TITLE 55
FIDUCIARIES AND TRUSTS
Chapter
01 Classification And Creation Of Trusts
01A Trustees Powers
01B Directed Trusts
02 Duties And Liabilities Of Trustees
03 Express Trusts For Third Party Beneficiaries
04 Uniform Trusts Act
05 Investment And Management Powers Of Fiduciaries
05A Powers Of Foreign Fiduciaries
06 Common Trust Funds And Collective Investment Funds
07 Third Party Responsibility For Fiduciary Acts
08 Registration And Transfer Of Securities Held By Fiduciaries
09 Charitable Trusts
10 Custodial Gifts To Minors Repealed
10A Uniform Transfers To Minors Act
11 Prearranged Funeral Trusts
12 Cemetery Perpetual Care Funds
13 Revised Uniform Principal And Income Act
13A Uniform Principal And Income Act
14 Management Of Institutional Funds Repealed
14A Uniform Prudent Management Of Institutional Funds Act
15 Total Return Unitrusts
16 Qualified Dispositions In Trust
17 Special Spousal Trusts
18 Virtual Representation
19 Uniform Fiduciary Access To Digital Assets Act
CHAPTER 55-1
CLASSIFICATION AND CREATION OF TRUSTS
55-1-1 Purposes for which trust may be created.
55-1-2 Trusts classified.
55-1-3 Express trust defined.
55-1-4 Creation of express trust--Words or acts of trustor.
55-1-5 Express trust created as to trustee--Words and acts of trustee.
55-1-5.1 Express trust need not be for exclusive benefit of beneficiaries.
55-1-6 Implied trust--Definition--Creation.
55-1-6.1 Implied trust may not prejudice rights of real property purchaser or encumbrancer.
55-1-7 Wrongful detention creates implied trust.
55-1-8 Implied trust resulting from fraud, accident or wrongful act.
55-1-9 Implied trust created by transfer of property in violation of trust.
55-1-10 Transfer of real property to one for money paid by another--Trust presumed.
55-1-11 Implied trust--Declaration by court of equity.
55-1-12 Trustor, trustee, beneficiary, power of appointment, and person defined.
55-1-13 Voluntary trustee--Assumption of relationship.
55-1-14 Interest in existing trust--Transfer by operation of law or written instrument.
55-1-15 Certain trusts not terminated upon trustor's death.
55-1-16 55-1-16 to 55-1-19. Repealed by SL 2007, ch 280, §§ 21 to 24.
55-1-20 Trusts for noncharitable purposes.
55-1-21 Trust for care of animal, care of other property, or other lawful noncharitable purpose.
55-1-21.1 Termination of trust for care of animal.
55-1-21.2 Judicial reduction of property transferred to trustee if trust corpus exceeds amount required for intended purposes.
55-1-21.3 Court order where fulfillment of purposes are impossible, inexpedient, or unlawful.
55-1-21.4 Enforcement of purpose of trust by enforcer.
55-1-21.5 Removal of enforcer.
55-1-21.6 Discretion of trustee of purpose trust.
55-1-21.7 Judicial designation of trustee--Order to carry out intent of trustor and purpose of trust.
55-1-21.8 Distribution of property upon termination of purpose of trust.
55-1-21.9 Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required--Exceptions.
55-1-21.10 Trustee may not use principal and income other than for trust's purposes.
55-1-21.11 Co-enforcer appointment--Powers.
55-1-22 Hybrid purpose trusts valid.
55-1-22.1 Separate shares for beneficiaries and purposes to be maintained in hybrid purpose trust.
55-1-22.2 Beneficiaries' share of a hybrid purpose trust.
55-1-22.3 Spendthrift provision in hybrid purpose trust--Qualified dispositions in trust.
55-1-22.4 Application of §§ 55-1-21 to .9 to hybrid purpose trust--Exceptions.
55-1-22.5 Discretion of trustee of hybrid purpose trust.
55-1-22.6 Enforcer of hybrid purpose trust.
55-1-23 55-1-23. Repealed by SL 2011, ch 212, § 41.
55-1-24 Definitions applicable to §§ 55-1-24 to 55-1-45.
55-1-24.1 Improper motive.
55-1-24.2 Withdrawal power.
55-1-25 Distinction between discretionary trust and support trust--Creditor rights--Judicial review.
55-1-26 Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests.
55-1-27 Certain remainder interests not property interests.
55-1-28 Interest of beneficiary or others not reachable by creditors.
55-1-29 Trust property not subject to personal obligations of trustee.
55-1-30 Distribution and remainder interests not relevant to division of marital property.
55-1-31 Resources of settlor's spouse to be considered in making distribution from support trust--Other beneficiary's resources need not be considered.
55-1-32 Alter ego--Pierce the veil, dominion and control claims.
