South Dakota State Treasurer Announces Changes in Unclaimed Property Laws

FOR IMMEDIATE RELEASE
March 27, 2017
South Dakota State Treasurers Office

PIERRE, SD – State Treasurer, Rich Sattgast, announced that the recently passed SB34 affects Unclaimed Property laws in regards to how long the Unclaimed Property Division is required to retain escheated securities.

Sattgast explains that the new legislation, which takes effect immediately, affects how the office will handle the sale of securities received in the future. Securities will be held for no more than 90-days prior to sale. Further, the bill directs the State Treasurer to sell all securities held prior to the passage of SB34.

The State Treasurer will be sending letters to the owners of securities currently held by the unclaimed property division that are directed to be sold under SB 34. The owner will have the opportunity to claim the securities or have the Unclaimed Property Division sell the security and return the proceeds of the sale. Once the deadline for contacting the Unclaimed Property Division has passed, all securities held prior to the passage of SB34 will be sold. The owner will still be able to claim the proceeds of the sale.

The State Treasurer’s website lists properties available for search and claim. The public can search for their names at www.sdtreasurer.gov or contact the Unclaimed Property Division at 605-773-3379.

For More Information Contact: SD State Treasurer’s Unclaimed Property Division at (605) 773-3379

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