<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2081244Normal { 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.s2081244HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2081244DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2081244HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2081244Normal-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.s2081244DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2081244B { 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></head><body><div><p dir="ltr" class="s2081244Normal"><span xml:space="preserve" class="s2081244HG4">TITLE </span><span class="s2081244DefaultParagraphFont">55</span></p><p dir="ltr" class="s2081244Normal"><span xml:space="preserve" class="s2081244HG4C">FIDUCIARIES AND TRUSTS </span></p><p dir="ltr" class="s2081244Normal-000000"><span class="s2081244DefaultParagraphFont-000001"></span></p><p dir="ltr" class="s2081244Normal-000000"><span class="s2081244DefaultParagraphFont">Chapter</span></p><p dir="ltr" class="s2081244Normal-000000"><span class="s2081244DefaultParagraphFont-000001"></span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1"><span class="s2081244DefaultParagraphFont">01</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Classification And Creation Of Trusts</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A"><span class="s2081244DefaultParagraphFont">01A</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Trustees Powers</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B"><span class="s2081244DefaultParagraphFont">01B</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Directed Trusts</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2"><span class="s2081244DefaultParagraphFont">02</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Duties And Liabilities Of Trustees</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3"><span class="s2081244DefaultParagraphFont">03</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Express Trusts For Third Party Beneficiaries </span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4"><span class="s2081244DefaultParagraphFont">04</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Uniform Trusts Act</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5"><span class="s2081244DefaultParagraphFont">05</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Investment And Management Powers Of Fiduciaries</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5A"><span class="s2081244DefaultParagraphFont">05A</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Powers Of Foreign Fiduciaries</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6"><span class="s2081244DefaultParagraphFont">06</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Common Trust Funds And Collective Investment Funds</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7"><span class="s2081244DefaultParagraphFont">07</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Third Party Responsibility For Fiduciary Acts </span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8"><span class="s2081244DefaultParagraphFont">08</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Registration And Transfer Of Securities Held By Fiduciaries</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9"><span class="s2081244DefaultParagraphFont">09</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Charitable Trusts</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10"><span class="s2081244DefaultParagraphFont">10</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Custodial Gifts To Minors Repealed</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A"><span class="s2081244DefaultParagraphFont">10A</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Uniform Transfers To Minors Act</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11"><span class="s2081244DefaultParagraphFont">11</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Prearranged Funeral Trusts</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12"><span class="s2081244DefaultParagraphFont">12</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Cemetery Perpetual Care Funds</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13"><span class="s2081244DefaultParagraphFont">13</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Revised Uniform Principal And Income Act</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A"><span class="s2081244DefaultParagraphFont">13A</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Uniform Principal And Income Act</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14"><span class="s2081244DefaultParagraphFont">14</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Management Of Institutional Funds Repealed</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A"><span class="s2081244DefaultParagraphFont">14A</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Uniform Prudent Management Of Institutional Funds Act</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-15"><span class="s2081244DefaultParagraphFont">15</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Total Return Unitrusts</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16"><span class="s2081244DefaultParagraphFont">16</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Qualified Dispositions In Trust</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17"><span class="s2081244DefaultParagraphFont">17</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Special Spousal Trusts</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18"><span class="s2081244DefaultParagraphFont">18</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Virtual Representation</span></p><p dir="ltr" class="s2081244B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19"><span class="s2081244DefaultParagraphFont">19</span></a><span xml:space="preserve" class="s2081244DefaultParagraphFont">    Uniform Fiduciary Access To Digital Assets Act</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.scb4ee443bde14cb8a625bd87837d7714Normal { 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.scb4ee443bde14cb8a625bd87837d7714HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; 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content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 55-1 - CLASSIFICATION AND CREATION OF TRUSTS"><meta property="og:description" content="SDLRC Codified Law 55-1 - CLASSIFICATION AND CREATION OF TRUSTS"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-1"><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="scb4ee443bde14cb8a625bd87837d7714Normal"><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1</span></a></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714Normal"><span class="scb4ee443bde14cb8a625bd87837d7714HG4C">CLASSIFICATION AND CREATION OF TRUSTS</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714Normal-000000"><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714000001"> </span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-1" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-1</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Purposes for which trust may be created.