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CHAPTER 47-14A

SOUTH DAKOTA BUSINESS TRUST ACT

47-14A-1      Definitions.
47-14A-2      Beneficial owner's contribution to business trust--Contribution not required.
47-14A-3      Obligation of beneficial owner--Cash value of contribution as option in addition to other remedies.
47-14A-4      Penalties or consequences for failure to make contribution.
47-14A-5      Liability of beneficial owners.
47-14A-6      Liability of trustees.
47-14A-7      Liability of officers, employees, and others managing business of trust.
47-14A-8      Usury not a defense against beneficial owner's obligation.
47-14A-9      Power to sue and be sued--Liabilities--Property subject to attachment--Exception for separately designed series.
47-14A-10      Trustee may be served with process.
47-14A-11      Service of process--Fee if service made on secretary of state.
47-14A-12      Time for responsive pleading.
47-14A-13      Trustee or beneficial owner may consent to jurisdiction.
47-14A-14      Service of process not limited.
47-14A-15      Circuit court jurisdiction over business trusts.
47-14A-16      Doing business in state by reason of being trustee.
47-14A-17      Beneficial owner to have undivided interest in trust property--Proportionate share in profits and losses.
47-14A-18      Creditors of beneficial owners have no rights in business trust property.
47-14A-19      Beneficial owner's interest in business trust as personal property.
47-14A-20      Beneficial owner's interest transferable.
47-14A-21      Beneficial owner entitled to distribution becomes creditor of business trust.
47-14A-22      Title to property of business trust may be held by trustee.
47-14A-23      Creditors of trustee have no rights in business trust property.
47-14A-24      Trustees to manage affairs of business trust--Persons entitled to direct trustees--Power to direct trustees does not cause person to be trustee nor to create duties or liabilities.
47-14A-25      Provisions of governing instrument.
47-14A-26      Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument.
47-14A-27      Officer or employer acting in reliance on governing instrument not liable--Duties determined by governing instrument.
47-14A-28      Action by beneficial owners--Notice and meeting not necessary if consent exists--Proxy.
47-14A-29      Action by trustees--Notice and meeting not necessary if consent exists--Proxy.
47-14A-30      One trustee required to have residence or principal place of business in state.
47-14A-31      Exception to ยง 47-14A-30 for registered investment companies.
47-14A-32      Change of registered agent or location of office--Amendment to certificate of trust.
47-14A-33      Service of process on registered agent valid.
47-14A-34      Change of name or address of trustee or registered agent--Fee--Certificate.
47-14A-35      Business trust to have perpetual existence--Termination determined by governing instrument.
47-14A-36      Death or incapacity of beneficial owner need not terminate business trust.
47-14A-37      Dissolution of trust determined by governing instrument.
47-14A-38      Powers of trust managers upon dissolution of trust.


47-14A-39      Payment of claims and obligations of trust upon dissolution--Distribution of remaining assets--Liability of persons winding up business.
47-14A-40      Dissolution of series need not cause dissolution of trust--Series dissolution determined by governing instrument--Death or incapacity of beneficial owner need not terminate series.
47-14A-41      Powers of trust series managers upon dissolution of series--Liability.
47-14A-42      Laws applicable to business trusts.
47-14A-43      Certificate of trust to be filed with secretary--Contents--Trust formed upon filing.
47-14A-44      Certificate of amendment--Contents--Certificate of trust may be freely amended.
47-14A-45      Restated certificate of trust integrating all amendments--Contents.
47-14A-46      Certificate of cancellation to be filed upon termination of trust--Contents.
47-14A-47      Certificate of correction or corrected certificate of trust to be filed to correct defective information--Contents--Effective date.
47-14A-48      Termination of certificate containing future effective date.
47-14A-49      Execution of certificates.
47-14A-50      Execution by agent--Authorization of agent.
47-14A-51      Execution of certificate by trustee constitutes oath as to truth of contents.
47-14A-52      Certificates to be delivered to secretary's office--Duties of secretary upon receipt of filing.
47-14A-53      Certificates effective upon filing or upon effective date contained in certificate.
47-14A-54      Fees paid at request of secretary or upon filing of certificate.
47-14A-55      Signature may be facsimile or electronically transmitted--Certificate may be electronically transmitted.
47-14A-56      Certificate of trust on file with secretary is notice of business trust.
47-14A-57      Fees-Documents not effective until fee paid.
47-14A-58      Name of business trust to be distinguishable from other businesses--Exception.
47-14A-59      Name of person in name of business trust.
47-14A-60      Terms contained in name of business trust.
47-14A-61      Reservation of name.
47-14A-62      Reservation of name--Application--Duration--Transfer--Cancellation.
47-14A-63      Fees for reservation--When paid.
47-14A-64      Merger or consolidation of business trusts.
47-14A-65      Certificate of merger or consolidation to be filed with secretary--Contents.
47-14A-66      Validity of certain mergers not affected by failure to file certificate.
47-14A-67      Effective date of merger or consolidation.
47-14A-68      Certificate of merger or consolidation as certificate of cancellation.
47-14A-69      Amendment to or adoption of governing instrument upon merger--Effective date.
47-14A-70      Rights, property, and obligations of merging entities vest in resulting entity.
47-14A-71      Provision for contractual appraisal rights.
47-14A-72      Authority of beneficial owner to bring derivative action.
47-14A-73      Qualifications of plaintiff in derivative action.
47-14A-74      Complaint to specify efforts to secure action by trustees.
47-14A-75      Costs and attorney's fees of successful derivative action.
47-14A-76      Beneficial owner's right to bring derivative action determined by governing instrument.
47-14A-77      Indemnification of trustee or beneficial owner.
47-14A-78      Absence of indemnity provision in governing instrument not conclusive.
47-14A-79      Power of business trust to acquire interest held by beneficial owner.
47-14A-80      Beneficial owners entitled to obtain certain information.
47-14A-81      Trustees entitled to examine certain information.
47-14A-82      Trustees authorized to keep certain information confidential.
47-14A-83      Records maintained in other than written form--Demand for information to be in writing.
47-14A-84      Conversion of existing business entity to business trust--Filing requirements.
47-14A-85      Certificate of conversion--Contents.
47-14A-86      Effective of date of conversion to business trust--Effective date of commencement of business.
47-14A-87      Conversion to business trust not to affect liabilities incurred prior to conversion.
47-14A-88      Rights, property, and obligations of converting entities vest in resulting entity.
47-14A-89      Conversion deemed continuation of business entity as business trust.
47-14A-90      Conversion to be approved under business entity's governing instrument.
47-14A-91      Construction of chapter with other laws.
47-14A-92      Disposition of rights and interests of business entity upon conversion.
47-14A-93      Conversion of business trust to other business entity.
47-14A-94      Provisions of law subject to change.
47-14A-95      Construction.
47-14A-96      Citation of chapter.


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