55-1-33 Repealed.
55-1-34 Provision that beneficial interest in trust income or principal may not be transferred before payment to beneficiary permissible.
55-1-35 Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.
55-1-36 Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary.
55-1-36.1 Effect on creditor claims of trustee discretionary powers to pay taxes or make reimbursements for taxes.
55-1-37 Application of spendthrift provision.
55-1-38 Classification of distribution interest.
55-1-38.1 Classification of interest as support interest.
55-1-39 Bifurcation of trust.
55-1-40 Language resulting in classification of distribution interest.
55-1-41 Effect of spendthrift provision.
55-1-42 Mandatory or support interests.
55-1-43 Discretionary interests.
55-1-44 Action for fraudulent transfer of settlor's assets--Jurisdiction--Attorneys' fees and costs--Burden of proof.
55-1-45 Limitation of action for fraudulent transfer of settlor's assets.
55-1-46 No contest clause defined--Enforceability.
55-1-47 Extrinsic evidence not admissible to establish settlor's intent concerning no contest clause.
55-1-48 Circumstances under which no contest clause unenforceable.
55-1-49 Contest regarding settlor's signature.
55-1-50 Attorneys fees and costs.
55-1-51 Applicability of §§ 55-1-46 to 55-1-50.
55-1-52 Interest on general pecuniary devises.
55-1-53 Expansion, restriction, elimination, or variance of provisions of general application.
55-1-54 Arbitration.
55-1-55 Trust enforceable although not funded or without res, corpus, or assets.
55-1-56 Registration of trust in court at principal place of administration.
55-1-57 Contents of registration statement.
55-1-58 Confidentiality of registration.
55-1-59 Trust registration form.
CHAPTER 55-1A
TRUSTEES' POWERS
55-1A-1 Powers enumerated in chapter apply to any trust unless specifically excluded--Powers as additional to common law powers.
55-1A-2 Trustee defined.
55-1A-3 55-1A-3, 55-1A-4. Repealed by SL 2002, ch 100, §§ 11, 12
55-1A-4.1 55-1A-4.1. Repealed by SL 2002, ch 100, § 13
55-1A-5 Retention of trust property by trustee.
55-1A-6 Additions to trust assets.
55-1A-7 Operation of business by trustee.
55-1A-8 Acquisition of undivided interest in trust asset.
55-1A-9 Investment of trust assets.
55-1A-9.1 Affiliated investments.
55-1A-10 Deposit of trust funds in bank.
55-1A-11 Disposal of trust assets.
55-1A-12 Grant or taking of option for disposition of assets.
55-1A-13 Leases by trustees.
55-1A-14 Repairs by trustee--Removal or demolition.
55-1A-15 Razing or erection of party walls or buildings.
55-1A-16 Land development or dedication--Valuation adjustments.
55-1A-17 Mineral and natural resource leases and explorations.
55-1A-18 Insurance.
55-1A-19 Voting stock or securities--Voting trust agreements.
55-1A-20 Payment of calls, assessments, and other sums charged against corporate securities.
55-1A-21 Corporate powers--Stocks--Reorganizations and mergers--Sales and leases.
55-1A-22 Holding stock in nominee's name without disclosing fiduciary relationship.
55-1A-23 Borrowing money against trust assets.
55-1A-24 Contracts binding upon trust.
55-1A-25 Claims in favor of or against trust or trustee.
55-1A-26 Release of claim or lien.
55-1A-27 Payment of trust administration expenses.
55-1A-28 Creation of reserves.
55-1A-29 Payment of sum distributable to minor or other beneficiary under legal disability--Methods.
55-1A-30 Distribution of property and money.
55-1A-31 Employment of agents and assistants.
55-1A-32 Prosecution or defense of actions and proceedings.
55-1A-32.1 Trustee immunity from liability for failure to prosecute, defend, or continue to defend.
55-1A-33 Advance of income or loan to beneficiary--Lien.
55-1A-34 Advance of money for protection of trust--Lien.
55-1A-35 Execution and delivery of instruments.
55-1A-35.1 Electronic execution of documents.
55-1A-36 Holding of two or more trusts with undivided interests.
55-1A-37 Citation of chapter.
55-1A-38 Trustee may perform necessary and appropriate acts.
55-1A-39 Disclaimer of powers by trustee--Time limit.
55-1A-40 Trust name change.
55-1A-41 Co-trustee appointment--Powers.
CHAPTER 55-1B
DIRECTED TRUSTS
55-1B-1 Definition of terms.
55-1B-1.1 Governing instrument may provide trust advisor or trust protector with powers and immunities of trustee.
55-1B-2 Liability limits of excluded fiduciary--Relief from obligations for excluded fiduciary--Burden of proof in action against excluded fiduciary.