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-2" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-2</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Trusts classified.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-3" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-3</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Express trust defined.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-4" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-4</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Creation of express trust--Words or acts of trustor.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-5" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-5</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Express trust created as to trustee--Words and acts of trustee.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-5.1" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-5.1</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Express trust need not be for exclusive benefit of beneficiaries.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-6" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-6</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Implied trust--Definition--Creation.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-6.1" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-6.1</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Implied trust may not prejudice rights of real property purchaser or encumbrancer.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-7" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-7</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Wrongful detention creates implied trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-8" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-8</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Implied trust resulting from fraud, accident or wrongful act.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-9" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-9</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Implied trust created by transfer of property in violation of trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-10" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-10</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Transfer of real property to one for money paid by another--Trust presumed.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-11" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-11</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Implied trust--Declaration by court of equity.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-12" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-12</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Trustor, trustee, beneficiary, power of appointment, and person defined.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-13" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-13</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Voluntary trustee--Assumption of relationship.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-14" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-14</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Interest in existing trust--Transfer by operation of law or written instrument.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-15" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-15</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Certain trusts not terminated upon trustor's death.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-16" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-16</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-16" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-16</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont"> to 55-1-19. Repealed by SL 2007, ch 280, §§ 21 to 24.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-20" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-20</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Trusts for noncharitable purposes.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Trust for care of animal, care of other property, or other lawful noncharitable purpose.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.1" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.1</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Termination of trust for care of animal.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.2" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.2</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Judicial reduction of property transferred to trustee if trust corpus exceeds amount required for intended purposes.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.3" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.3</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Court order where fulfillment of purposes are impossible, inexpedient, or unlawful.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.4" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.4</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Enforcement of purpose of trust by enforcer.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.5" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.5</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Removal of enforcer.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.6" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.6</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Discretion of trustee of purpose trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.7" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.7</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Judicial designation of trustee--Order to carry out intent of trustor and purpose of trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.8" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.8</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Distribution of property upon termination of purpose of trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.9" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.9</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required--Exceptions.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.10" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.10</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Trustee may not use principal and income other than for trust's purposes.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.11" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21.11</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Co-enforcer appointment--Powers.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-22" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-22</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Hybrid purpose trusts valid.