58-28-17. Ownership by insurer--Not a trustee.Amounts allocated to a separate account in the exercise of the power granted by this chapter shall be owned by the insurer, and the insurer shall not be, nor hold itself out to be, a trustee with respect to such amounts. Source: SL 1966, ch 111, ch 6, §36 (6); §36 (5) as amended by SL 1967, ch 131; SDCL, §58-28-5; SL 1971, ch 266, §1 (5).
South Dakota Legal Code