<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 15-2-36 - Actions for breach of trust against qualified persons. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2043332Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2043332SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2043332CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2043332Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2043332DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2043332000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2043332SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2043332SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2043332Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=15-2-36"><span class="s2043332SENU">15-2-36</span></a><span xml:space="preserve" class="s2043332SENU">. </span><span class="s2043332CL">Actions for breach of trust against qualified persons.</span></p><p dir="ltr" class="s2043332Normal-000000"><span xml:space="preserve" class="s2043332DefaultParagraphFont">If § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=21-22-30"><span class="s2043332DefaultParagraphFont">21-22-30</span></a><span xml:space="preserve" class="s2043332DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-45"><span class="s2043332DefaultParagraphFont">55-3-45</span></a><span xml:space="preserve" class="s2043332DefaultParagraphFont"> do not apply, absent fraud, intentional misrepresentation, or material omission, an action to recover for breach of trust against a qualified person as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-41"><span class="s2043332DefaultParagraphFont">55-3-41</span></a><span xml:space="preserve" class="s2043332DefaultParagraphFont"> or an officer, director, or employee of a qualified person may be commenced only within two years of a trustee's accounting for the period of the breach pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3"><span class="s2043332DefaultParagraphFont">55-3</span></a><span class="s2043332DefaultParagraphFont">. In the case of fraud, intentional misrepresentation, or material omission, the limitation period does not commence to run until discovery of the breach of trust.</span></p><p dir="ltr" class="s2043332Normal"><span xml:space="preserve" class="s2043332000001"> </span></p><p dir="ltr" class="s2043332Normal"><span class="s2043332SCL">Source:</span><span xml:space="preserve" class="s2043332SCL-000002"> SL 2007, ch 247, § 5; SL 2010, ch 232, § 27.</span></p></div></body></html>