<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083725Normal { text-align: center; 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.s2083725HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083725DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083725HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083725Normal-000000 { 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; } p.s2083725B { margin-left: 1.38in; text-indent: -1.38in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT"><meta property="og:description" content="SDLRC Codified Law 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-13"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2083725Normal"><span xml:space="preserve" class="s2083725HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13</span></a></p><p dir="ltr" class="s2083725Normal"><span xml:space="preserve" class="s2083725HG4C">REVISED UNIFORM PRINCIPAL AND INCOME ACT </span></p><p dir="ltr" class="s2083725Normal-000000"><span xml:space="preserve" class="s2083725DefaultParagraphFont"> </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-1" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-1</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Definitions. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-2" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-2</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Duty of trustee as to receipts and expenditures. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-3" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-3</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Income--Principal--Charges.</span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-4" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-4</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    When right to income arises--Apportionment of income. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-5" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-5</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Income earned during administration of a decedent's estate. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-6" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-6</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Corporate distributions. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-7" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-7</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Increase in value of certain trust investments distributable as income. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-8" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-8</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Business and farming operations. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-9" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-9</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Disposition of natural resources. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-10" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-10</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Timber. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-11" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-11</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Other property subject to depletion. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-12" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-12</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-12" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-12</span></a><span class="s2083725DefaultParagraphFont">. Reserved</span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-13" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-13</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Charges against income and principal. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-14" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-14</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Application of chapter. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-15" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-15</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Uniformity of interpretation. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-16" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-16</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Short title. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-17" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-17</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Severability. </span></p><p dir="ltr" class="s2083725B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-18" rel="noopener"><span class="s2083725DefaultParagraphFont">55-13-18</span></a><span xml:space="preserve" class="s2083725DefaultParagraphFont">    Application of chapter to existing trusts and estates. </span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072910Normal { 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.s2072910SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072910CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072910Normal-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.s2072910DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072910Normal-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.s2072910000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072910SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072910SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072910Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-1"><span class="s2072910SENU">55-13-1</span></a><span xml:space="preserve" class="s2072910SENU">. </span><span class="s2072910CL">Definitions.</span></p><p dir="ltr" class="s2072910Normal-000000"><span class="s2072910DefaultParagraphFont">As used in this chapter:</span></p><p dir="ltr" class="s2072910Normal-000001"><span class="s2072910DefaultParagraphFont">(1)    "Income beneficiary" means the person to whom income is presently payable or for whom it is accumulated for distribution as income;</span></p><p dir="ltr" class="s2072910Normal-000001"><span class="s2072910DefaultParagraphFont">(2)    "Inventory value" means the cost of property purchased by the trustee and the market value of other property at the time it became subject to the trust, but in the case of a testamentary trust the trustee may use any value finally determined for the purposes of an estate or inheritance tax;</span></p><p dir="ltr" class="s2072910Normal-000001"><span class="s2072910DefaultParagraphFont">(3)    "Remainderman" means the person entitled to principal, including income which has been accumulated and added to principal;</span></p><p dir="ltr" class="s2072910Normal-000001"><span class="s2072910DefaultParagraphFont">(4)    "Trustee" means an original trustee and any successor or added trustee.</span></p><p dir="ltr" class="s2072910Normal"><span xml:space="preserve" class="s2072910000002"> </span></p><p dir="ltr" class="s2072910Normal"><span class="s2072910SCL">Source:</span><span xml:space="preserve" class="s2072910SCL-000003"> SL 1984, ch 323, § 1.