Amendment K: Unclaimed property trust amendmentPut unclaimed property money in a permanent trust fund
Read the full text of the measure: Secretary of State ballot question pamphlet (PDF)
In plain words
When a bank deposit, refund, stock or insurance payment goes unclaimed for more than three years, it is turned over to the State Treasurer, who keeps it so the owner can still claim it. The state now counts on this money as ongoing income, about $60 to $65 million a year. This amendment sets up a trust fund for it. The Treasurer would pay claims and costs first, and then each year move part of the fund's interest and income to the general fund, which pays for state services. (news.ballotpedia.org )
Before and after
| Question | Today | If it passes |
|---|---|---|
| Where unclaimed property goes | State Treasurer holds it; the state uses it as ongoing income | A trust fund written into the constitution |
| What the state can spend | About $60 to $65 million a year from unclaimed property | Part of the fund's interest and income each year, in an amount the Legislature sets (starting July 2027) |
| Owners' right to claim | Owners can claim it | Claims are paid first |
Numbers from the sources linked (not yet checked against the official ballot title) (ballot title ); also see (news.ballotpedia.org )
Biggest change
- Creates the Trust for Unclaimed Property Fund in the constitution. The Treasurer deposits unclaimed money there after paying claims, legal costs and set general fund deposits. source: news.ballotpedia.org
- Starting July 2027, a share of the fund's interest and income moves to the general fund every year. source: news.ballotpedia.org
Who it affects most: People whose money or property is held as unclaimed, and taxpayers, because the state budget now relies on this money.
Cost to the state: No fiscal note in the pamphlet or handout. The state now receives about $60 to $65 million a year from unclaimed property; Lt. Gov. Tony Venhuizen said the plan would gradually reduce that reliance over several years so the state does not lose about $60 million in one budget year. No official estimate of the amount of interest the fund would send to the general fund.
Our plain-words summary. Every line points to its source.
What your vote means
Unclaimed property goes into a trust fund in the constitution, and part of its yearly interest and income goes to the state's general fund.
The constitution has no unclaimed property trust fund; the State Treasurer keeps handling it under current state law.
Our one-line summary. The Attorney General's official Yes and No effects are quoted above.
Why people want it, and why others object
Why this is on the ballot
The Legislature put this on the ballot. It changes the state constitution, so only another statewide vote can change it back. It passes with a simple majority of the votes cast on it.
- The Legislature put this on the ballot. The Senate passed it 35-0 on Feb. 20, 2025 and the House 69-0 on March 5, 2025. Intangible property such as deposits, refunds, stocks and insurance proceeds is presumed abandoned if unclaimed for more than three years and is turned over to the State Treasurer. source: news.ballotpedia.org
Why supporters want it
- State Treasurer Josh Haeder (R), in the official pamphlet: "Amendment K is a win-win for all South Dakotans." Haeder says the trust protects the funds permanently, earns better returns, and gives revenue without new taxes. source: sdsos.gov (Secretary of State)
- Lt. Gov. Tony Venhuizen (R): "Currently, we rely on unclaimed property as an ongoing revenue source." Haeder says the plan would gradually reduce that reliance. source: news.ballotpedia.org
Why opponents object
- No public statement found. source: sdsos.gov (Secretary of State)
Who backs each side
- For: State Treasurer Josh Haeder and Lt. Gov. Tony Venhuizen; every legislator who voted passed it. Against: no organized opposition found (the pamphlet's opposing statement says 'No statement provided'). No campaign committee or money found. source: sdsos.gov (Secretary of State)
In each side's own words where we could find them, quoted or summarized with a link to the source. We don't endorse either side.
What you will see on your ballot
Official ballot wording, word for word (tap to open)
The official ballot title, word for word from the Secretary of State's official ballot question pamphlet .
Constitutional Amendment K. Title: An Amendment to the South Dakota Constitution Establishing the Trust for Unclaimed Property Fund.
Attorney General explanation: Under South Dakota statute, intangible property is presumed to be abandoned if it remains unclaimed by the owner for more than three years after it became payable or distributable. Examples of intangible property are traveler’s checks, money orders, bank deposits, refunds, stocks, funds owed under a life insurance policy, and property held in a safe deposit box. Abandoned intangible property is transferred to the State Treasurer to hold while waiting for the owner to claim it. The State Treasurer must provide public notice of the abandoned property.
This proposed constitutional amendment establishes a trust fund where unclaimed abandoned property will be deposited. Portions of the interest and income from this fund will be distributed into the general fund for the benefit of the state. This proposed amendment requires the Legislature to determine the amount to be distributed that promotes the growth of the trust fund and the distributed amount.
Vote “Yes” to adopt the amendment.
Vote “No” to leave the Constitution as it is.
The text of this constitutional amendment is two pages long containing two sections.
Copied from the Attorney General's title, explanation and vote effects in the pamphlet (printed pages 2 to 5). The Legislature's file holds the resolution's own title and the amendment text, which are different from the Attorney General's ballot title.
Latest news
Recent reporting from a range of outlets, newest first. We link to it; we don't endorse it.
No articles collected yet for this measure.
Full text of the measure
The exact words of the amendment are in the Attorney General's final-form PDF on the Secretary of State's site, which is scanned and not yet checked by us. Read it in the Secretary of State ballot question pamphlet (PDF) .
Read more
- Secretary of State: 2026 ballot question pamphlet (PDF)
- Ballotpedia News: the unclaimed property trust amendment
- Secretary of State: 2026 ballot question pamphlet (PDF)
We link to analysis from several sources; we don't endorse it.