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-22.1" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-22.1</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Separate shares for beneficiaries and purposes to be maintained in hybrid purpose trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-22.2" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-22.2</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Beneficiaries' share of a hybrid purpose trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-22.3" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-22.3</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Spendthrift provision in hybrid purpose trust--Qualified dispositions in trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-22.4" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-22.4</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Application of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-21</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.9" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">.9</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont"> to hybrid purpose trust--Exceptions.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-22.5" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-22.5</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Discretion of trustee of hybrid purpose trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-22.6" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-22.6</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Enforcer of hybrid purpose trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-23" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-23</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-23" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-23</span></a><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">. Repealed by SL 2011, ch 212, § 41.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-24" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-24</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Definitions applicable to §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-24" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-24</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-45" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-45</span></a><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-24.1" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-24.1</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Improper motive.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-24.2" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-24.2</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Withdrawal power.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-25" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-25</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Distinction between discretionary trust and support trust--Creditor rights--Judicial review.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-26" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-26</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-27" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-27</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Certain remainder interests not property interests.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-28" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-28</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Interest of beneficiary or others not reachable by creditors.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-29" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-29</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Trust property not subject to personal obligations of trustee.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-30" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-30</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Distribution and remainder interests not relevant to division of marital property.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-31" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-31</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Resources of settlor's spouse to be considered in making distribution from support trust--Other beneficiary's resources need not be considered.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-32" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-32</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Alter ego--Pierce the veil, dominion and control claims.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-33" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-33</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">     Repealed.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-34" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-34</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Provision that beneficial interest in trust income or principal may not be transferred before payment to beneficiary permissible.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-35" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-35</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-36" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-36</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-36.1" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-36.1</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Effect on creditor claims of trustee discretionary powers to pay taxes or make reimbursements for taxes.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-37" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-37</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Application of spendthrift provision.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-38" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-38</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Classification of distribution interest.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-38.1" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-38.1</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Classification of interest as support interest.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-39" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-39</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Bifurcation of trust.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-40" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-40</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Language resulting in classification of distribution interest.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-41" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-41</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Effect of spendthrift provision.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-42" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-42</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Mandatory or support interests.