55-1B-3 Death of grantor.
55-1B-4 Trust advisor as fiduciary.
55-1B-5 Excluded fiduciary's liability for loss if trust protector appointed.
55-1B-6 Powers and discretions of trust protector.
55-1B-7 Submission to court jurisdiction--Effect on trust advisor or trust protector.
55-1B-8 Powers of trust protector incorporated by reference in will or trust instrument.
55-1B-9 Investment trust advisor or distribution trust advisor provided for in trust instrument.
55-1B-10 Powers and discretions of investment trust advisor.
55-1B-11 Powers and discretions of distribution trust advisor.
55-1B-12 Powers and discretions of family advisor.
CHAPTER 55-2
DUTIES AND LIABILITIES OF TRUSTEES
55-2-1 Trustee's obligation of good faith.
55-2-2 Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.
55-2-3 Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.
55-2-4 Trustee's influence not to be used for his advantage.
55-2-5 Trustee not to assume a trust adverse to the interest of beneficiary.
55-2-6 Adverse interest of trustee--Information to beneficiary--Removal of trustee.
55-2-7 Fraud against beneficiary of trust.
55-2-8 Presumption against trustee.
55-2-9 Liability of trustee mingling trust property with his own.
55-2-10 Measure of liability for unauthorized use or disposal of trust property--Intent to serve interest of beneficiary.
55-2-11 Liability for acts of cotrustee.
55-2-12 Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.
55-2-13 Notice to qualified beneficiaries of existence of trust--Written directions--Variation of right of a beneficiary to be informed--Confidentiality of trust information.
55-2-13.1 Information to be provided to excluded fiduciaries--Liability limits of trustee.
55-2-14 Duty to provide information regarding revocable trust and its administration.
55-2-15 Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust--Restrictions--Power of appointment to beneficiary of second trust.
55-2-16 Action that may not be taken by restricted trustee may be taken by another unrestricted trustee.
55-2-17 Conditions under which beneficiary has power to change trustees.
55-2-18 Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust.
55-2-19 Exercise of power to distribute income or principal considered exercise of power of appointment.
55-2-20 Impermissible use of power.
55-2-21 Trustee's right to distribute income or principal in trust arising under law or terms of first trust not abridged.
55-2-22 Fiduciary duty to determine that substituted property is of equivalent value.
55-2-23 Reliance of excluded fiduciaries and trustees on tax information.
55-2-24 Notice to beneficiaries and other interested parties.
CHAPTER 55-3
EXPRESS TRUSTS FOR THIRD-PARTY BENEFICIARIES
55-3-1 Application of chapter.
55-3-2 Creation of trust--Mutual consent of trustor and trustee.
55-3-3 Appointing court or public officer as trustor.
55-3-4 Declaration of trust--Declarations of trustor to trustee before acceptance.
55-3-5 Trustee to follow declaration of trust--Modifications.
55-3-6 Trust irrevocable in absence of express contrary provisions.
55-3-7 Trustee's power as agent.
55-3-8 55-3-8. Repealed by SL 1993, ch 355, § 3
55-3-9 55-3-9. Repealed by SL 2007, ch 280, § 25.
55-3-10 Degree of care and diligence used in execution of trusts.
55-3-11 Investment of money by trustee--Interest, simple or compound, on omission to invest trust moneys.
55-3-12 Purchase by trustee of claims against trust property.
55-3-13 Expenses incurred by trustee in performance of trust--Reimbursement.
55-3-14 Compensation of trustee.
55-3-15 Implied trustee--No rights to compensation or repayment of expenses.
55-3-16 Vacation of office of trustee.
55-3-17 Discharge of trustee--Grounds.
55-3-17.1 Resignation of fiduciary.
55-3-18 Survivorship between cotrustees.
55-3-19 Discharge of trustee before trust executed--Duty to secure appointment of successor.
55-3-20 Removal of trustee by circuit court--Vacant trusteeship filled by court.
55-3-20.1 Grounds for removal of trustee.
55-3-21 Appointment of trustee by circuit court--Grounds.
55-3-22 55-3-22. Repealed by SL 1998, ch 282, § 10
55-3-23 Termination of trust.
55-3-24 Modification or termination of trust--Notice to fiduciaries--Distribution of property.
55-3-25 Petition to court for affirmation--Non-consenting beneficiaries--Distribution of property.
55-3-26 Petition to modify terms of trust--Circumstances--Distribution of property.
55-3-27 Termination of noncharitable trusts valued under one hundred fifty thousand dollars--Distribution of property.
55-3-28 Terms of trust may be reformed by court.
55-3-29 Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition to court.
55-3-29.1 Defense of laches not available.
55-3-29.2 Statute of limitations defense not available.
55-3-30 Provisions not exclusive.
