<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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sbec76be46a82455a87ca5973a3479125Normal { 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.sbec76be46a82455a87ca5973a3479125HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sbec76be46a82455a87ca5973a3479125DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sbec76be46a82455a87ca5973a3479125HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sbec76be46a82455a87ca5973a3479125Normal-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; } span.sbec76be46a82455a87ca5973a3479125000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sbec76be46a82455a87ca5973a3479125B { 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 55-15 - TOTAL RETURN UNITRUSTS"><meta property="og:description" content="SDLRC Codified Law 55-15 - TOTAL RETURN UNITRUSTS"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-15"><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="sbec76be46a82455a87ca5973a3479125Normal"><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=55-15" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15</span></a></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125Normal"><span class="sbec76be46a82455a87ca5973a3479125HG4C">TOTAL RETURN UNITRUSTS</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125Normal-000000"><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125000001"> </span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-1" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-1</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Definitions.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-2" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-2</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Trustee's authority to convert income trust, total return unitrust--Calculate trust amount, value--Conditions.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-3" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-3</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Interested trustee's authority over actions enumerated in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-15-2" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-2</span></a><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">--Conditions.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-4" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-4</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Trustee may petition court--Appointment of disinterested person.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-5" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-5</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Annual valuation of trust required.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-6" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-6</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Calculation of unitrust amount.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-7" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-7</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-15-7" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-7</span></a><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">. Repealed by SL 2009, ch 252, § 40.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-8" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-8</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Unitrust amount as net income of trust--Allocation of capital gains to trust income.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-9" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-9</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Administration of total return unitrust--Authority of trustee.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-10" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-10</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Distributions of principal and standards for income distributions not affected by conversion.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-11" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-11</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Spouse may compel reconversion to income trust for certain trusts--Written instrument required.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-12" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-12</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Applicability of chapter.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-13" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-13</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Trustee acting in good faith not liable--Remedy.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-14" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-14</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    No duty to act created.</span></p><p dir="ltr" class="sbec76be46a82455a87ca5973a3479125B"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-15" rel="noopener"><span class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">55-15-15</span></a><span xml:space="preserve" class="sbec76be46a82455a87ca5973a3479125DefaultParagraphFont">    Chapter not applicable to charitable remainder unitrust.</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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s7d20937224f54b5ebfebd513481c786bNormal { 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.s7d20937224f54b5ebfebd513481c786bSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s7d20937224f54b5ebfebd513481c786bCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s7d20937224f54b5ebfebd513481c786bStatute { 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.s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s7d20937224f54b5ebfebd513481c786bStatuteNumber1 { 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; } p.s7d20937224f54b5ebfebd513481c786bStatuteNumber2 { margin-left: 1.25in; 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.s7d20937224f54b5ebfebd513481c786b000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s7d20937224f54b5ebfebd513481c786bNoIndent { 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.s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s7d20937224f54b5ebfebd513481c786bSCL { 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 55-15-1 - Definitions."