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072911Normal { 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.s2072911SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072911CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072911Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 4.50in; text-indent: -4.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072911DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072911Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2072911Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072911000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072911SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072911SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072911Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-2"><span class="s2072911SENU">55-13-2</span></a><span xml:space="preserve" class="s2072911SENU">. </span><span class="s2072911CL">Duty of trustee as to receipts and expenditures.</span></p><p dir="ltr" class="s2072911Normal-000000"><span class="s2072911DefaultParagraphFont">(a)    A trust shall be administered with due regard to the respective interests of income beneficiaries and remaindermen. A trust is so administered with respect to the allocation of receipts and expenditures if a receipt is credited or an expenditure is charged to income or principal or partly to each</span></p><p dir="ltr" class="s2072911Normal-000001"><span class="s2072911DefaultParagraphFont">(1)    in accordance with the terms of the trust instrument, notwithstanding contrary provisions of this chapter;</span></p><p dir="ltr" class="s2072911Normal-000001"><span class="s2072911DefaultParagraphFont">(2)    in the absence of any contrary terms of the trust instrument, in accordance with the provisions of this chapter; or</span></p><p dir="ltr" class="s2072911Normal-000001"><span class="s2072911DefaultParagraphFont">(3)    if neither of the preceding rules of administration is applicable, in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal, and in view of the manner in which men of ordinary prudence, discretion and judgment would act in the management of their own affairs.</span></p><p dir="ltr" class="s2072911Normal-000002"><span class="s2072911DefaultParagraphFont">(b)    If the trust instrument gives the trustee discretion in crediting a receipt or charging an expenditure to income or principal or partly to each, no inference of imprudence or partiality arises from the fact that the trustee has made an allocation contrary to a provision of this chapter.</span></p><p dir="ltr" class="s2072911Normal"><span xml:space="preserve" class="s2072911000003"> </span></p><p dir="ltr" class="s2072911Normal"><span class="s2072911SCL">Source:</span><span xml:space="preserve" class="s2072911SCL-000004"> SL 1984, ch 323, § 2.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2082892Normal { 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.s2082892SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2082892CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2082892StatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; 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.s2082892DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2082892StatuteNumber2 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2082892StatuteNumber1-000000 { 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.s2082892000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2082892NoIndent { text-indent: 0.00in; 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.s2082892DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2082892SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 55-13-3 - Income--Principal--Charges."><meta property="og:description" content="SDLRC Codified Law 55-13-3 - Income--Principal--Charges."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-13-3"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s2082892Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-3" rel="noopener"><span class="s2082892SENU">55-13-3</span></a><span xml:space="preserve" class="s2082892SENU">. </span><span xml:space="preserve" class="s2082892CL">Income--Principal--Charges. </span></p><p dir="ltr" class="s2082892StatuteNumber1"><span class="s2082892DefaultParagraphFont">(a)    Income is the return in money or property derived from the use of principal, including return received as</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span class="s2082892DefaultParagraphFont">(1)    rent of real or personal property, including sums received for cancellation or renewal of a lease;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(2)    interest on money lent, including sums received as consideration for the privilege of prepayment of principal except as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-7" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-7</span></a><span xml:space="preserve" class="s2082892DefaultParagraphFont"> on bond premium and bond discount;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(3)    income earned during administration of a decedent's estate as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-5" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-5</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(4)    corporate distributions as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-6" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-6</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(5)    accrued increment on bonds or other obligations issued at discount as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-7" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-7</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(6)    receipts from business and farming operations as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-8" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-8</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(7)    receipts from disposition of natural resources as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-9" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-9</span></a><span xml:space="preserve" class="s2082892DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-10" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-10</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(8)    receipts from other principal subject to depletion as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-11" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-11</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span class="s2082892DefaultParagraphFont">(9)    receipts from disposition of any underproductive property.