<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 47-14A-26 - Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2068818Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068818SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068818CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2068818Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068818DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2068818Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2068818000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2068818SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2068818SCL-000003 { 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="s2068818Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-14A-26"><span class="s2068818SENU">47-14A-26</span></a><span xml:space="preserve" class="s2068818SENU">. </span><span class="s2068818CL">Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument.</span></p><p dir="ltr" class="s2068818Normal-000000"><span class="s2068818DefaultParagraphFont">To the extent that, at law or in equity, a trustee has duties (including fiduciary duties) and liabilities relating thereto to a business trust or to a beneficial owner:</span></p><p dir="ltr" class="s2068818Normal-000001"><span class="s2068818DefaultParagraphFont">(1)    Any such trustee acting under a governing instrument is not liable to the business trust or to any such beneficial owner for the trustee's good faith reliance on the provisions of such governing instrument; and</span></p><p dir="ltr" class="s2068818Normal-000001"><span class="s2068818DefaultParagraphFont">(2)    The trustee's duties and liabilities may be expanded or restricted by provisions in a governing instrument.</span></p><p dir="ltr" class="s2068818Normal"><span xml:space="preserve" class="s2068818000002"> </span></p><p dir="ltr" class="s2068818Normal"><span class="s2068818SCL">Source:</span><span xml:space="preserve" class="s2068818SCL-000003"> SL 2001, ch 245, § 26.</span></p></div></body></html>