><meta property="og:description" content="SDLRC Codified Law 55-15-1 - Definitions."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-15-1"><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="s7d20937224f54b5ebfebd513481c786bNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-1" rel="noopener"><span class="s7d20937224f54b5ebfebd513481c786bSENU">55-15-1</span></a><span xml:space="preserve" class="s7d20937224f54b5ebfebd513481c786bSENU">. </span><span class="s7d20937224f54b5ebfebd513481c786bCL">Definitions.</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatute"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(1)    "Disinterested person," any person who is not a related or subordinate party, as defined in 26 U.S.C. § 672(c) , as amended and in effect on January 1, 2023, with respect to the person then acting as trustee of the trust and excludes the trustor of the trust and any interested trustee;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(2)    "Income trust," any trust, created by either an inter vivos or a testamentary instrument, which directs or permits the trustee to distribute the net income of the trust to one or more persons, whether at fixed intervals or from time to time, either in fixed proportions or in amounts or proportions determined by the trustee. However, no trust that otherwise is an income trust may qualify pursuant to this subdivision, if it is subject to taxation under 26 U.S.C. § 2001 or 26 U.S.C. § 2501, as amended and in effect on January 1, 2023, until the expiration of the period for filing the return therefor (including extensions);</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(3)    "Interested distributee," any person to whom distributions of income or principal can currently be made who has the power to remove the existing trustee and designate as successor a person who may be a related or subordinate party, as defined in 26 U.S.C. § 672(c), as amended and in effect on January 1, 2023, with respect to such distributee;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(4)    "Interested trustee:"</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber2"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(a)    Any individual trustee to whom the net income or principal of the trust can currently be distributed or would be distributed if the trust were then to terminate and be distributed;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber2"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(b)    Any trustee who may be removed and replaced by an interested distributee;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber2"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(c)    Any individual trustee whose legal obligation to support a beneficiary may be satisfied by distributions of income and principal of the trust; or</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber2"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(d)    Any of the above;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(5)    "Total return unitrust," any income trust which has been converted under and meets the provisions of this chapter;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(6)    "Trustee," all persons acting as trustee of the trust, except where expressly noted otherwise, whether acting in their discretion or on the direction of one or more persons acting in a fiduciary capacity;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(7)    "Trustor," any individual who created an inter vivos or a testamentary trust;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(7A)    "Unitrust," a trust, the terms of which require or permit distribution of a unitrust amount, without regard to whether the trust has been converted to a unitrust in accordance with this chapter or whether the trust is established by express terms of the governing instrument;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(8)    "Unitrust amount," an amount equal to a percentage of a unitrust's assets that may or are required to be distributed to one or more beneficiaries annually in accordance with the terms of the unitrust. The unitrust amount may be determined by reference to the net fair market value of the unitrust's assets as of a particular date each year or as an average determined on a multiple year basis;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(9)    "Current valuation year," the accounting period of the trust for which the unitrust amount is being determined;</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span xml:space="preserve" class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(10)    "Prior valuation year," each of the two accounting periods of the trust immediately preceding the current valuation year; </span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(11)    "I.R.C.," the Internal Revenue Code (26 U.S.C. section 1, et seq.); and</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bStatuteNumber1"><span class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont">(12)    "Net income," the amount of income of the trust for the taxable year described in 26 U.S.C. § 643(b), as amended and in effect on January 1, 2023, as income when not preceded by the words, taxable, distributable net, undistributed net, or gross, otherwise known as the trust accounting income of a trust.