CHAPTER 248

(HB 1089)

Consideration defined as related to real estate transfer fees.


         ENTITLED, An Act to  define the term, consideration, as it relates to the payment of fees for certain transfers or exchanges of real property.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:

     Section  1.  That § 43-4-20 be amended to read as follows:

     43-4-20.   Terms used in §§ 43-4-20 to 43-4-26, inclusive, mean:

             (1)    "Consideration,"any type of property or thing of legal value, whether delivered in the past, present, or to be delivered in the future. The term includes like-kind exchanges of property;

             (1) (2)     "Deed," any instrument for the purpose of transferring or conveying the fee title to real property;

             (2) (3)      "Register," the register of deeds of any county in the State of South Dakota; and

             (3) (4)      "Value," in the case of any deed not a gift, the amount of the full consideration therefor paid, or to be paid.

     Signed February 23, 2007
_______________