55-3-31 55-3-31 to 55-3-38. Repealed by SL 2017, ch 208, § 36.
55-3-39 When state law or jurisdiction provision valid, effective, and conclusive.
55-3-40 Validity, construction, and administration of trust with state jurisdiction provision.
55-3-41 Qualified person defined.
55-3-42 State jurisdiction provision defined.
55-3-43 South Dakota investments defined.
55-3-44 Trustor defined.
55-3-45 Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined.
55-3-46 Effect of the laws, rules, or orders of foreign country on trust or disposition of property.
55-3-46.1 Effect of laws, rules, or orders of other states on a trust or disposition of property.
55-3-47 Cessation of trustee upon action of foreign court--Successor trustee.
55-3-48 South Dakota law governs administration of trust.
55-3-49 Enforcement of foreign judgments.
55-4-1
Definition of terms.
55-4-2
Powers attached to the office of trustee.
55-4-3
Number of trustees for exercise of powers.
55-4-4
Liability of trustee not joining in exercise of power.
55-4-5
Cotrustee--Liability for maladministration of trust.
55-4-6
Voting of corporate stock owned by trustee.
55-4-7
Creation of trust--Bank account to pay special debts.
55-4-8
Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor.
55-4-9
Holding stock in name of nominee.
55-4-10
Loan of trust funds.
55-4-11
Corporate trustee depositing trust funds with self--Interest.
55-4-12
Corporate trustee depositing trust funds with self--Maintenance of required value--Ownership of income--Items specified in statements of financial condition to
Division of Banking.
55-4-13
Trustee not to buy from or sell to self--Exception.
55-4-14
Permitted sales between trusts held by same corporate trustee.
55-4-15
Corporate trustee buying its own stock.
55-4-16
Withdrawals from mingled trust funds.
55-4-17
Unenforceable oral trust created by deed--Duties of intended trustee--Conveyance
of real property interest under oral trust.
55-4-18
Unenforceable oral trust created by deed--Liability of trustee to settlor for transfer
of real property.
55-4-19
Action on contract against trustee in representative capacity--Execution against
trust property--Intervention by beneficiary.
55-4-20
Action on contract against trustee--Notice to beneficiaries.
55-4-21
Action on contract against trustee--Personal liability of trustee.
55-4-22
Exoneration or reimbursement of trustee for tort committed in administration of
trust.
55-4-23
Exoneration or reimbursement of trustee for tort--Increase in value of trust
property.
55-4-24
Liability of trustees of charitable trust for torts not changed by provisions of law
as to exoneration or reimbursement of trustee for tort.
55-4-25
Tort liability of trust estate--Action against trustee, amount of recovery,
intervention by beneficiary.
55-4-26
Tort liability of trust estate--Action against trustee, proof as to reimbursement
unnecessary.
55-4-27
Tort liability of trust estate--Action against trustee, notice to beneficiaries.
55-4-28
Personal liability for tort committed by trustee.
55-4-29
Existing law as to charitable immunity not changed by law as to tort liability of
trust estate.
55-4-30
Power of settlor of trust.
55-4-31
Trustee not liable if beneficiary consents to conduct or releases trustee from
liability or ratifies transaction.
55-4-32
Relieving trustee of duties--Power of the court.
55-4-33
Liabilities for violations of chapter.
55-4-34
Application of chapter to testamentary trust.
55-4-35 Uniformity of interpretation.
55-4-36 Citation of chapter.
55-4-37 Liability for fiduciary's partnership interest limited.
55-4-38 Limitation on trustee's power to make distributions to his or her benefit.
55-4-39 "Trustee" construed broadly.
55-4-40 Applicability of §§ 55-4-38 and 55-4-39.
55-4-41 Certain trustees exempted from §§ 55-4-38 to 55-4-40, inclusive.
55-4-42 to 55-4-47. Repealed.
55-4-48, 55-4-49. Repealed.
55-4-50 Co-trustee's inability or failure to perform.
55-4-51 Certificate of trust furnished in lieu of copy of trust instrument or will that creates testamentary trust--Contents.
55-4-51.1 Recording of certificate of trust--Reliance upon content.
55-4-51.2 Applicability of §§ 55-4-51 and 55-4-51.1.
55-4-51.3 Form of certificate of trust in support of a real property transaction.
55-4-52 Request for excerpts from trust instrument.
55-4-53 Limitation of liability for acting in reliance on certificate of trust.
55-4-54 Enforcement of transaction entered into in reliance on certificate of trust.
55-4-55 Liability for bad faith demand for trust instrument.
55-4-56 Right to obtain copy of trust instrument in judicial proceeding.
55-4-57 Time for commencing judicial proceeding to contest validity of trust--Distribution of trust property--Recovery of improper distribution--Notice.