</span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bNormal"><span xml:space="preserve" class="s7d20937224f54b5ebfebd513481c786b000000"> </span></p><p dir="ltr" class="s7d20937224f54b5ebfebd513481c786bNoIndent"><span xml:space="preserve" class="s7d20937224f54b5ebfebd513481c786bDefaultParagraphFont-000001">Source: </span><span class="s7d20937224f54b5ebfebd513481c786bSCL">SL 2002, ch 225, § 1; SL 2009, ch 252, § 45; SL 2023, ch 161, § 12.</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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072977Normal { 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.s2072977SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072977CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072977Normal-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.s2072977DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072977Normal-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.s2072977000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072977SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072977SCL-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="s2072977Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-2"><span class="s2072977SENU">55-15-2</span></a><span xml:space="preserve" class="s2072977SENU">. </span><span class="s2072977CL">Trustee's authority to convert income trust, total return unitrust--Calculate trust amount, value--Conditions.</span></p><p dir="ltr" class="s2072977Normal-000000"><span class="s2072977DefaultParagraphFont">A trustee, other than an interested trustee, or, if two or more persons are acting as trustee, a majority of the trustees who are not an interested trustee (in either case hereafter "trustee"), may, in its sole discretion and without the approval of any court, (i) convert an income trust to a total return unitrust, (ii) reconvert a total return unitrust to an income trust, or (iii) change the percentage used to calculate the unitrust amount and the method used to determine the fair market value of the trust if:</span></p><p dir="ltr" class="s2072977Normal-000001"><span class="s2072977DefaultParagraphFont">(1)    The trustee adopts a written policy for the trust providing (i) in the case of a trust being administered as an income trust, that future distributions from the trust will be unitrust amounts rather than net income, (ii) in the case of a trust being administered as a total return unitrust, that future distributions from the trust will be net income rather than unitrust amounts, or (iii) that the percentage used to calculate the unitrust amount or the method used to determine the fair market value of the trust will be changed as stated in the policy;</span></p><p dir="ltr" class="s2072977Normal-000001"><span class="s2072977DefaultParagraphFont">(2)    The trustee sends written notice of its intention to take such action, along with copies of such written policy and this chapter, to (i) the trustor, if living, (ii) all living persons who are currently receiving or eligible to receive distributions of income of the trust, (iii) all living persons who would receive principal of the trust if the trust were to terminate at the time of the giving of such notice (without regard to the exercise of any power of appointment) or, if the trust does not provide for its termination, all living persons who would receive or be eligible to receive distributions of income or principal of the trust if the persons identified in subclause (ii) of this subdivision were deceased, and (iv) all persons acting as adviser or protector of the trust;</span></p><p dir="ltr" class="s2072977Normal-000001"><span class="s2072977DefaultParagraphFont">(3)    At least one person receiving notice under each of subclauses (ii) and (iii) of subdivision (2) is, to the best information and belief of the trustee, legally competent; and</span></p><p dir="ltr" class="s2072977Normal-000001"><span class="s2072977DefaultParagraphFont">(4)    No person receiving such notice objects, by written instrument delivered to the trustee, to the proposed action of the trustee within sixty days of receipt of such notice.</span></p><p dir="ltr" class="s2072977Normal"><span xml:space="preserve" class="s2072977000002"> </span></p><p dir="ltr" class="s2072977Normal"><span class="s2072977SCL">Source:</span><span xml:space="preserve" class="s2072977SCL-000003"> SL 2002, ch 225, § 2.</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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072978Normal { 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.s2072978SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072978CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072978Normal-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.s2072978DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072978000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072978SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072978SCL-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="s2072978Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-3"><span class="s2072978SENU">55-15-3</span></a><span xml:space="preserve" class="s2072978SENU">. </span><span xml:space="preserve" class="s2072978CL">Interested trustee's authority over actions enumerated in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-2"><span class="s2072978CL">55-15-2</span></a><span class="s2072978CL">--Conditions.