</span></p><p dir="ltr" class="s2082892StatuteNumber1-000000"><span class="s2082892DefaultParagraphFont">(b)    Principal is the property which has been set aside by the owner or the person legally empowered so that it is held in trust eventually to be delivered to a remainderman while the return or use of the principal is in the meantime taken or received by or held for accumulation for an income beneficiary. Principal includes</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span class="s2082892DefaultParagraphFont">(1)    consideration received by the trustee on the sale or other transfer of principal or on repayment of a loan or as a refund or replacement or change in the form of principal;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span class="s2082892DefaultParagraphFont">(2)    proceeds of property taken on eminent domain proceedings;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span class="s2082892DefaultParagraphFont">(3)    proceeds of insurance upon property forming part of the principal except proceeds of insurance upon a separate interest of an income beneficiary;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(4)    stock dividends, receipts on liquidation of a corporation, and other corporate distributions as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-6" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-6</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(5)    receipts from the disposition of corporate securities as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-7" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-7</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(6)    royalties and other receipts from disposition of natural resources as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-9" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-9</span></a><span xml:space="preserve" class="s2082892DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-10" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-10</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(7)    receipts from other principal subject to depletion as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-11" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-11</span></a><span class="s2082892DefaultParagraphFont">;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span class="s2082892DefaultParagraphFont">(8)    any profit resulting from any change in the form of principal on underproductive property;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span class="s2082892DefaultParagraphFont">(9)    receipts from disposition of any underproductive property;</span></p><p dir="ltr" class="s2082892StatuteNumber2"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(10)    any allowances for depreciation established under §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-8" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-8</span></a><span xml:space="preserve" class="s2082892DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-13" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-13</span></a><span class="s2082892DefaultParagraphFont">(a)(2).</span></p><p dir="ltr" class="s2082892StatuteNumber1-000000"><span xml:space="preserve" class="s2082892DefaultParagraphFont">(c)    After determining income and principal in accordance with the terms of the trust instrument or of this chapter, the trustee shall charge to income or principal expenses and other charges as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-13" rel="noopener"><span class="s2082892DefaultParagraphFont">55-13-13</span></a><span class="s2082892DefaultParagraphFont">.</span></p><p dir="ltr" class="s2082892Normal"><span xml:space="preserve" class="s2082892000001"> </span></p><p dir="ltr" class="s2082892NoIndent"><span xml:space="preserve" class="s2082892DefaultParagraphFont-000002">Source: </span><span class="s2082892SCL">SL 1984, ch 323, § 3; SL 2021, ch 204, § 7.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072913Normal { 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.s2072913SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072913CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072913Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 5.50in; text-indent: -5.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072913DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072913Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2072913Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072913000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072913SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072913SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072913Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-4"><span class="s2072913SENU">55-13-4</span></a><span xml:space="preserve" class="s2072913SENU">. </span><span class="s2072913CL">When right to income arises--Apportionment of income.</span></p><p dir="ltr" class="s2072913Normal-000000"><span class="s2072913DefaultParagraphFont">(a)    An income beneficiary is entitled to income from the date specified in the trust instrument, or, if none is specified, from the date an asset becomes subject to the trust. In the case of an asset becoming subject to a trust by reason of a will, it becomes subject to the trust as of the date of the death of the testator even though there is an intervening period of administration of the testator's estate.</span></p><p dir="ltr" class="s2072913Normal-000001"><span class="s2072913DefaultParagraphFont">(b)    In the administration of a decedent's estate or an asset becoming subject to a trust by reason of a will</span></p><p dir="ltr" class="s2072913Normal-000002"><span class="s2072913DefaultParagraphFont">(1)    receipts due but not paid at the date of death of the testator are principal;</span></p><p dir="ltr" class="s2072913Normal-000002"><span class="s2072913DefaultParagraphFont">(2)    receipts in the form of periodic payments (other than corporate distributions to stockholders), including rent, interest, or annuities, not due at the date of the death of the testator shall be treated as accruing from day to day. That portion of the receipt accruing before the date of death is principal, and the balance is income.</span></p><p dir="ltr" class="s2072913Normal-000001"><span class="s2072913DefaultParagraphFont">(c)    In all other cases, any receipt from an income producing asset is income even though the receipt was earned or accrued in whole or in part before the date when the asset became subject to the trust.</span></p><p dir="ltr" class="s2072913Normal-000001"><span class="s2072913DefaultParagraphFont">(d)    On termination of an income interest, the income beneficiary whose interest is terminated, or his estate, is entitled to</span></p><p dir="ltr" class="s2072913Normal-000002"><span class="s2072913DefaultParagraphFont">(1)    income undistributed on the date of termination;</span></p><p dir="ltr" class="s2072913Normal-000002"><span class="s2072913DefaultParagraphFont">(2)    income due but not paid to the trustee on the date of termination;</span></p><p dir="ltr" class="s2072913Normal-000002"><span class="s2072913DefaultParagraphFont">(3)    income in the form of periodic payments (other than corporate distributions to stockholders), including rent, interest, or annuities, not due on the date of termination, accrued from day to day.