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-43" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-43</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Discretionary interests.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-44" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-44</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Action for fraudulent transfer of settlor's assets--Jurisdiction--Attorneys' fees and costs--Burden of proof.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-45" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-45</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Limitation of action for fraudulent transfer of settlor's assets.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-46" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-46</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    No contest clause defined--Enforceability.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-47" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-47</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Extrinsic evidence not admissible to establish settlor's intent concerning no contest clause.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-48" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-48</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Circumstances under which no contest clause unenforceable.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-49" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-49</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Contest regarding settlor's signature.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-50" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-50</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Attorneys fees and costs.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-51" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-51</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Applicability of §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-46" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-46</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-50" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-50</span></a><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-52" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-52</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Interest on general pecuniary devises.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-53" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-53</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Expansion, restriction, elimination, or variance of provisions of general application.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-54" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-54</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Arbitration.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-55" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-55</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Trust enforceable although not funded or without res, corpus, or assets.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-56" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-56</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Registration of trust in court at principal place of administration.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-57" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-57</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Contents of registration statement.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-58" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-58</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Confidentiality of registration.</span></p><p dir="ltr" class="scb4ee443bde14cb8a625bd87837d7714B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-59" rel="noopener"><span class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">55-1-59</span></a><span xml:space="preserve" class="scb4ee443bde14cb8a625bd87837d7714DefaultParagraphFont">    Trust registration form.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072496Normal { 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.s2072496SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072496CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072496Normal-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.s2072496DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072496000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072496SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072496SCL-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="s2072496Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-1"><span class="s2072496SENU">55-1-1</span></a><span xml:space="preserve" class="s2072496SENU">. </span><span class="s2072496CL">Purposes for which trust may be created.</span></p><p dir="ltr" class="s2072496Normal-000000"><span xml:space="preserve" class="s2072496DefaultParagraphFont">Except as otherwise prescribed by chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-4"><span class="s2072496DefaultParagraphFont">43-4</span></a><span xml:space="preserve" class="s2072496DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-25"><span class="s2072496DefaultParagraphFont">43-25</span></a><span xml:space="preserve" class="s2072496DefaultParagraphFont"> relating to transfers, a trust may be created for any purpose for which a contract may lawfully be made.</span></p><p dir="ltr" class="s2072496Normal"><span xml:space="preserve" class="s2072496000001"> </span></p><p dir="ltr" class="s2072496Normal"><span class="s2072496SCL">Source:</span><span xml:space="preserve" class="s2072496SCL-000002"> CivC 1877, § 1293; CL 1887, § 3916; RCivC 1903, § 1612; RC 1919, § 1190; SDC 1939 § 59.0104; SL 2017, ch 204, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072497Normal { 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.s2072497SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072497CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072497Normal-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.s2072497DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072497000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072497SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072497SCL-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="s2072497Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-2"><span class="s2072497SENU">55-1-2</span></a><span xml:space="preserve" class="s2072497SENU">. </span><span class="s2072497CL">Trusts classified.</span></p><p dir="ltr" class="s2072497Normal-000000"><span class="s2072497DefaultParagraphFont">A trust is either express or implied.</span></p><p dir="ltr" class="s2072497Normal"><span xml:space="preserve" class="s2072497000001"> </span></p><p dir="ltr" class="s2072497Normal"><span class="s2072497SCL">Source:</span><span xml:space="preserve" class="s2072497SCL-000002"> SDC 1939, § 59.0101.