</span></p><p dir="ltr" class="s2072978Normal-000000"><span xml:space="preserve" class="s2072978DefaultParagraphFont">If there is no trustee of the trust other than an interested trustee, the interested trustee or, if two or more persons are acting as trustee and are interested trustees, a majority of such interested trustees, may, in its sole discretion and without the approval of any court, take such action as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-2"><span class="s2072978DefaultParagraphFont">55-15-2</span></a><span xml:space="preserve" class="s2072978DefaultParagraphFont"> so long as the trustee appoints a disinterested person who, in its sole discretion but acting in a fiduciary capacity, determines for the trustee (i) the percentage to be used to calculate the unitrust amount, (ii) the method to be used in determining the fair market value of the trust, and (iii) which assets, if any, are to be excluded in determining the unitrust amount; and complies with all of the provisions of subdivisions (1) to (4), inclusive, of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-2"><span class="s2072978DefaultParagraphFont">55-15-2</span></a><span class="s2072978DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072978Normal"><span xml:space="preserve" class="s2072978000001"> </span></p><p dir="ltr" class="s2072978Normal"><span class="s2072978SCL">Source:</span><span xml:space="preserve" class="s2072978SCL-000002"> SL 2002, ch 225, § 3.</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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072979Normal { 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.s2072979SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072979CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072979Normal-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.s2072979DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072979000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072979SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072979SCL-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="s2072979Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-4"><span class="s2072979SENU">55-15-4</span></a><span xml:space="preserve" class="s2072979SENU">. </span><span class="s2072979CL">Trustee may petition court--Appointment of disinterested person.</span></p><p dir="ltr" class="s2072979Normal-000000"><span xml:space="preserve" class="s2072979DefaultParagraphFont">If any trustee desires to (i) convert an income trust to a total return unitrust, (ii) reconvert a total return unitrust to an income trust, or (iii) change the percentage used to calculate the unitrust amount and the method used to determine the fair market value of the trust but does not have the ability to or elects not to do it under the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-2"><span class="s2072979DefaultParagraphFont">55-15-2</span></a><span xml:space="preserve" class="s2072979DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-3"><span class="s2072979DefaultParagraphFont">55-15-3</span></a><span class="s2072979DefaultParagraphFont">, or in the event the trustee receives a written objection within the applicable period, the trustee may petition the court for such order as the trustee deems appropriate. In the event, however, there is only one trustee of such trust and such trustee is an interested trustee or in the event there are two or more trustees of such trust and a majority of them are interested trustees, the court, in its own discretion or on the petition of such trustee or trustees or any person interested in the trust, may appoint a disinterested person who, acting in a fiduciary capacity, shall present such information to the court as shall be necessary to enable the court to make its determination.</span></p><p dir="ltr" class="s2072979Normal"><span xml:space="preserve" class="s2072979000001"> </span></p><p dir="ltr" class="s2072979Normal"><span class="s2072979SCL">Source:</span><span xml:space="preserve" class="s2072979SCL-000002"> SL 2002, ch 225, § 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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072980Normal { 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.s2072980SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072980CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072980Normal-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.s2072980DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072980000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072980SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072980SCL-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="s2072980Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-5"><span class="s2072980SENU">55-15-5</span></a><span xml:space="preserve" class="s2072980SENU">. </span><span class="s2072980CL">Annual valuation of trust required.</span></p><p dir="ltr" class="s2072980Normal-000000"><span class="s2072980DefaultParagraphFont">The fair market value of the trust shall be determined at least annually, using such valuation date or dates or averages of valuation dates as are deemed appropriate. Assets for which a fair market value cannot be readily ascertained shall be valued using such valuation methods as are deemed reasonable and appropriate. Such assets may be excluded from valuation, if all income received with respect to such assets is distributed to the extent distributable in accordance with the terms of the governing instrument.</span></p><p dir="ltr" class="s2072980Normal"><span xml:space="preserve" class="s2072980000001"> </span></p><p dir="ltr" class="s2072980Normal"><span class="s2072980SCL">Source:</span><span xml:space="preserve" class="s2072980SCL-000002"> SL 2002, ch 225, § 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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072981Normal { 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.s2072981SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072981CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072981Normal-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.s2072981DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072981Normal-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.s2072981000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072981SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072981SCL-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="s2072981Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-6"><span class="s2072981SENU">55-15-6</span></a><span xml:space="preserve" class="s2072981SENU">. </span><span class="s2072981CL">Calculation of unitrust amount.