South Dakota § 58-15-32 - Nonforfeiture benefit provisions which may be omitted--Deferred payment of cash surrender value--Private placement policies.
Full text of South Dakota South Dakota Codified Laws § 58-15-32 — Nonforfeiture benefit provisions which may be omitted--Deferred payment of cash surrender value--Private placement policies., with citation guidance and answers to common questions.
§ 58-15-32. Nonforfeiture benefit provisions which may be omitted--Deferred payment of cash surrender value--Private placement policies.
Any of the provisions or portions thereof set forth in § 58-15-31 which are not applicable by reason of the plan of insurance may, to the extent inapplicable, be omitted from the policy. Except for a private placement policy, the insurer shall reserve the right to defer the payment of any cash surrender value for a period of six months after demand therefor with surrender of the policy. In the case of a private placement policy, the insurer may reserve the right to defer the payment of cash surrender value until the separate account assets comprising such cash surrender value can be, by their respective terms, converted to cash, which may be greater than six months after the surrender of the policy and demand for payment of such cash surrender value.
Source: SL 1966, ch 111, ch 23, § 28 (2); SL 2006, ch 252, § 6.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-15-32
What does South Dakota Codified Laws § 58-15-32 cover?
Section 58-15-32 ("Nonforfeiture benefit provisions which may be omitted--Deferred payment of cash surrender value--Private placement policies.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-15-32?
A common citation format is "South Dakota Codified Laws § 58-15-32" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-15-32 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.