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072498Normal { 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.s2072498SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072498CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072498Normal-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.s2072498DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072498000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072498SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072498SCL-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="s2072498Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-3"><span class="s2072498SENU">55-1-3</span></a><span xml:space="preserve" class="s2072498SENU">. </span><span class="s2072498CL">Express trust defined.</span></p><p dir="ltr" class="s2072498Normal-000000"><span class="s2072498DefaultParagraphFont">An express trust is an obligation arising out of a personal confidence reposed in and voluntarily accepted by one for the benefit of another.</span></p><p dir="ltr" class="s2072498Normal"><span xml:space="preserve" class="s2072498000001"> </span></p><p dir="ltr" class="s2072498Normal"><span class="s2072498SCL">Source:</span><span xml:space="preserve" class="s2072498SCL-000002"> SDC 1939, § 59.0101.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072499Normal { 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.s2072499SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072499CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072499Normal-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.s2072499DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072499Normal-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; } p.s2072499Normal-000002 { text-indent: 0.25in; 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.s2072499000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072499SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072499SCL-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="s2072499Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-4"><span class="s2072499SENU">55-1-4</span></a><span xml:space="preserve" class="s2072499SENU">. </span><span class="s2072499CL">Creation of express trust--Words or acts of trustor.</span></p><p dir="ltr" class="s2072499Normal-000000"><span class="s2072499DefaultParagraphFont">An express trust is created as to the trustor and beneficiary by any words or acts of the trustor indicating with reasonable certainty:</span></p><p dir="ltr" class="s2072499Normal-000001"><span class="s2072499DefaultParagraphFont">(1)    An intention on the part of the trustor to create a trust; and</span></p><p dir="ltr" class="s2072499Normal-000001"><span class="s2072499DefaultParagraphFont">(2)    The subject, purpose, and beneficiary of the trust.</span></p><p dir="ltr" class="s2072499Normal-000002"><span class="s2072499DefaultParagraphFont">Any express trust that concerns real property shall also be evidenced in writing.</span></p><p dir="ltr" class="s2072499Normal"><span xml:space="preserve" class="s2072499000003"> </span></p><p dir="ltr" class="s2072499Normal"><span class="s2072499SCL">Source:</span><span xml:space="preserve" class="s2072499SCL-000004"> SDC 1939, § 59.0105; SL 2017, ch 204, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072500Normal { 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.s2072500SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072500CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072500Normal-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.s2072500DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072500Normal-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.s2072500000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072500SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072500SCL-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="s2072500Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-5"><span class="s2072500SENU">55-1-5</span></a><span xml:space="preserve" class="s2072500SENU">. </span><span class="s2072500CL">Express trust created as to trustee--Words and acts of trustee.</span></p><p dir="ltr" class="s2072500Normal-000000"><span class="s2072500DefaultParagraphFont">An express trust is created as to the trustee by any words or acts of his, indicating with reasonable certainty:</span></p><p dir="ltr" class="s2072500Normal-000001"><span class="s2072500DefaultParagraphFont">(1)    His acceptance of the trust or his acknowledgment, made upon sufficient consideration, of its existence; and</span></p><p dir="ltr" class="s2072500Normal-000001"><span class="s2072500DefaultParagraphFont">(2)    The subject, purpose, and beneficiary thereof.</span></p><p dir="ltr" class="s2072500Normal"><span xml:space="preserve" class="s2072500000002"> </span></p><p dir="ltr" class="s2072500Normal"><span class="s2072500SCL">Source:</span><span xml:space="preserve" class="s2072500SCL-000003"> SDC 1939, § 59.0105.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072501Normal { 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.s2072501SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072501CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072501Normal-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.s2072501DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072501000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072501SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072501SCL-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="s2072501Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-5.1"><span class="s2072501SENU">55-1-5.1</span></a><span xml:space="preserve" class="s2072501SENU">. </span><span class="s2072501CL">Express trust need not be for exclusive benefit of beneficiaries.</span></p><p dir="ltr" class="s2072501Normal-000000"><span class="s2072501DefaultParagraphFont">The terms of an express trust need not be for the exclusive benefit of its beneficiaries, whether or not the beneficiaries are ascertainable.</span></p><p dir="ltr" class="s2072501Normal"><span xml:space="preserve" class="s2072501000001"> </span></p><p dir="ltr" class="s2072501Normal"><span class="s2072501SCL">Source:</span><span xml:space="preserve" class="s2072501SCL-000002"> SL 2017, 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072502Normal { 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.s2072502SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072502CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072502Normal-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.s2072502DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072502000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072502SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072502SCL-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="s2072502Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-6"><span class="s2072502SENU">55-1-6</span></a><span xml:space="preserve" class="s2072502SENU">. </span><span class="s2072502CL">Implied trust--Definition--Creation.