</span></p><p dir="ltr" class="s2072981Normal-000000"><span class="s2072981DefaultParagraphFont">The unitrust amount shall be determined as follows:</span></p><p dir="ltr" class="s2072981Normal-000001"><span class="s2072981DefaultParagraphFont">(1)    For the first three accounting periods of the trust, the unitrust amount for a current valuation year of the trust may not be less than three percent, nor more than five percent, by the election of the trustee, the disinterested person, or the court, of the net fair market value of the assets held in the trust on the valuation date of the current valuation year;</span></p><p dir="ltr" class="s2072981Normal-000001"><span class="s2072981DefaultParagraphFont">(2)    Beginning with the fourth accounting period of the trust, the unitrust amount for a current valuation year of the trust may not be less than three percent, nor more than five percent, by the election of the trustee, the disinterested person, or the court, of the average of the net fair market value of the assets held in the trust on the valuation date of the current valuation year and the net fair market value of the assets held in the trust on the valuation date of each prior valuation year, as defined in subdivision 55-15-1(10);</span></p><p dir="ltr" class="s2072981Normal-000001"><span class="s2072981DefaultParagraphFont">(3)    The percentage that may be elected by the trustee, the disinterested person, or the court in determining the unitrust amount shall be a reasonable current return from the trust, taking into account the intentions of the trustor of the trust as expressed in the governing instrument, the needs of the beneficiaries, general economic conditions, projected current earnings and appreciation for the trust, and projected inflation and its impact on the trust. However, such election by the trustee, the disinterested person, or the court in determining the unitrust amount may not be less than three percent nor more than five percent;</span></p><p dir="ltr" class="s2072981Normal-000001"><span class="s2072981DefaultParagraphFont">(4)    The unitrust amount for the current valuation year shall be proportionately reduced for any distributions, in whole or in part, other than distributions of the unitrust amount, and for any payments of expenses, including debts, disbursements and taxes, from the trust within a current valuation year that the trustee determines to be material and substantial, and shall be proportionately increased for the receipt, other than a receipt that represents a return on investment, of any additional property into the trust within a current valuation year;</span></p><p dir="ltr" class="s2072981Normal-000001"><span class="s2072981DefaultParagraphFont">(5)    In the case of a short accounting period, the trustee shall prorate the unitrust amount on a daily basis;</span></p><p dir="ltr" class="s2072981Normal-000001"><span class="s2072981DefaultParagraphFont">(6)    If the net fair market value of an asset held in the trust has been incorrectly determined either in a current valuation year or in a prior valuation year, the unitrust amount shall be increased in the case of an undervaluation, or be decreased in the case of an overvaluation, by an amount equal to the difference between the unitrust amount determined based on the correct valuation of the asset and the unitrust amount originally determined;</span></p><p dir="ltr" class="s2072981Normal-000001"><span class="s2072981DefaultParagraphFont">(7)    In determining the net fair market value of the assets held in trust, the determination may not include the value of any residential property or any tangible personal property that, as of the first business day of the current valuation year, one or more income beneficiaries of the trust have or had the right to occupy, or have or had the right to possess or control, other than in a capacity as trustee, and instead the right of occupancy or the right of possession or control shall be deemed to be the unitrust amount with respect to the residential property or the tangible personal property; or any asset specifically given to a beneficiary under the terms of the trust and the return on investment on that asset, which return on investment shall be distributed to the beneficiary.</span></p><p dir="ltr" class="s2072981Normal"><span xml:space="preserve" class="s2072981000002"> </span></p><p dir="ltr" class="s2072981Normal"><span class="s2072981SCL">Source:</span><span xml:space="preserve" class="s2072981SCL-000003"> SL 2002, ch 225, § 6; SL 2004, ch 312, § 7; SL 2005, ch 260, § 9; SL 2009, ch 252, § 39; SL 2013, ch 239, § 13.</span></p></div></body></html><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-15 - TOTAL RETURN UNITRUSTS55-15-7 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-15-7 "> <META NAME="Description" Content="South Dakota Codified Laws 55-15-7"> </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 --> 55-15-7. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2009, ch 252, &#167;&nbsp;40.<p> </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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; 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font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s56d3af848ecf469ead4b213229f788a5SCL { 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 55-15-8 - Unitrust amount as net income of trust--Allocation of capital gains to trust income."><meta property="og:description" content="SDLRC Codified Law 55-15-8 - Unitrust amount as net income of trust--Allocation of capital gains to trust income."