55-4-58 Presentation of claims against property of trust revocable at settlor's death.
CHAPTER 55-5
INVESTMENT AND MANAGEMENT POWERS OF FIDUCIARIES
55-5-1 55-5-1 to 55-5-5. Repealed by SL 1995, ch 271, §§ 1 to 5
55-5-6 Standards for investing and managing assets.
55-5-7 Prudent investor rule.
55-5-8 Diversification of investments.
55-5-9 Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity.
55-5-10 Investment strategy--Productivity judged by whole portfolio.
55-5-11 Circumstances considered in investment decisions.
55-5-12 Precedence of express provisions of trust instrument.
55-5-13 Court authority over trustee.
55-5-14 Authorization language.
55-5-15 Applicability of chapter.
55-5-16 Delegation of responsibilities to others.
55-5-17 Duties of trustee with respect to life insurance--Notice to settlor.
55-5A-1
Release of judgments or mortgages by foreign fiduciaries--Deeds to carry out real
estate contracts--Court approval not required.
55-5A-2
Certificate of appointing court or clerk attached--Contents.
55-6-1
Establishment and maintenance of common trust funds and collective investment
funds--Purpose.
55-6-1.1
Common trust fund defined.
55-6-1.2
Collective investment fund defined.
55-6-2
Bank or trust company investment in funds.
55-6-2.1
Powers of bank or trust company qualified to act as fiduciary.
55-6-3
Compliance with law governing administration of trust estates.
55-6-4
Application of chapter.
55-6-5
Uniformity of interpretation.
55-6-6
Repealed.
55-6-7
Citation of chapter.
55-7-1
Liability of third persons dealing with trustees.
55-7-2
Definition of terms.
55-7-3
A thing done "in good faith" defined.
55-7-4
Payment or transfer to fiduciary--Nonliability of transferor for improper application.
55-7-5
Check or bill of exchange drawn by fiduciary payable to third person--Liability of
payee.
55-7-6
Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or
transferee.
55-7-7
Bank account in name of fiduciary--Check drawn by fiduciary--Bank's liability to
principal.
55-7-8
Bank account in name of principal--Check drawn by fiduciary--Bank's liability to
principal.
55-7-9
Deposit in bank to fiduciary's personal account--Bank's liability to principal.
55-7-10
Deposit in bank in names of two or more trustees--Check drawn by one.
55-7-11
Negotiable instrument transferred by fiduciary.
55-7-12
Law governing transactions not within Uniform Fiduciaries Act.
55-7-13
Act not retroactive.
55-7-14
Uniformity of interpretation.
55-7-15
Citation of uniform act.
55-8-1
Definition of terms.
55-8-2
Rights and duties of corporation and transfer agent--Law governing.
55-8-3
Application of chapter.
55-8-4
Registration of security in name of fiduciary.
55-8-5
Assignment of security by fiduciary--Assumption as to authority and capacity.
55-8-6
Assignment of security by fiduciary--Compliance with controlling instrument and
law governing fiduciary relationship assumed.
55-8-7
Assignment of security by fiduciary--Corporation or transfer agent not charged with
notice of records or documents.
55-8-8
Assignment of security by fiduciary not the registered owner--Evidence of
appointment or incumbency.
55-8-9
Claim of beneficial interest adverse to transfer of security--Written notice to
corporation or transfer agent, contents.
55-8-10
Claim of beneficial interest adverse to transfer of security--Notice of presentment to
claimant--Restraining order.
55-8-11
Liability of corporation or transfer agent for making or refusing transfer.
55-8-12
Nonliability of corporation or transfer agent for authorized acts.
55-8-13
Participation in breach of fiduciary duty--Nonliability of third persons.
55-8-14
Liability of guarantor of signature of fiduciary.
55-8-15
Corporation and transfer agent not liable for breach of fiduciary duty or on guarantee
of fiduciary's signature.
55-8-16
Tax obligations of corporation or transfer agent not affected by chapter.
55-8-17
Uniformity of interpretation.
55-8-18
Citation of chapter.
55-9-1
Express trusts--Creation for charitable, educational, religious, or other public use.
55-9-2
Validity of trust not affected by uncertainty or violation of rule against perpetuities--Disposal of property by trustee.
55-9-3
Action to enforce charitable trust--Liberal construction to carry out intent--Notice of
action to attorney general.
55-9-4
Incomplete or imperfect trust--Purposes impracticable or impossible of performance--Administration to accomplish general purpose--Order of court with consent of
donor, if alive and competent.
55-9-5
Enforcement by attorney general as representative of beneficiaries--Exception.
55-9-6
Restrictions to avoid taxability of income--Definition of terms.
55-9-7
Restrictions deemed incorporated in instrument creating charitable trust or
foundation.