</span></p><p dir="ltr" class="s2072502Normal-000000"><span xml:space="preserve" class="s2072502DefaultParagraphFont">An implied trust is one which is created by operation of law. An implied trust arises in the cases described in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-7"><span class="s2072502DefaultParagraphFont">55-1-7</span></a><span xml:space="preserve" class="s2072502DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-10"><span class="s2072502DefaultParagraphFont">55-1-10</span></a><span class="s2072502DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2072502Normal"><span xml:space="preserve" class="s2072502000001"> </span></p><p dir="ltr" class="s2072502Normal"><span class="s2072502SCL">Source:</span><span xml:space="preserve" class="s2072502SCL-000002"> SDC 1939, §§ 59.0101, 59.0102.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072503Normal { 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.s2072503SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072503CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072503Normal-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.s2072503DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072503000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072503SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072503SCL-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="s2072503Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-6.1"><span class="s2072503SENU">55-1-6.1</span></a><span xml:space="preserve" class="s2072503SENU">. </span><span class="s2072503CL">Implied trust may not prejudice rights of real property purchaser or encumbrancer.</span></p><p dir="ltr" class="s2072503Normal-000000"><span class="s2072503DefaultParagraphFont">No implied trust may prejudice the rights of a purchaser or encumbrancer of real property for value and without notice of the trust.</span></p><p dir="ltr" class="s2072503Normal"><span xml:space="preserve" class="s2072503000001"> </span></p><p dir="ltr" class="s2072503Normal"><span class="s2072503SCL">Source:</span><span xml:space="preserve" class="s2072503SCL-000002"> SL 2017, ch 204, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072504Normal { 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.s2072504SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072504CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072504Normal-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.s2072504DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072504000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072504SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072504SCL-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="s2072504Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-7"><span class="s2072504SENU">55-1-7</span></a><span xml:space="preserve" class="s2072504SENU">. </span><span class="s2072504CL">Wrongful detention creates implied trust.</span></p><p dir="ltr" class="s2072504Normal-000000"><span class="s2072504DefaultParagraphFont">One who wrongfully detains a thing is an implied trustee thereof for the benefit of the owner.</span></p><p dir="ltr" class="s2072504Normal"><span xml:space="preserve" class="s2072504000001"> </span></p><p dir="ltr" class="s2072504Normal"><span class="s2072504SCL">Source:</span><span xml:space="preserve" class="s2072504SCL-000002"> SDC 1939, § 59.0102 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072505Normal { 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.s2072505SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072505CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072505Normal-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.s2072505DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072505000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072505SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072505SCL-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="s2072505Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-8"><span class="s2072505SENU">55-1-8</span></a><span xml:space="preserve" class="s2072505SENU">. </span><span class="s2072505CL">Implied trust resulting from fraud, accident or wrongful act.</span></p><p dir="ltr" class="s2072505Normal-000000"><span class="s2072505DefaultParagraphFont">One who gains a thing by fraud, accident, mistake, undue influence, the violation of a trust or other wrongful act, is, unless he has some other and better right thereto, an implied trustee of the thing gained for the benefit of the person who would otherwise have had it.</span></p><p dir="ltr" class="s2072505Normal"><span xml:space="preserve" class="s2072505000001"> </span></p><p dir="ltr" class="s2072505Normal"><span class="s2072505SCL">Source:</span><span xml:space="preserve" class="s2072505SCL-000002"> SDC 1939, § 59.0102 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072506Normal { 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.s2072506SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072506CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072506Normal-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.s2072506DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072506000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072506SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072506SCL-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="s2072506Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-9"><span class="s2072506SENU">55-1-9</span></a><span xml:space="preserve" class="s2072506SENU">. </span><span class="s2072506CL">Implied trust created by transfer of property in violation of trust.</span></p><p dir="ltr" class="s2072506Normal-000000"><span class="s2072506DefaultParagraphFont">Everyone to whom property is transferred in violation of a trust holds the same as an implied trustee under such trust, unless he purchased it in good faith and for a valuable consideration.</span></p><p dir="ltr" class="s2072506Normal"><span xml:space="preserve" class="s2072506000001"> </span></p><p dir="ltr" class="s2072506Normal"><span class="s2072506SCL">Source:</span><span xml:space="preserve" class="s2072506SCL-000002"> SDC 1939, § 59.0102 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072507Normal { 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.s2072507SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072507CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072507Normal-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.s2072507DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072507000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072507SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072507SCL-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="s2072507Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-10"><span class="s2072507SENU">55-1-10</span></a><span xml:space="preserve" class="s2072507SENU">. </span><span class="s2072507CL">Transfer of real property to one for money paid by another--Trust presumed.