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-15-8"><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="s56d3af848ecf469ead4b213229f788a5Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-8" rel="noopener"><span class="s56d3af848ecf469ead4b213229f788a5SENU">55-15-8</span></a><span xml:space="preserve" class="s56d3af848ecf469ead4b213229f788a5SENU">. </span><span class="s56d3af848ecf469ead4b213229f788a5CL">Unitrust amount as net income of trust--Allocation of capital gains to trust income.</span></p><p dir="ltr" class="s56d3af848ecf469ead4b213229f788a5Statute"><span class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont">Following the conversion of an income trust to a total return unitrust, the trustee:</span></p><p dir="ltr" class="s56d3af848ecf469ead4b213229f788a5StatuteNumber1"><span class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont">(1)    Shall treat the unitrust amount as the net income of the trust for purposes of determining the amount available, from time to time, for distributions from the trust; and</span></p><p dir="ltr" class="s56d3af848ecf469ead4b213229f788a5StatuteNumber1"><span class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont">(2)    May allocate to trust income for each taxable year of the trust (or portions thereof):</span></p><p dir="ltr" class="s56d3af848ecf469ead4b213229f788a5StatuteNumber2"><span class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont">(a)    Net short</span><span class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont-000000">-</span><span class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont">term capital gain described in 26 U.S.C. § 1222(5), as amended and in effect on January 1, 2023, for such year (or portion thereof) but only to the extent that the amounts so allocated together with all other amounts allocate to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof); and</span></p><p dir="ltr" class="s56d3af848ecf469ead4b213229f788a5StatuteNumber2"><span class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont">(b)    Net long</span><span class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont-000000">-</span><span class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont">term capital gain described in 26 U.S.C. § 1222(7), as amended and in effect on January 1, 2023, for such year (or portion thereof) but only to the extent that the amount so allocated together with all other amounts, including amounts described in subsection (a) above, allocated to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof).</span></p><p dir="ltr" class="s56d3af848ecf469ead4b213229f788a5Normal"><span xml:space="preserve" class="s56d3af848ecf469ead4b213229f788a5000001"> </span></p><p dir="ltr" class="s56d3af848ecf469ead4b213229f788a5NoIndent"><span xml:space="preserve" class="s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont-000002">Source: </span><span class="s56d3af848ecf469ead4b213229f788a5SCL">SL 2002, ch 225, § 8; SL 2023, ch 161, § 13.</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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s8d8c63bb44b84a3e82ad48835c9ac888Normal { 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.s8d8c63bb44b84a3e82ad48835c9ac888SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s8d8c63bb44b84a3e82ad48835c9ac888CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s8d8c63bb44b84a3e82ad48835c9ac888Statute { 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.s8d8c63bb44b84a3e82ad48835c9ac888DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s8d8c63bb44b84a3e82ad48835c9ac888StatuteNumber1 { 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.s8d8c63bb44b84a3e82ad48835c9ac888000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s8d8c63bb44b84a3e82ad48835c9ac888NoIndent { 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.s8d8c63bb44b84a3e82ad48835c9ac888DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s8d8c63bb44b84a3e82ad48835c9ac888SCL { 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 55-15-9 - Administration of total return unitrust--Authority of trustee."><meta property="og:description" content="SDLRC Codified Law 55-15-9 - Administration of total return unitrust--Authority of trustee."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-15-9"><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="s8d8c63bb44b84a3e82ad48835c9ac888Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-9" rel="noopener"><span class="s8d8c63bb44b84a3e82ad48835c9ac888SENU">55-15-9</span></a><span xml:space="preserve" class="s8d8c63bb44b84a3e82ad48835c9ac888SENU">. </span><span class="s8d8c63bb44b84a3e82ad48835c9ac888CL">Administration of total return unitrust--Authority of trustee.</span></p><p dir="ltr" class="s8d8c63bb44b84a3e82ad48835c9ac888Statute"><span class="s8d8c63bb44b84a3e82ad48835c9ac888DefaultParagraphFont">In administering a total return unitrust, the trustee may, in its sole discretion but subject to the provisions of the governing instrument, determine:</span></p><p dir="ltr" class="s8d8c63bb44b84a3e82ad48835c9ac888StatuteNumber1"><span class="s8d8c63bb44b84a3e82ad48835c9ac888DefaultParagraphFont">(1)    The effective date of the conversion;</span></p><p dir="ltr" class="s8d8c63bb44b84a3e82ad48835c9ac888StatuteNumber1"><span class="s8d8c63bb44b84a3e82ad48835c9ac888DefaultParagraphFont">(2)    The timing of distributions during the year, if any, including provisions for prorating distributions for a short year when the effective date of a conversion takes place during the year;</span></p><p dir="ltr" class="s8d8c63bb44b84a3e82ad48835c9ac888StatuteNumber1"><span class="s8d8c63bb44b84a3e82ad48835c9ac888DefaultParagraphFont">(3)    Whether distributions are to be made in cash or in kind or partly in cash and partly in kind;</span></p><p dir="ltr" class="s8d8c63bb44b84a3e82ad48835c9ac888StatuteNumber1"><span class="s8d8c63bb44b84a3e82ad48835c9ac888DefaultParagraphFont">(4)    If the trust is reconverted to an income trust, the effective date of such reconversion; and</span></p><p dir="ltr" class="s8d8c63bb44b84a3e82ad48835c9ac888StatuteNumber1"><span class="s8d8c63bb44b84a3e82ad48835c9ac888DefaultParagraphFont">(5)    Such other administrative issues as may be necessary or appropriate to carry out the purposes of this chapter.