55-9-8
Self-dealing by trustee prohibited.
55-9-9
Distributions required to avoid taxes.
55-9-10
Retention of excess business holdings prohibited.
55-9-11
Investments to jeopardize exempt purposes prohibited.
55-9-12
Taxable expenditures prohibited.
55-9-13
Judicial determination that restrictive provisions are contrary to instrument creating
trust.
55-9-14
State supervisory powers unimpaired by restrictions to avoid taxability of income.
55-10A-1
Definitions.
55-10A-2
Scope and jurisdiction.
55-10A-3
Nomination of custodian.
55-10A-4
Transfer by gift or exercise of power of appointment.
55-10A-5
Transfer authorized by will or trust.
55-10A-6
Other transfer by fiduciary.
55-10A-7
Transfer by obligor.
55-10A-8
Receipt for custodial property.
55-10A-9
Manner of creating custodial property and effecting transfer.
55-10A-10
Designation of initial custodian.
55-10A-11
Control.
55-10A-12
Single custodianship.
55-10A-13
Validity and effect of transfer.
55-10A-14
Care of custodial property.
55-10A-15
Powers of custodian.
55-10A-16
Use of custodial property.
55-10A-17
Custodian's expenses, compensation, and bond.
55-10A-18
Exemption of third person from liability.
55-10A-19
Liability to third persons.
55-10A-20
Renunciation, resignation, death, or removal of custodian--Designation of successor
custodian.
55-10A-21
Accounting by and determination of liability of custodian.
55-10A-22
Termination of custodianship.
55-10A-23
Applicability.
55-10A-24
Effect on existing custodianships.
55-10A-25
Short title.
55-10A-26
Repeal of the Gifts to Minors Act.
CHAPTER 55-11
PREARRANGED FUNERAL TRUSTS
55-11-1 End-of-life directives--Prearranged funeral contract--Portion of money paid under contract held in trust.
55-11-1.1 Personal property and professional services to be provided under prearranged funeral trust contract.
55-11-2 Deposit of trust fund in banking institution or association--Violation as misdemeanor.
55-11-3 Contract to be in writing--Copies furnished depository and personal representative of contracting party--Clause concerning trust fund required.
55-11-3.1 Clause required in contract not providing guaranteed price.
55-11-4 Financial institution receiving money in trust--Acknowledgment on copy of prearranged funeral contract.
55-11-5 Cancellation of contract creating revocable trust.
55-11-5.1 Return of payments required on revocation under contract with guaranteed price.
55-11-6 55-11-6. Repealed by SL 1986, ch 408, § 13
55-11-7 Solicitation of funeral trust contracts--Annual registration required--Exception--Unauthorized solicitation or sale prohibited--Violation as misdemeanor.
55-11-8 Information to be submitted upon registration.
55-11-9 Repealed.
55-11-10 Applicability of § 37-24-5.4.
55-11-11 Prearranged funeral contract pooled funds trust--Creation--Separate accounts--When consent of purchaser required.
55-11-12 Death or relocation of beneficiary of irrevocable prearranged funeral trust--Seller's option to provide comparable services or return deposits and interest--Disposition of funds.
55-11-12.1 Disbursement of funds in irrevocable prearranged funeral trust.
55-11-13 Prearranged funeral contract not burial insurance.
55-11-14 Applicability of act to certain contracts.
55-11-15 Certain persons operating cemeteries exempted from provisions regarding sale of merchandise and services--Maintenance of funds.
55-12-1
Cemeteries subject to provisions of chapter.
55-12-2
Classification of cemeteries.
55-12-3
Operation of perpetual care cemetery--Creation of perpetual care fund required.
55-12-4
Continuance of operation--Cemetery principal fund deposits.
55-12-5
Previously existing cemetery becoming a perpetual care cemetery--Creation and
maintenance of perpetual care fund.
55-12-6, 55-12-7. Repealed.
55-12-8
Income from cemetery principal fund--Transfer to earnings fund--Use.
55-12-8.1
Permissible uses of proceeds of income transferred to earnings fund.
55-12-9
Nonperpetual care cemeteries.
55-12-10
Nonperpetual care cemetery sign--Requirements as to display.
55-12-11
Forms to disclose status as nonperpetual care cemetery--Information to purchaser of
lot.
55-12-12
Nonperpetual care cemetery becoming a perpetual care cemetery--Creation and
maintenance of perpetual care fund.
55-12-13
Commission, bonus, rebate or other thing of value in connection with sale of
interment space in perpetual care cemetery prohibited--Exceptions.
55-12-14
Representations in connection with sale of interment space as to speculative
investment prohibited.
55-12-15
Violations as petty offenses.
55-12-16
Severability of provisions.
55-12-17
Annual financial report.
