trustee shall invest the funds in a prudent manner.
Section 5. A trust in favor of unlocatable owners is to remain in force until the unlocatable owner in question successfully claims the funds held in trust and files the notice as provided in section 6 of this Act. The trustee shall distribute all moneys remaining in the trust following distribution to the county and payment of trustee and attorney fees as provided in section 4 of this Act to the person entitled to the money upon the order of a court of proper jurisdiction. A person who succeeds to ownership of a mineral interest by any means owns the mineral interest and the proceeds from the mineral interest from the date of succession. Funds held in trust pursuant to this Act are subject to the laws governing abandoned property as provided in chapter 43-41B.
Section 6. A person claiming ownership of a mineral interest, leasehold, or royalty interest that is the subject of a trust established pursuant to section 1 of this Act may record with the recorder of each county where the land overlaying the mineral interest is located a notice containing the person's address with a description of the person's ownership interest. Recording the interest pursuant to this section creates a rebuttable presumption that the person owns the interest claimed.
Section 7. Notwithstanding the provisions of this Act, the requirements of Title 55, or the requirements of chapter 43-41B, no action or proceeding may be maintained against a trustee of any trust created under the provisions of this Act for breach of any duty imposed by this Act, Title 55, or chapter 43-41B, absent a preliminary showing made by clear and convincing evidence that the actions of the trustee were reckless, grossly negligent, or intentional.
I certify that the attached Act originated in the
HOUSE as Bill No. 1002
Speaker of the House
Secretary of the Senate
House Bill No. 1002
File No. ____
Chapter No. ______
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
STATE OF SOUTH DAKOTA,
Office of the Secretary of State
Filed ____________ , 20___
Secretary of State