</span></p><p dir="ltr" class="s8d8c63bb44b84a3e82ad48835c9ac888Normal"><span xml:space="preserve" class="s8d8c63bb44b84a3e82ad48835c9ac888000000"> </span></p><p dir="ltr" class="s8d8c63bb44b84a3e82ad48835c9ac888NoIndent"><span xml:space="preserve" class="s8d8c63bb44b84a3e82ad48835c9ac888DefaultParagraphFont-000001">Source: </span><span class="s8d8c63bb44b84a3e82ad48835c9ac888SCL">SL 2002, ch 225, § 9; SL 2023, ch 161, § 14.</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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s9d7ec55110c6413bb2f9ab0636ea7af4Normal { 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.s9d7ec55110c6413bb2f9ab0636ea7af4SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9d7ec55110c6413bb2f9ab0636ea7af4CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s9d7ec55110c6413bb2f9ab0636ea7af4Statute { 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.s9d7ec55110c6413bb2f9ab0636ea7af4DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9d7ec55110c6413bb2f9ab0636ea7af4000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s9d7ec55110c6413bb2f9ab0636ea7af4NoIndent { 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.s9d7ec55110c6413bb2f9ab0636ea7af4DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9d7ec55110c6413bb2f9ab0636ea7af4SCL { 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 55-15-10 - Distributions of principal and standards for income distributions not affected by conversion."><meta property="og:description" content="SDLRC Codified Law 55-15-10 - Distributions of principal and standards for income distributions not affected by conversion."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-15-10"><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="s9d7ec55110c6413bb2f9ab0636ea7af4Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-15-10" rel="noopener"><span class="s9d7ec55110c6413bb2f9ab0636ea7af4SENU">55-15-10</span></a><span xml:space="preserve" class="s9d7ec55110c6413bb2f9ab0636ea7af4SENU">. </span><span class="s9d7ec55110c6413bb2f9ab0636ea7af4CL">Distributions of principal and standards for income distributions not affected by conversion.</span></p><p dir="ltr" class="s9d7ec55110c6413bb2f9ab0636ea7af4Statute"><span class="s9d7ec55110c6413bb2f9ab0636ea7af4DefaultParagraphFont">Conversion to a total return unitrust under the provisions of this chapter does not affect any other provisions of the governing instrument, if any, regarding distributions of principal or the standards for distributions of income.</span></p><p dir="ltr" class="s9d7ec55110c6413bb2f9ab0636ea7af4Normal"><span xml:space="preserve" class="s9d7ec55110c6413bb2f9ab0636ea7af4000000"> </span></p><p dir="ltr" class="s9d7ec55110c6413bb2f9ab0636ea7af4NoIndent"><span xml:space="preserve" class="s9d7ec55110c6413bb2f9ab0636ea7af4DefaultParagraphFont-000001">Source: </span><span class="s9d7ec55110c6413bb2f9ab0636ea7af4SCL">SL 2002, ch 225, § 10; SL 2023, ch 161, § 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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072986Normal { 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.s2072986SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072986CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072986Normal-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.s2072986DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072986000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072986SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072986SCL-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="s2072986Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-11"><span class="s2072986SENU">55-15-11</span></a><span xml:space="preserve" class="s2072986SENU">. </span><span class="s2072986CL">Spouse may compel reconversion to income trust for certain trusts--Written instrument required.</span></p><p dir="ltr" class="s2072986Normal-000000"><span class="s2072986DefaultParagraphFont">In the case of a trust for which a marital deduction has been taken for federal tax purpose under I.R.C. section 2056 or 2523, the spouse otherwise entitled to receive the net income of the trust has the right, by written instrument delivered to the trustee, to compel the reconversion during his or her lifetime of the trust from a total return unitrust to an income trust, notwithstanding anything in this chapter to the contrary.</span></p><p dir="ltr" class="s2072986Normal"><span xml:space="preserve" class="s2072986000001"> </span></p><p dir="ltr" class="s2072986Normal"><span class="s2072986SCL">Source:</span><span xml:space="preserve" class="s2072986SCL-000002"> SL 2002, ch 225, § 11.</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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072987Normal { 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.s2072987SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072987CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072987Normal-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.s2072987DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072987000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072987SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072987SCL-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="s2072987Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-12"><span class="s2072987SENU">55-15-12</span></a><span xml:space="preserve" class="s2072987SENU">. </span><span class="s2072987CL">Applicability of chapter.