</span></p><p dir="ltr" class="s2072913Normal-000002"><span xml:space="preserve" class="s2072913000003"> </span></p></div><div><p dir="ltr" class="s2072913Normal-000001"><span class="s2072913DefaultParagraphFont">(e)    Corporate distributions to stockholders shall be treated as due on the day fixed by the corporation for determination of stockholders of record entitled to distribution or, if no date is fixed, on the date of declaration of the distribution by the corporation.</span></p><p dir="ltr" class="s2072913Normal"><span xml:space="preserve" class="s2072913000003"> </span></p><p dir="ltr" class="s2072913Normal"><span class="s2072913SCL">Source:</span><span xml:space="preserve" class="s2072913SCL-000004"> SL 1984, ch 323, § 4.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072914Normal { 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.s2072914SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072914CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072914Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 5.50in; text-indent: -5.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072914DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072914Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2072914Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072914000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072914SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072914SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072914Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-5"><span class="s2072914SENU">55-13-5</span></a><span xml:space="preserve" class="s2072914SENU">. </span><span class="s2072914CL">Income earned during administration of a decedent's estate.</span></p><p dir="ltr" class="s2072914Normal-000000"><span class="s2072914DefaultParagraphFont">(a)    Unless the will otherwise provides and subject to subsection (b), all expenses incurred in connection with the settlement of a decedent's estate, including debts, funeral expenses, estate taxes, interest and penalties concerning taxes, family allowances, fees of attorneys and personal representatives, and court costs shall be charged against the principal of the estate.</span></p><p dir="ltr" class="s2072914Normal-000001"><span class="s2072914DefaultParagraphFont">(b)    Unless the will otherwise provides, income from the assets of a decedent's estate after the death of the testator and before distribution, including income from property used to discharge liabilities, shall be determined in accordance with the rules applicable to a trustee under this chapter and distributed as follows:</span></p><p dir="ltr" class="s2072914Normal-000002"><span class="s2072914DefaultParagraphFont">(1)    to specific legatees and devisees, the income from the property bequeathed or devised to them respectively, less taxes, ordinary repairs, and other expenses of management and operation of the property, and an appropriate portion of interest accrued since the death of the testator and of taxes imposed on income (excluding taxes on capital gains) which accrue during the period of administration;</span></p><p dir="ltr" class="s2072914Normal-000002"><span class="s2072914DefaultParagraphFont">(2)    to all other legatees and devisees, except legatees of pecuniary bequests not in trust, the balance of the income, less the balance of taxes, ordinary repairs, and other expenses of management and operation of all property from which the estate is entitled to income, interest accrued since the death of the testator, and taxes imposed on income (excluding taxes on capital gains) which accrue during the period of administration, in proportion to their respective interests in the undistributed assets of the estate computed at times of distribution on the basis of inventory value.</span></p><p dir="ltr" class="s2072914Normal-000001"><span class="s2072914DefaultParagraphFont">(c)    Income received by a trustee under subsection (b) shall be treated as income of the trust.</span></p><p dir="ltr" class="s2072914Normal"><span xml:space="preserve" class="s2072914000003"> </span></p><p dir="ltr" class="s2072914Normal"><span class="s2072914SCL">Source:</span><span xml:space="preserve" class="s2072914SCL-000004"> SL 1984, ch 323, § 5.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072915Normal { 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.s2072915SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072915CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072915Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 3.00in; text-indent: -2.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072915DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072915Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2072915Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072915000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072915SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072915SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072915Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-6"><span class="s2072915SENU">55-13-6</span></a><span xml:space="preserve" class="s2072915SENU">. </span><span class="s2072915CL">Corporate distributions.</span></p><p dir="ltr" class="s2072915Normal-000000"><span class="s2072915DefaultParagraphFont">(a)    Corporate distributions of shares of the distributing corporation, including distributions in the form of a stock split or stock dividend, are principal. A right to subscribe to shares or other securities issued by the distributing corporation accruing to stockholders on account of their stock ownership and the proceeds of any sale of the right are principal.</span></p><p dir="ltr" class="s2072915Normal-000001"><span class="s2072915DefaultParagraphFont">(b)    Except to the extent that the corporation indicates that some part of a corporate distribution is a settlement of preferred or guaranteed dividends accrued since the trustee became a stockholder or is in lieu of an ordinary cash dividend, a corporate distribution is principal if the distribution is pursuant to</span></p><p dir="ltr" class="s2072915Normal-000002"><span class="s2072915DefaultParagraphFont">(1)    a call of shares;</span></p><p dir="ltr" class="s2072915Normal-000002"><span class="s2072915DefaultParagraphFont">(2)    a merger, consolidation, reorganization, or other plan by which assets of the corporation are required by another corporation; or</span></p><p dir="ltr" class="s2072915Normal-000002"><span class="s2072915DefaultParagraphFont">(3)    a total or partial liquidation of the corporation, including any distribution which the corporation indicates is a distribution in total or partial liquidation or any distribution of assets, other than cash, pursuant to a court decree or final administrative order by a government agency ordering distribution of the particular assets.