CHAPTER 47-14A
SOUTH DAKOTA BUSINESS TRUST ACT
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Definitions.
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Beneficial owner's contribution to business trust--Contribution not required.
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Obligation of beneficial owner--Cash value of contribution as option in addition to
other remedies.
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Penalties or consequences for failure to make contribution.
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Liability of beneficial owners.
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Liability of trustees.
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Liability of officers, employees, and others managing business of trust.
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Usury not a defense against beneficial owner's obligation.
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Power to sue and be sued--Liabilities--Property subject to attachment--Exception for
separately designed series.
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Trustee may be served with process.
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Service of process--Fee if service made on secretary of state.
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Time for responsive pleading.
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Trustee or beneficial owner may consent to jurisdiction.
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Service of process not limited.
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Circuit court jurisdiction over business trusts.
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Doing business in state by reason of being trustee.
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Beneficial owner to have undivided interest in trust property--Proportionate share in
profits and losses.
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Creditors of beneficial owners have no rights in business trust property.
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Beneficial owner's interest in business trust as personal property.
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Beneficial owner's interest transferable.
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Beneficial owner entitled to distribution becomes creditor of business trust.
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Title to property of business trust may be held by trustee.
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Creditors of trustee have no rights in business trust property.
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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.
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Provisions of governing instrument.
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Trustee acting in reliance on governing instrument not liable to trust or beneficial
owner--Duties determined by governing instrument.
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Officer or employer acting in reliance on governing instrument not liable--Duties
determined by governing instrument.
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Action by beneficial owners--Notice and meeting not necessary if consent exists--Proxy.
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Action by trustees--Notice and meeting not necessary if consent exists--Proxy.
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One trustee required to have residence or principal place of business in state.
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Exception to § 47-14A-30 for registered investment companies.
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Change of registered agent or location of office--Amendment to certificate of trust.
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Service of process on registered agent valid.
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Change of name or address of trustee or registered agent--Fee--Certificate.
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Business trust to have perpetual existence--Termination determined by governing
instrument.
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Death or incapacity of beneficial owner need not terminate business trust.
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Dissolution of trust determined by governing instrument.
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Powers of trust managers upon dissolution of trust.
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Payment of claims and obligations of trust upon dissolution--Distribution of
remaining assets--Liability of persons winding up business.
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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.
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Powers of trust series managers upon dissolution of series--Liability.
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Laws applicable to business trusts.
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Certificate of trust to be filed with secretary--Contents--Trust formed upon filing.
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Certificate of amendment--Contents--Certificate of trust may be freely amended.
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Restated certificate of trust integrating all amendments--Contents.
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Certificate of cancellation to be filed upon termination of trust--Contents.
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Certificate of correction or corrected certificate of trust to be filed to correct defective
information--Contents--Effective date.
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Termination of certificate containing future effective date.
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Execution of certificates.
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Execution by agent--Authorization of agent.
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Execution of certificate by trustee constitutes oath as to truth of contents.
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Certificates to be delivered to secretary's office--Duties of secretary upon receipt of
filing.
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Certificates effective upon filing or upon effective date contained in certificate.
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Fees paid at request of secretary or upon filing of certificate.
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Signature may be facsimile or electronically transmitted--Certificate may be
electronically transmitted.
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Certificate of trust on file with secretary is notice of business trust.
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Fees-Documents not effective until fee paid.
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Name of business trust to be distinguishable from other businesses--Exception.
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Name of person in name of business trust.
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Terms contained in name of business trust.
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Reservation of name.
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Reservation of name--Application--Duration--Transfer--Cancellation.
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Fees for reservation--When paid.
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Merger or consolidation of business trusts.
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Certificate of merger or consolidation to be filed with secretary--Contents.
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Validity of certain mergers not affected by failure to file certificate.
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Effective date of merger or consolidation.
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Certificate of merger or consolidation as certificate of cancellation.
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Amendment to or adoption of governing instrument upon merger--Effective date.
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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.
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Qualifications of plaintiff in derivative action.
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Complaint to specify efforts to secure action by trustees.
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Costs and attorney's fees of successful derivative action.
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Beneficial owner's right to bring derivative action determined by governing
instrument.
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Indemnification of trustee or beneficial owner.
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Absence of indemnity provision in governing instrument not conclusive.
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Power of business trust to acquire interest held by beneficial owner.
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Beneficial owners entitled to obtain certain information.
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Trustees entitled to examine certain information.
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Trustees authorized to keep certain information confidential.
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Records maintained in other than written form--Demand for information to be in
writing.
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Conversion of existing business entity to business trust--Filing requirements.
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Certificate of conversion--Contents.
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Effective of date of conversion to business trust--Effective date of commencement
of business.
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Conversion to business trust not to affect liabilities incurred prior to conversion.
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Rights, property, and obligations of converting entities vest in resulting entity.
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Conversion deemed continuation of business entity as business trust.
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Conversion to be approved under business entity's governing instrument.
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Construction of chapter with other laws.
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Disposition of rights and interests of business entity upon conversion.
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Conversion of business trust to other business entity.
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Provisions of law subject to change.
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Construction.
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Citation of chapter.