<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 55-3-45 - Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sa1481722ea7d4b4db372af774cf9e837Normal { 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.sa1481722ea7d4b4db372af774cf9e837SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sa1481722ea7d4b4db372af774cf9e837CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sa1481722ea7d4b4db372af774cf9e837Statute { 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.sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sa1481722ea7d4b4db372af774cf9e837StatuteNumber1 { 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; } a.sa1481722ea7d4b4db372af774cf9e837000000 { text-decoration: none; } span.sa1481722ea7d4b4db372af774cf9e837000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sa1481722ea7d4b4db372af774cf9e837NoIndent { 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.sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sa1481722ea7d4b4db372af774cf9e837SCL { 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><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 55-3-45 - Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined."><meta property="og:description" content="SDLRC Codified Law 55-3-45 - Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-3-45"><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="sa1481722ea7d4b4db372af774cf9e837Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-45" rel="noopener"><span class="sa1481722ea7d4b4db372af774cf9e837SENU">55-3-45</span></a><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837SENU">. </span><span class="sa1481722ea7d4b4db372af774cf9e837CL">Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined.</span></p><p dir="ltr" class="sa1481722ea7d4b4db372af774cf9e837Statute"><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">If a trust is not subject to court supervision under chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=21-22" rel="noopener"><span class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">21-22</span></a><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">, and if no objection has been made by a distribution beneficiary, as defined in this title, of a trust within one hundred eighty days after a copy of the trustee's accounting has been provided in accordance with § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-24" rel="noopener"><span class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">55-2-24</span></a><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">, the distribution beneficiary is deemed to have approved such accounting of the trustee, and the trustee, absent fraud, intentional misrepresentation, or material omission, shall be released and discharged from any and all liability to all beneficiaries of the trust as to all matters set forth in such accounting. Alternatively, the trustee's accounting may be approved on behalf of all beneficiaries by a trust advisor or trust protector, or in accordance with § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-18-9" rel="noopener"><span class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">55-18-9</span></a><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont"> if:</span></p><p dir="ltr" class="sa1481722ea7d4b4db372af774cf9e837StatuteNumber1"><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">(1)    Notice or information to the beneficiaries has been waived or modified in accordance with § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-13" rel="noopener"><span class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">55-2-13</span></a><span class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">; or</span></p><p dir="ltr" class="sa1481722ea7d4b4db372af774cf9e837StatuteNumber1"><span class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">(2)    Authorized under the terms of the governing instrument.</span></p><p dir="ltr" class="sa1481722ea7d4b4db372af774cf9e837Statute"><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">The provisions of chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=55-18" rel="noopener"><span class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">55-18</span></a><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont"> apply to this section.</span></p><p dir="ltr" class="sa1481722ea7d4b4db372af774cf9e837Statute"><a id="_pagenumber14" class="sa1481722ea7d4b4db372af774cf9e837000000" rel="noopener"></a><span class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont">For purposes of this section, the term, accounting, means any interim or final report or other statement provided by a trustee reflecting all transactions, receipts, and disbursements during the reporting period and a list of assets as of the end of the period covered by the report or statement, and including written notice to the distribution beneficiary of the provisions of this section.</span></p><p dir="ltr" class="sa1481722ea7d4b4db372af774cf9e837Normal"><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837000001"> </span></p><p dir="ltr" class="sa1481722ea7d4b4db372af774cf9e837NoIndent"><span xml:space="preserve" class="sa1481722ea7d4b4db372af774cf9e837DefaultParagraphFont-000002">Source: </span><span class="sa1481722ea7d4b4db372af774cf9e837SCL">SL 1998, ch 282, § 26; SL 2010, ch 232, § 4; SL 2017, ch 208, § 34; SL 2020, ch 206, § 15; SL 2023, ch 161, § 11.</span></p></div></body></html>