</span></p><p dir="ltr" class="s2072507Normal-000000"><span class="s2072507DefaultParagraphFont">When a transfer of real property is made to one person and the consideration therefor is paid by or for another, a trust is presumed to result in favor of the person by or for whom such payment is made.</span></p><p dir="ltr" class="s2072507Normal"><span xml:space="preserve" class="s2072507000001"> </span></p><p dir="ltr" class="s2072507Normal"><span class="s2072507SCL">Source:</span><span xml:space="preserve" class="s2072507SCL-000002"> SDC 1939, § 59.0102 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072508Normal { 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.s2072508SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072508CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072508Normal-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.s2072508DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072508000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072508SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072508SCL-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="s2072508Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-11"><span class="s2072508SENU">55-1-11</span></a><span xml:space="preserve" class="s2072508SENU">. </span><span class="s2072508CL">Implied trust--Declaration by court of equity.</span></p><p dir="ltr" class="s2072508Normal-000000"><span xml:space="preserve" class="s2072508DefaultParagraphFont">The enumeration in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-7"><span class="s2072508DefaultParagraphFont">55-1-7</span></a><span xml:space="preserve" class="s2072508DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-10"><span class="s2072508DefaultParagraphFont">55-1-10</span></a><span class="s2072508DefaultParagraphFont">, inclusive, of cases wherein an implied trust arises does not exclude or prevent the arising of an implied trust in other cases nor prevent a court of equity from establishing and declaring an implied, resulting, or constructive trust in other cases and instances pursuant to the custom and practice of such courts.</span></p><p dir="ltr" class="s2072508Normal"><span xml:space="preserve" class="s2072508000001"> </span></p><p dir="ltr" class="s2072508Normal"><span class="s2072508SCL">Source:</span><span xml:space="preserve" class="s2072508SCL-000002"> SDC 1939, § 59.0102.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083051Normal { 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.s2083051SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083051CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083051Statute { 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.s2083051DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083051000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083051NoIndent { 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.s2083051DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083051SCL { 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 55-1-12 - Trustor, trustee, beneficiary, power of appointment, and person defined."><meta property="og:description" content="SDLRC Codified Law 55-1-12 - Trustor, trustee, beneficiary, power of appointment, and person defined."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-1-12"><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="s2083051Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-12" rel="noopener"><span class="s2083051SENU">55-1-12</span></a><span xml:space="preserve" class="s2083051SENU">. </span><span xml:space="preserve" class="s2083051CL">Trustor, trustee, beneficiary, power of appointment, and person defined. </span></p><p dir="ltr" class="s2083051Statute"><span xml:space="preserve" class="s2083051DefaultParagraphFont">The person whose confidence creates a trust is called the trustor; the person in whom the confidence is reposed is called the trustee; and the person for whose benefit the trust is created is called the beneficiary. As used in this title, except as specifically provided in chapters </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13" rel="noopener"><span class="s2083051DefaultParagraphFont">55-13</span></a><span xml:space="preserve" class="s2083051DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13" rel="noopener"><span class="s2083051DefaultParagraphFont">55-13</span></a><span xml:space="preserve" class="s2083051DefaultParagraphFont">A, the term, beneficiary, means a person that has a present or future beneficial interest in a trust, vested or contingent. A person is not a beneficiary solely by reason of holding a power of appointment or by reason of the existence or exercise of a discretionary power described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-36.1" rel="noopener"><span class="s2083051DefaultParagraphFont">55-1-36.1</span></a><span xml:space="preserve" class="s2083051DefaultParagraphFont"> with respect to the person. As used in this title, except as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-26" rel="noopener"><span class="s2083051DefaultParagraphFont">55-1-26</span></a><span xml:space="preserve" class="s2083051DefaultParagraphFont">, the term, power of appointment, means a power, including a withdrawal power as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24.2" rel="noopener"><span class="s2083051DefaultParagraphFont">55-1-24.2</span></a><span xml:space="preserve" class="s2083051DefaultParagraphFont">, to direct the disposition of trust property, but does not include the authority of a trustee to make a distribution to a beneficiary. A power of appointment is held by the person to whom the power has been given and once granted to a person, is not capable of appropriation or of manual delivery. A power of appointment is a general power of appointment if it is exercisable in favor of the person holding the power, the person's estate, the person's creditors, or the creditors of the person's estate, whether or not the power is also exercisable in favor of others. A power of appointment is a nongeneral power of appointment if it is not a general power of appointment. A holder of a general or nongeneral power of appointment may not be deemed a fiduciary unless otherwise provided for in the trust instrument. As used in this chapter, the term, person, has the meaning set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-1" rel="noopener"><span class="s2083051DefaultParagraphFont">55-4-1</span></a><span class="s2083051DefaultParagraphFont">.