</span></p><p dir="ltr" class="s2072915Normal-000001"><span class="s2072915DefaultParagraphFont">(c)    Distributions made from ordinary income by a regulated investment company or by a trust qualifying and electing to be taxed under federal law as a real estate investment trust are income. All other distributions made by the company or trust, including distributions from capital gains, depreciation, or depletion, whether in the form of cash or an option to take new stock or cash or an option to purchase additional shares, are principal.</span></p><p dir="ltr" class="s2072915Normal-000001"><span class="s2072915DefaultParagraphFont">(d)    Except as provided in subsections (a), (b), and (c), all corporate distributions are income, including cash dividends, distributions of or rights to subscribe to shares or securities or obligations of corporations other than the distributing corporation, and the proceeds of the rights or property distributions. Except as provided in subsections (b) and (c), if the distributing corporation gives a stockholder an option to receive a distribution either in cash or in its own shares, the distribution chosen is income.</span></p><p dir="ltr" class="s2072915Normal-000001"><span class="s2072915DefaultParagraphFont">(e)    The trustee may rely upon any statement of the distributing corporation as to any fact relevant under any provision of this chapter concerning the source or character of dividends or distributions of corporate assets.</span></p><p dir="ltr" class="s2072915Normal"><span xml:space="preserve" class="s2072915000003"> </span></p><p dir="ltr" class="s2072915Normal"><span class="s2072915SCL">Source:</span><span xml:space="preserve" class="s2072915SCL-000004"> SL 1984, ch 323, § 6.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072916Normal { 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.s2072916SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072916CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072916Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 6.00in; text-indent: -5.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072916DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072916Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2072916Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072916000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072916SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072916SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072916Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-7"><span class="s2072916SENU">55-13-7</span></a><span xml:space="preserve" class="s2072916SENU">. </span><span class="s2072916CL">Increase in value of certain trust investments distributable as income.</span></p><p dir="ltr" class="s2072916Normal-000000"><span class="s2072916DefaultParagraphFont">(a)    Unless otherwise provided in the trust instrument, an increase in the value of the following investments owned by any trust is distributable as income when it becomes available for distribution:</span></p><p dir="ltr" class="s2072916Normal-000001"><span class="s2072916DefaultParagraphFont">(1)    A zero coupon bond;</span></p><p dir="ltr" class="s2072916Normal-000001"><span class="s2072916DefaultParagraphFont">(2)    An annuity contract before annuitization;</span></p><p dir="ltr" class="s2072916Normal-000001"><span class="s2072916DefaultParagraphFont">(3)    A life insurance contract before the death of the insured;</span></p><p dir="ltr" class="s2072916Normal-000001"><span class="s2072916DefaultParagraphFont">(4)    An interest in a common trust fund (as defined under § 584 of the Internal Revenue Code) (26 U.S.C. § 584);</span></p><p dir="ltr" class="s2072916Normal-000001"><span class="s2072916DefaultParagraphFont">(5)    An interest in a partnership, as defined in § 7701 of the Internal Revenue Code (26 U.S.C. § 7701); or</span></p><p dir="ltr" class="s2072916Normal-000001"><span class="s2072916DefaultParagraphFont">(6)    Any other obligation for the payment of money that is payable at a future time in accordance with a fixed, variable, or discretionary schedule of appreciation in excess of the price at which it was issued.</span></p><p dir="ltr" class="s2072916Normal-000002"><span class="s2072916DefaultParagraphFont">(b)    For purposes of this section, the increase in value of an investment described in subsection (a) is available for distribution only if the trustee receives cash on account of the investment.</span></p><p dir="ltr" class="s2072916Normal-000002"><span class="s2072916DefaultParagraphFont">(c)    The increase in value of the obligations described in subsection (a) is distributable to the beneficiary who was the income beneficiary at the time of the increase from the first principal cash available or, if none is available, when realized by sale, redemption, or other disposition. If unrealized increase is distributed as income but out of principal, the principal shall be reimbursed from the increase when realized.</span></p><p dir="ltr" class="s2072916Normal"><span xml:space="preserve" class="s2072916000003"> </span></p><p dir="ltr" class="s2072916Normal"><span class="s2072916SCL">Source:</span><span xml:space="preserve" class="s2072916SCL-000004"> SL 1984, ch 323, § 7; SL 1995, ch 272, § 1; SL 2002, ch 100, § 25.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072917Normal { 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.s2072917SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072917CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072917Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 4.00in; text-indent: -3.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072917DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072917Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072917000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072917SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072917SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072917Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-8"><span class="s2072917SENU">55-13-8</span></a><span xml:space="preserve" class="s2072917SENU">. </span><span class="s2072917CL">Business and farming operations.</span></p><p dir="ltr" class="s2072917Normal-000000"><span class="s2072917DefaultParagraphFont">(a)    If a trustee uses any part of the principal in the continuance of a business of which the settlor was a sole proprietor or a partner, the net profits of the business, computed in accordance with generally accepted accounting principles for a comparable business, are income. If a loss results in any fiscal or calendar year, the loss falls on principal and shall not be carried into any other fiscal or calendar year for purposes of calculating net income.</span></p><p dir="ltr" class="s2072917Normal-000001"><span class="s2072917DefaultParagraphFont">(b)    Generally accepted accounting principles shall be used to determine income from an agricultural or farming operation, including the raising of animals or the operation of a nursery.</span></p><p dir="ltr" class="s2072917Normal"><span xml:space="preserve" class="s2072917000002"> </span></p><p dir="ltr" class="s2072917Normal"><span class="s2072917SCL">Source:</span><span xml:space="preserve" class="s2072917SCL-000003"> SL 1984, ch 323, § 8.