272, § 82.