SDCL § 55-3-41: Qualified person defined.

For the purposes of § 55-3-39, the term, qualified person, means:

(1) An individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does not have a present intention of moving from this state, and who has the intention of returning to this state when away;

(2) A trust company that is organized under Title 51A or under federal law and that has its principal place of business in this state; or

(3) A bank or savings association that possesses and exercises trust powers, has its principal place of business in this state, and the deposits of which are insured by the Federal Deposit Insurance Corporation.