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072918Normal { 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.s2072918SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072918CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072918Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 4.00in; text-indent: -3.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072918DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072918Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072918DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072918Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072918000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072918SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072918SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072918Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-9"><span class="s2072918SENU">55-13-9</span></a><span xml:space="preserve" class="s2072918SENU">. </span><span class="s2072918CL">Disposition of natural resources.</span></p><p dir="ltr" class="s2072918Normal-000000"><span class="s2072918DefaultParagraphFont">(a)    If any part of the principal consists of a right to receive royalties, overriding or limited royalties, working interests, production payments, net profit interests, or other interests in minerals or other natural resources in, on or under land, the receipts from taking the natural resources from the land shall be allocated as follows:</span></p><p dir="ltr" class="s2072918Normal-000001"><span class="s2072918DefaultParagraphFont">(1)    If received as rent on a lease or extension payments on a lease, the receipts are income.</span></p><p dir="ltr" class="s2072918Normal-000001"><span class="s2072918DefaultParagraphFont">(2)    If received from a production payment, the receipts are income to the extent of any factor for interest or its equivalent provided in the governing instrument. There shall be allocated to principal the fraction of the balance of the receipts which the unrecovered cost of the production payment bears to the balance owed on the production payment, exclusive of any factor for interest or its equivalent. The receipts not allocated to principal are income.</span></p><p dir="ltr" class="s2072918Normal-000001"><span class="s2072918DefaultParagraphFont">(3)    If received as a royalty, overriding or limited royalty, or bonus, or from a working, net profit, or any other interest in minerals or other natural resources, receipts not provided for in the preceding paragraphs of this section shall be apportioned on a yearly basis in accordance with this paragraph whether or not any natural resource was being taken from the land at the time the trust was established. Twenty</span><span class="s2072918DefaultParagraphFont-000002">-</span><span class="s2072918DefaultParagraphFont">seven and one</span><span class="s2072918DefaultParagraphFont-000002">-</span><span class="s2072918DefaultParagraphFont">half percent of the gross receipts (but not to exceed fifty percent of the net receipts remaining after payment of all expenses, direct and indirect, computed without allowance for depletion) shall be added to principal as an allowance for depletion. The balance of the gross receipts, after payment therefrom of all expenses, direct and indirect, is income.</span></p><p dir="ltr" class="s2072918Normal-000003"><span class="s2072918DefaultParagraphFont">(b)    If a trustee, on July 1, 1984, held an item of depletable property of a type specified in this section he shall allocate receipts from the property in the manner used before July 1, 1984, but as to all depletable property acquired after July 1, 1984 by an existing or new trust, the method of allocation provided herein shall be used.</span></p><p dir="ltr" class="s2072918Normal-000003"><span class="s2072918DefaultParagraphFont">(c)    This section does not apply to timber, water, soil, sod, dirt, turf, or mosses.</span></p><p dir="ltr" class="s2072918Normal"><span xml:space="preserve" class="s2072918000004"> </span></p><p dir="ltr" class="s2072918Normal"><span class="s2072918SCL">Source:</span><span xml:space="preserve" class="s2072918SCL-000005"> SL 1984, ch 323, § 9.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072919Normal { 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.s2072919SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072919CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072919Normal-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.s2072919DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072919000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072919SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072919SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072919Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-10"><span class="s2072919SENU">55-13-10</span></a><span xml:space="preserve" class="s2072919SENU">. </span><span class="s2072919CL">Timber.</span></p><p dir="ltr" class="s2072919Normal-000000"><span class="s2072919DefaultParagraphFont">If any part of the principal consists of land from which merchantable timber may be removed, the receipts from taking the timber from the land shall be allocated in accordance with § 55-13-2(a)(3).</span></p><p dir="ltr" class="s2072919Normal"><span xml:space="preserve" class="s2072919000001"> </span></p><p dir="ltr" class="s2072919Normal"><span class="s2072919SCL">Source:</span><span xml:space="preserve" class="s2072919SCL-000002"> SL 1984, ch 323, § 10.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072920Normal { 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.s2072920SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072920CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072920Normal-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.s2072920DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072920000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072920SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072920SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072920Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-11"><span class="s2072920SENU">55-13-11</span></a><span xml:space="preserve" class="s2072920SENU">. </span><span class="s2072920CL">Other property subject to depletion.</span></p><p dir="ltr" class="s2072920Normal-000000"><span xml:space="preserve" class="s2072920DefaultParagraphFont">Except as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-9"><span class="s2072920DefaultParagraphFont">55-13-9</span></a><span xml:space="preserve" class="s2072920DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-10"><span class="s2072920DefaultParagraphFont">55-13-10</span></a><span class="s2072920DefaultParagraphFont">, if the principal consists of property subject to depletion, including leaseholds, patents, copyrights, royalty rights, and rights to receive payments on a contract for deferred compensation, receipts from the property, not in excess of five percent per year of its inventory value, are income, and the balance is principal.