67:10:04:01.  Definitions. Terms used in this chapter mean:

          (1)  "Equity value," the current fair market value less encumbrances of record as of the date of valuation;

          (2)  "Fair market value," the price an item will sell for on the open market in the geographic area involved;

          (3)  "Other real property," real property other than the individual's home or real property held in trust;

          (4)  "Property transferred or assigned," that real or personal property which was at one time owned by an applicant or recipient of public assistance or by the spouse of the applicant or recipient, if they were living together, but was transferred or assigned to another;

          (5)  "Real property," that property defined in SDCL 43-1-3;

          (6)  "Real property held in trust," that real property to which the federal government has the legal title but which is being held for the benefit of Indians and other citizens; and

          (7)  "Resources," real, personal, or business property such as inventories, livestock, implements, vehicles, stored grain, and similar properties; and assets which are in cash or payable in cash on demand or financial instruments which can be converted into cash within 30 workdays, such as savings or checking accounts, stocks, bonds, mutual fund shares, promissory notes, mortgages, contracts for deed, and similar properties.

          Source: 24 SDR 24, effective August 31, 1997.

          General Authority: SDCL 28-7A-3(1)(3).

          Law Implemented: SDCL 28-7A-3(1)(3).