</span></p><p dir="ltr" class="s2072987Normal-000000"><span class="s2072987DefaultParagraphFont">This chapter shall be construed as pertaining to the administration of a trust and shall be available to any trust that is administered in South Dakota under South Dakota law unless (i) the governing instrument reflects an intention that the current beneficiary or beneficiaries are to receive an amount other than a reasonable current return from the trust, ii) the trust is a trust described in I.R.C. section 170(f)(2)(B), 6664(d), 1361(d), 2702(a)(3), or 2702(b), (iii) one or more persons to whom the trustee could distribute income have a power of withdrawal over the trust that is not subject to an ascertainable standard under I.R.C. section 2041 or 2514 or that can be exercised to discharge a duty of support he or she possesses, or (iv) the governing instrument expressly prohibits use of this chapter by specific reference to the chapter. A provision in the governing instrument that "The provisions of this chapter, or any corresponding provision of future law, may not be used in the administration of this trust" or similar words reflecting such intent are sufficient to preclude use of this chapter.</span></p><p dir="ltr" class="s2072987Normal"><span xml:space="preserve" class="s2072987000001"> </span></p><p dir="ltr" class="s2072987Normal"><span class="s2072987SCL">Source:</span><span xml:space="preserve" class="s2072987SCL-000002"> SL 2002, ch 225, § 12.</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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072988Normal { 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.s2072988SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072988CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072988Normal-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.s2072988DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072988000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072988SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072988SCL-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="s2072988Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-13"><span class="s2072988SENU">55-15-13</span></a><span xml:space="preserve" class="s2072988SENU">. </span><span class="s2072988CL">Trustee acting in good faith not liable--Remedy.</span></p><p dir="ltr" class="s2072988Normal-000000"><span class="s2072988DefaultParagraphFont">Any trustee or disinterested person who in good faith takes or fails to take any action under this chapter is not liable to any person affected by such action or inaction, regardless of whether such person received written notice as provided in this chapter and regardless of whether such person was under a legal disability at the time of the delivery of such notice. Such person's exclusive remedy shall be to obtain an order of the court directing the trustee to convert an income trust to a total return unitrust, to reconvert from a total return unitrust to an income trust or to change the percentage used to calculate the unitrust amount.</span></p><p dir="ltr" class="s2072988Normal"><span xml:space="preserve" class="s2072988000001"> </span></p><p dir="ltr" class="s2072988Normal"><span class="s2072988SCL">Source:</span><span xml:space="preserve" class="s2072988SCL-000002"> SL 2002, ch 225, § 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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072989Normal { 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.s2072989SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072989CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072989Normal-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.s2072989DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072989000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072989SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072989SCL-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="s2072989Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-14"><span class="s2072989SENU">55-15-14</span></a><span xml:space="preserve" class="s2072989SENU">. </span><span class="s2072989CL">No duty to act created.</span></p><p dir="ltr" class="s2072989Normal-000000"><span class="s2072989DefaultParagraphFont">Nothing in this chapter is intended to create or imply a duty to take any action under this chapter, and no trustee is liable for not considering whether to take any action or for choosing not to take any such action.</span></p><p dir="ltr" class="s2072989Normal"><span xml:space="preserve" class="s2072989000001"> </span></p><p dir="ltr" class="s2072989Normal"><span class="s2072989SCL">Source:</span><span xml:space="preserve" class="s2072989SCL-000002"> SL 2002, ch 225, § 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 55-15 - TOTAL RETURN UNITRUSTS</title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072990Normal { 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.s2072990SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072990CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072990Normal-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.s2072990DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072990000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072990SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072990SCL-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="s2072990Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15-15"><span class="s2072990SENU">55-15-15</span></a><span xml:space="preserve" class="s2072990SENU">. </span><span class="s2072990CL">Chapter not applicable to charitable remainder unitrust.</span></p><p dir="ltr" class="s2072990Normal-000000"><span class="s2072990DefaultParagraphFont">This chapter does not apply to a charitable remainder unitrust as defined by § 664(d) of the Internal Revenue Code of 1986 (26 U.S.C. § 664), as of January 1, 2009.</span></p><p dir="ltr" class="s2072990Normal"><span xml:space="preserve" class="s2072990000001"> </span></p><p dir="ltr" class="s2072990Normal"><span class="s2072990SCL">Source:</span><span xml:space="preserve" class="s2072990SCL-000002"> SL 2009, ch 252, § 38.</span></p></div></body></html>