</span></p><p dir="ltr" class="s2072920Normal"><span xml:space="preserve" class="s2072920000001"> </span></p><p dir="ltr" class="s2072920Normal"><span class="s2072920SCL">Source:</span><span xml:space="preserve" class="s2072920SCL-000002"> SL 1984, ch 323, § 11.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT55-13-12 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-13-12 "> <META NAME="Description" Content="South Dakota Codified Laws 55-13-12"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: SENU -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: SENU --> 55-13-12. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Reserved<p> </BODY> </HTML> <br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072922Normal { 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.s2072922SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072922CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072922Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 4.50in; text-indent: -4.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072922DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072922Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072922DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072922Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072922000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072922SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072922SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072922Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-13"><span class="s2072922SENU">55-13-13</span></a><span xml:space="preserve" class="s2072922SENU">. </span><span class="s2072922CL">Charges against income and principal.</span></p><p dir="ltr" class="s2072922Normal-000000"><span class="s2072922DefaultParagraphFont">(a)    The following charges shall be made against income:</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(1)    Ordinary expenses incurred in connection with the administration, management, or preservation of the trust property, including regularly recurring taxes assessed against any portion of the principal, water rates, premiums on insurance taken upon the interests of the income beneficiary, remainderman, or trustee, interest paid by the trustee, and ordinary repairs;</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(2)    A reasonable allowance for depreciation on property subject to depreciation under generally accepted accounting principles, but no allowance shall be made for depreciation of that portion of any real property used by a beneficiary as a residence or for depreciation of any property held by the trustee on July 1, 1984 for which the trustee is not then making an allowance for depreciation;</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(3)    One</span><span class="s2072922DefaultParagraphFont-000002">-</span><span class="s2072922DefaultParagraphFont">half of court costs, attorney's fees, and other fees on periodic judicial accounting, unless the court directs otherwise;</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(4)    Court costs, attorney's fees, and other fees on other accountings or judicial proceedings if the matter primarily concerns the income interest, unless the court directs otherwise;</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(5)    One</span><span class="s2072922DefaultParagraphFont-000002">-</span><span class="s2072922DefaultParagraphFont">half of the trustee's regular compensation, whether based on a percentage of principal or income, and all expenses reasonably incurred for current management of principal and application of income;</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(6)    Any tax levied upon receipts defined as income under this chapter or the trust instrument and payable by the trustee.</span></p><p dir="ltr" class="s2072922Normal-000003"><span class="s2072922DefaultParagraphFont">(b)    If charges against income are of unusual amount, the trustee may by means of reserves or other reasonable means charge them over a reasonable period of time and withhold from distribution sufficient sums to regularize distributions.</span></p><p dir="ltr" class="s2072922Normal-000003"><span class="s2072922DefaultParagraphFont">(c)    The following charges shall be made against principal:</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(1)    Trustee's compensation not chargeable to income under subsections (a)(4) and (a)(5), special compensation of trustees, expenses reasonably incurred in connection with principal, court costs and attorney's fees primarily concerning matters of principal, and trustee's compensation computed on principal as an acceptance, distribution, or termination fee;</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(2)    Charges not provided for in subsection (a), including the cost of investing and reinvesting principal, the payments on principal of an indebtedness (including a mortgage amortized by periodic payments of principal), expenses for preparation of property for rental or sale, and, unless the court directs otherwise, expenses incurred in maintaining or defending any action to construe the trust or protect it or the property or assure the title of any trust property;</span></p><p dir="ltr" class="s2072922Normal-000001"><span xml:space="preserve" class="s2072922DefaultParagraphFont">(3)    extraordinary repairs or expenses incurred in making a capital improvement to principal, including special assessments, but, a trustee may establish an allowance for depreciation out of income to the extent permitted by subsection (a)(2) and by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-8"><span class="s2072922DefaultParagraphFont">55-13-8</span></a><span class="s2072922DefaultParagraphFont">;</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(4)    Any tax levied upon profit, gain, or other receipts allocated to principal notwithstanding denomination of the tax as an income tax by the taxing authority;</span></p><p dir="ltr" class="s2072922Normal-000001"><span class="s2072922DefaultParagraphFont">(5)    If an estate or inheritance tax is levied in respect of a trust in which both an income beneficiary and a remainderman have an interest, any amount apportioned to the trust, including interest and penalties, even though the income beneficiary also has rights in the principal.</span></p><p dir="ltr" class="s2072922Normal-000003"><span xml:space="preserve" class="s2072922DefaultParagraphFont">(d)    Regularly recurring charges payable from income shall be apportioned to the same extent and in the same manner that income is apportioned under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-4"><span class="s2072922DefaultParagraphFont">55-13-4</span></a><span class="s2072922DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072922Normal"><span xml:space="preserve" class="s2072922000004"> </span></p><p dir="ltr" class="s2072922Normal"><span class="s2072922SCL">Source:</span><span xml:space="preserve" class="s2072922SCL-000005"> SL 1984, ch 323, § 13.