<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 55-3-17.1 - Resignation of fiduciary. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072674Normal { 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.s2072674SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072674CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072674Normal-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.s2072674DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; 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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="s2072674Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-17.1"><span class="s2072674SENU">55-3-17.1</span></a><span xml:space="preserve" class="s2072674SENU">. </span><span class="s2072674CL">Resignation of fiduciary.</span></p><p dir="ltr" class="s2072674Normal-000000"><span class="s2072674DefaultParagraphFont">In addition to the provisions included in the governing instrument, a fiduciary may resign:</span></p><p dir="ltr" class="s2072674Normal-000001"><span class="s2072674DefaultParagraphFont">(1)    In the case of a revocable trust:</span></p><p dir="ltr" class="s2072674Normal-000002"><span class="s2072674DefaultParagraphFont">(a)    Without court approval upon at least thirty days' notice to the settlor, all fiduciaries, all designated successors to the resigning fiduciary's office and all those who have authority to appoint a successor to replace the resigning fiduciary; or</span></p><p dir="ltr" class="s2072674Normal-000002"><span class="s2072674DefaultParagraphFont">(b)    With court approval;</span></p><p dir="ltr" class="s2072674Normal-000001"><span class="s2072674DefaultParagraphFont">(2)    In the case of an irrevocable trust:</span></p><p dir="ltr" class="s2072674Normal-000002"><span xml:space="preserve" class="s2072674DefaultParagraphFont">(a)    Without court approval upon at least thirty days' notice to the settlor, if living, all fiduciaries, all designated successors to the resigning fiduciary's office, all those who have authority to appoint a successor to replace the resigning fiduciary and to those qualified beneficiaries who are known to the resigning fiduciary other than those who are restricted from receiving notice or have elected not to receive notice pursuant to the governing instrument, § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-13"><span class="s2072674DefaultParagraphFont">55-2-13</span></a><span xml:space="preserve" class="s2072674DefaultParagraphFont"> or chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18"><span class="s2072674DefaultParagraphFont">55-18</span></a><span class="s2072674DefaultParagraphFont">; or</span></p><p dir="ltr" class="s2072674Normal-000002"><span class="s2072674DefaultParagraphFont">(b)    With court approval.</span></p><p dir="ltr" class="s2072674Normal-000003"><span class="s2072674DefaultParagraphFont">In approving a resignation under subdivision (1)(b) or (2)(b), the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.</span></p><p dir="ltr" class="s2072674Normal-000003"><span class="s2072674DefaultParagraphFont">Any liability of a resigning fiduciary or of any sureties on the fiduciary's bond for its acts or omissions is not discharged or affected by the fiduciary's resignation unless the court orders otherwise.</span></p><p dir="ltr" class="s2072674Normal-000003"><span xml:space="preserve" class="s2072674DefaultParagraphFont">Following resignation, a successor fiduciary may be appointed pursuant to the terms set forth in the governing instrument or under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=21-22-12"><span class="s2072674DefaultParagraphFont">21-22-12</span></a><span class="s2072674DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072674Normal-000003"><span class="s2072674DefaultParagraphFont">Nothing in this section may be construed to be the exclusive means of resignation by a fiduciary.</span></p><p dir="ltr" class="s2072674Normal"><span xml:space="preserve" class="s2072674000004"> </span></p><p dir="ltr" class="s2072674Normal"><span class="s2072674SCL">Source:</span><span xml:space="preserve" class="s2072674SCL-000005"> SL 2019, ch 209, § 2.</span></p></div></body></html>