55-12-18
Funds to be administered by trustee under control of licensed banking institution--Report to secretary of state.
55-12-19
Attorney general investigation into use of earnings fund--Subpoena.
55-12-20
Procedures available to attorney general.
55-12-21
Court action to enforce compliance.
55-12-22
Injunction to restrain use of money in earnings fund.
55-12-23
Restoration of misused money or property--Appointment of receiver.
55-12-24
Authority of receiver.
CHAPTER 55-13
REVISED UNIFORM PRINCIPAL AND INCOME ACT
55-13-1 Definitions.
55-13-2 Duty of trustee as to receipts and expenditures.
55-13-3 Income--Principal--Charges.
55-13-4 When right to income arises--Apportionment of income.
55-13-5 Income earned during administration of a decedent's estate.
55-13-6 Corporate distributions.
55-13-7 Increase in value of certain trust investments distributable as income.
55-13-8 Business and farming operations.
55-13-9 Disposition of natural resources.
55-13-10 Timber.
55-13-11 Other property subject to depletion.
55-13-13 Charges against income and principal.
55-13-14 Application of chapter.
55-13-15 Uniformity of interpretation.
55-13-16 Short title.
55-13-17 Severability.
55-13-18 Application of chapter to existing trusts and estates.
55-13A-101
Short title.
55-13A-102
Definitions.
55-13A-103
Fiduciary duties--General principles.
55-13A-104
Trustee's power to adjust.
55-13A-105
Judicial control of discretionary power.
55-13A-201 Determination and distribution of net income.
55-13A-202 Distribution to residuary and remainder beneficiaries.
55-13A-301 When right to income begins and ends.
55-13A-302 Apportionment of receipts and disbursements when decedent dies or income interest begins.
55-13A-303 Apportionment when income interest ends.
55-13A-401 Character of receipts.
55-13A-402 Distribution from trust or estate.
55-13A-403 Business and other activities conducted by trustee.
55-13A-404 Principal receipts.
55-13A-405 Rental property.
55-13A-406 Obligation to pay money.
55-13A-407 Insurance policies and similar contracts.
55-13A-408 Insubstantial allocations not required.
55-13A-409 Deferred compensation, annuities, and similar payments.
55-13A-410 Liquidating asset.
55-13A-411 Minerals, water, and other natural resources.
55-13A-412 Timber.
55-13A-413 Property not productive of income.
55-13A-414 Derivatives and options.
55-13A-415 Asset-backed securities.
55-13A-501 Disbursements from income.
55-13A-502 Disbursements from principal.
55-13A-503 Transfers from income to principal for depreciation.
55-13A-504 Transfers from income to reimburse principal.
55-13A-505 Income taxes.
55-13A-506 Adjustments between principal and income because of taxes.
55-13A-601 Uniformity of application and construction.
55-13A-602 Application of chapter to existing trusts and estates.
55-14A-1
Short title.
55-14A-2
Definitions.
55-14A-3
Standard of conduct in managing and investing institutional fund.
55-14A-4
Appropriation for expenditure or accumulation of endowment fund--Rules of
construction.
55-14A-5
Delegation of management and investment functions.
55-14A-6
Release or modification of restrictions on management, investment, or purpose.
55-14A-7
Reviewing compliance.
55-14A-8
Application to existing institutional funds.
55-14A-9
Relation to Electronic Signatures in Global and National Commerce Act.
55-14A-10
Uniformity of application and construction.
CHAPTER 55-15
TOTAL RETURN UNITRUSTS
55-15-1 Definitions.
55-15-2 Trustee's authority to convert income trust, total return unitrust--Calculate trust amount, value--Conditions.
55-15-3 Interested trustee's authority over actions enumerated in § 55-15-2--Conditions.
55-15-4 Trustee may petition court--Appointment of disinterested person.
55-15-5 Annual valuation of trust required.
55-15-6 Calculation of unitrust amount.
55-15-7 55-15-7. Repealed by SL 2009, ch 252, § 40.
55-15-8 Unitrust amount as net income of trust--Allocation of capital gains to trust income.
55-15-9 Administration of total return unitrust--Authority of trustee.
55-15-10 Distributions of principal and standards for income distributions not affected by conversion.
55-15-11 Spouse may compel reconversion to income trust for certain trusts--Written instrument required.
55-15-12 Applicability of chapter.
55-15-13 Trustee acting in good faith not liable--Remedy.
55-15-14 No duty to act created.
55-15-15 Chapter not applicable to charitable remainder unitrust.
CHAPTER 55-16
QUALIFIED DISPOSITIONS IN TRUST
55-16-1 Definitions.
55-16-2 Trust instrument defined.
55-16-3 Qualified person defined.
55-16-4 Persons and entities not to be considered qualified person--Appointment, removal, or replacement of co-trustee, trust advisor, or trust protector.