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072923Normal { 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.s2072923SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072923CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072923Normal-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.s2072923DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072923000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072923SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072923SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072923Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-14"><span class="s2072923SENU">55-13-14</span></a><span xml:space="preserve" class="s2072923SENU">. </span><span class="s2072923CL">Application of chapter.</span></p><p dir="ltr" class="s2072923Normal-000000"><span class="s2072923DefaultParagraphFont">Except as specifically provided in the trust instrument, the will or in this chapter, this chapter shall apply to any receipt or expense received or incurred on or after July 1, 1984 by any trust executed or the estate of any decedent dying on or after July 1, 1984.</span></p><p dir="ltr" class="s2072923Normal"><span xml:space="preserve" class="s2072923000001"> </span></p><p dir="ltr" class="s2072923Normal"><span class="s2072923SCL">Source:</span><span xml:space="preserve" class="s2072923SCL-000002"> SL 1984, ch 323, § 14.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072924Normal { 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.s2072924SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072924CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072924Normal-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.s2072924DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072924000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072924SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072924SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072924Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-15"><span class="s2072924SENU">55-13-15</span></a><span xml:space="preserve" class="s2072924SENU">. </span><span class="s2072924CL">Uniformity of interpretation.</span></p><p dir="ltr" class="s2072924Normal-000000"><span class="s2072924DefaultParagraphFont">This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.</span></p><p dir="ltr" class="s2072924Normal"><span xml:space="preserve" class="s2072924000001"> </span></p><p dir="ltr" class="s2072924Normal"><span class="s2072924SCL">Source:</span><span xml:space="preserve" class="s2072924SCL-000002"> SL 1984, ch 323, § 15.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072925Normal { 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.s2072925SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072925CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072925Normal-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.s2072925DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072925000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072925SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072925SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072925Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-16"><span class="s2072925SENU">55-13-16</span></a><span xml:space="preserve" class="s2072925SENU">. </span><span class="s2072925CL">Short title.</span></p><p dir="ltr" class="s2072925Normal-000000"><span class="s2072925DefaultParagraphFont">This chapter may be cited as the Revised Uniform Principal and Income Act.</span></p><p dir="ltr" class="s2072925Normal"><span xml:space="preserve" class="s2072925000001"> </span></p><p dir="ltr" class="s2072925Normal"><span class="s2072925SCL">Source:</span><span xml:space="preserve" class="s2072925SCL-000002"> SL 1984, ch 323, § 16.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072926Normal { 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.s2072926SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072926CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072926Normal-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.s2072926DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072926000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072926SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072926SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072926Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-17"><span class="s2072926SENU">55-13-17</span></a><span xml:space="preserve" class="s2072926SENU">. </span><span class="s2072926CL">Severability.</span></p><p dir="ltr" class="s2072926Normal-000000"><span class="s2072926DefaultParagraphFont">If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application and to this end the provisions of this chapter are severable.</span></p><p dir="ltr" class="s2072926Normal"><span xml:space="preserve" class="s2072926000001"> </span></p><p dir="ltr" class="s2072926Normal"><span class="s2072926SCL">Source:</span><span xml:space="preserve" class="s2072926SCL-000002"> SL 1984, ch 323, § 17.</span></p></div></body></html><br /><hr><br /><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 55-13 - REVISED UNIFORM PRINCIPAL AND INCOME ACT</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072927Normal { 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.s2072927SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072927CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072927Normal-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.s2072927DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072927000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072927SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072927SCL-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="s2072927Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13-18"><span class="s2072927SENU">55-13-18</span></a><span xml:space="preserve" class="s2072927SENU">. </span><span class="s2072927CL">Application of chapter to existing trusts and estates.</span></p><p dir="ltr" class="s2072927Normal-000000"><span xml:space="preserve" class="s2072927DefaultParagraphFont">The provisions of this chapter may not be utilized by any trust created after June 30, 2007, or by any decedent's estate based upon a will executed subsequent to June 30, 2007. Any trust or decedent's estate not otherwise prohibited by this section from utilizing this chapter may apply the provisions of this chapter to such trust or decedent's estate upon the making of an election as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-602"><span class="s2072927DefaultParagraphFont">55-13A-602</span></a><span class="s2072927DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072927Normal"><span xml:space="preserve" class="s2072927000001"> </span></p><p dir="ltr" class="s2072927Normal"><span class="s2072927SCL">Source:</span><span xml:space="preserve" class="s2072927SCL-000002"> SL 2007, ch 282, § 34.</span></p></div></body></html>