55-16-5 Service as investment trust advisor--Service as fiduciary by transferor.
55-16-6 Successor qualified person.
55-16-7 Disposition to more than one trustee--Qualified disposition even if all trustees are not qualified persons.
55-16-8 Powers and rights of transferor--Effect on qualified disposition.
55-16-9 Creditors' actions limited to transfers with intent to defraud.
55-16-10 Requirements for bringing claim for fraudulent transfer of settlor's assets.
55-16-11 Disposition by transferor who is a trustee--Time of disposition.
55-16-12 Creditor or other person--Rights with respect to a qualified disposition--Action against trustee, advisor, or trust preparer prohibited.
55-16-13 Action against trustee, advisor, or preparer of trust prohibited if action by creditor would be barred--Jurisdiction--Attorneys' fees and costs.
55-16-14 Multiple qualified dispositions in same trust instrument.
55-16-15 Application of chapter.
55-16-16 Avoidance of qualified disposition.
55-17-1
Arrangement qualifying as special spousal trust.
55-17-2
Required language.
55-17-3
Classification of property--Interest of each spouse.
55-17-4
Amendment and revocation.
55-17-5
Application of Internal Revenue Code--Special spousal property defined--Community property classified by another jurisdiction.
55-17-6
Qualified disposition in trust.
55-17-7
Types of transfers to special spousal trust.
55-17-8
Records.
55-17-9
Matters upon which spouses may agree.
55-17-10
Right of child to support.
55-17-11
Creditor rights--Good faith between spouses.
55-17-12
Bona fide purchasers.
55-17-13
Bona fide purchaser defined.
55-17-14
Unenforceable trusts.
CHAPTER 55-18
VIRTUAL REPRESENTATION
55-18-1 Definitions.
55-18-2 Application of chapter to proceedings involving persons interested in trust.
55-18-3 Effect of provisions of chapter.
55-18-4 Conditions under which representative may not bind person represented.
55-18-5 Notice, service of process, and consent not required of certain persons.
55-18-6 Notice or consent respecting co-representatives.
55-18-7 Demand for notice.
55-18-8 Notice to Department of Social Services.
55-18-9 Persons who may bind others.
55-18-10 Disclosure of information regarding representatives.
55-18-11 Refusal to act as representative.
55-18-12 Petition for advance approval of action.
55-18-13 Representative with conflict of interest.
55-18-14 Disclosure of conflict of interest by representative.
55-18-15 Disclosure of conflict of interest by notifier.
55-18-16 Findings regarding conflict of interest in judicial and nonjudicial proceedings--Immunity of representative from liability.
55-18-17 Discretion of representative--Fiduciary status.
55-18-18 Compensation of representative.
55-18-19 Appointment of court representative.
55-18-20 Limitations on representation of settlor--Limitations on settlor's authority to bind beneficiary.
55-18-21 Limitations on trustee's authority to bind beneficiary.
55-18-22 Unauthorized practice of law not permitted.
55-18-23 Provisions of governing instrument.
55-18-24 Construction with chapter 29A-1.
55-18-25 Liability of notifier.
55-18-26 Liability of fiduciary.
CHAPTER 55-19
UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT
55-19-1 Definitions.
55-19-2 Applicability generally.
55-19-3 Applicability to custodians and employer assets used by employee.
55-19-4 User direction for disclosure of digital assets.
55-19-5 Terms-of-service agreement.
55-19-6 Procedure for disclosing digital assets.
55-19-7 Disclosure of content of electronic communications of deceased user.
55-19-8 Disclosure of other digital assets of deceased user.
55-19-9 Disclosure of content of electronic communications of principal.
55-19-10 Disclosure of other digital assets of principal.
55-19-11 Disclosure of digital assets held in trust when trustee is original user.
55-19-12 Disclosure of contents of electronic communications held in trust when trustee not original user.
55-19-13 Disclosure of other digital assets held in trust when trustee not original user.
55-19-14 Disclosure of assets to conservator of protected person.
55-19-15 Suspension or termination of account of protected person.
55-19-16 Fiduciary duties.
55-19-17 Fiduciary authority generally.
55-19-18 Fiduciary right of access to digital asset not held by custodian or subject to terms-of-service agreement.
55-19-19 Fiduciary as authorized user for purposes of computer fraud or unauthorized access law.
55-19-20 Fiduciary right of access to digital asset.
55-19-21 Disclosure of information by custodian to fiduciary.
55-19-22 Request for termination of user's account.
55-19-23 Custodian compliance.
55-19-24 Custodian notice to user.
55-19-25 Denial by custodian of request for disclosure or termination.
55-19-26 Custodian's ability to require court order.
55-19-27 Custodian immunity.