</span></p><p dir="ltr" class="s2083051Normal"><span xml:space="preserve" class="s2083051000000"> </span></p><p dir="ltr" class="s2083051NoIndent"><span xml:space="preserve" class="s2083051DefaultParagraphFont-000001">Source: </span><span class="s2083051SCL">SDC 1939, § 59.0103; SL 1998, ch 282, § 40; SL 2015, ch 240, § 9; SL 2016, ch 231, § 9; SL 2021, ch 207, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072510Normal { 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.s2072510SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072510CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072510Normal-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.s2072510DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072510000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072510SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072510SCL-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="s2072510Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-13"><span class="s2072510SENU">55-1-13</span></a><span xml:space="preserve" class="s2072510SENU">. </span><span class="s2072510CL">Voluntary trustee--Assumption of relationship.</span></p><p dir="ltr" class="s2072510Normal-000000"><span xml:space="preserve" class="s2072510DefaultParagraphFont">Everyone who voluntarily assumes a relation of personal confidence with another is deemed a trustee within the meaning of this chapter and chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2"><span class="s2072510DefaultParagraphFont">55-2</span></a><span xml:space="preserve" class="s2072510DefaultParagraphFont"> not only as to the person who reposes such confidence, but also as to all persons of whose affairs he thus acquires information which was given to such person in the like confidence or over whose affairs he, by such confidence, obtains any control.</span></p><p dir="ltr" class="s2072510Normal"><span xml:space="preserve" class="s2072510000001"> </span></p><p dir="ltr" class="s2072510Normal"><span class="s2072510SCL">Source:</span><span xml:space="preserve" class="s2072510SCL-000002"> SDC 1939, § 59.0103.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072511Normal { 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.s2072511SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072511CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072511Normal-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.s2072511DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072511000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072511SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072511SCL-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="s2072511Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-14"><span class="s2072511SENU">55-1-14</span></a><span xml:space="preserve" class="s2072511SENU">. </span><span class="s2072511CL">Interest in existing trust--Transfer by operation of law or written instrument.</span></p><p dir="ltr" class="s2072511Normal-000000"><span class="s2072511DefaultParagraphFont">An interest in an existing trust can be transferred only by operation of law or by a written instrument subscribed by the person making the transfer or by his agent.</span></p><p dir="ltr" class="s2072511Normal"><span xml:space="preserve" class="s2072511000001"> </span></p><p dir="ltr" class="s2072511Normal"><span class="s2072511SCL">Source:</span><span xml:space="preserve" class="s2072511SCL-000002"> SDC 1939, § 59.0118.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072512Normal { 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.s2072512SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072512CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072512Normal-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.s2072512DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072512Normal-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.s2072512000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072512SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072512SCL-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="s2072512Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-15"><span class="s2072512SENU">55-1-15</span></a><span xml:space="preserve" class="s2072512SENU">. </span><span class="s2072512CL">Certain trusts not terminated upon trustor's death.</span></p><p dir="ltr" class="s2072512Normal-000000"><span class="s2072512DefaultParagraphFont">A trust which provides for one or more successor beneficiaries upon the death of the trustor is not invalid, merged or terminated if:</span></p><p dir="ltr" class="s2072512Normal-000001"><span class="s2072512DefaultParagraphFont">(1)    There is a trustor who is the sole trustee and the sole beneficiary during the trustor's lifetime; or</span></p><p dir="ltr" class="s2072512Normal-000001"><span class="s2072512DefaultParagraphFont">(2)    There are two or more trustors, one or more of whom is trustee, and the beneficial interest of the trust is in one or more of the trustors during the lifetime of the trustors.</span></p><p dir="ltr" class="s2072512Normal"><span xml:space="preserve" class="s2072512000002"> </span></p><p dir="ltr" class="s2072512Normal"><span class="s2072512SCL">Source:</span><span xml:space="preserve" class="s2072512SCL-000003"> SL 1991, ch 395, § 1.</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 - FIDUCIARIES AND TRUSTS 55-1-16 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-1-16 "> <META NAME="Description" Content="South Dakota Codified Laws 55-1-16"> </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 --> 55-1-16 to 55-1-19. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2007, ch 280, &#167;&#167;&nbsp;21 to 24.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072514Normal { 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.s2072514SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072514CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072514Normal-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.s2072514DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072514000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072514SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072514SCL-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="s2072514Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-20"><span class="s2072514SENU">55-1-20</span></a><span xml:space="preserve" class="s2072514SENU">. </span><span class="s2072514CL">Trusts for noncharitable purposes.</span></p><p dir="ltr" class="s2072514Normal-000000"><span xml:space="preserve" class="s2072514DefaultParagraphFont">Subdivisions 55-1-4(2) and 55-1-5(2) notwithstanding, a purpose trust may be performed pursuant to this section and §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21"><span class="s2072514DefaultParagraphFont">55-1-21</span></a><span xml:space="preserve" class="s2072514DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-22.6"><span class="s2072514DefaultParagraphFont">55-1-22.6</span></a><span class="s2072514DefaultParagraphFont">, inclusive, if the trust is for a lawful noncharitable purpose or purposes. Any property may form a part or all of the trust estate, including some, all, or an interest in some or all of the property that is the subject or purpose of a purpose trust. A governing instrument of such a trust shall be liberally construed in favor of its validity to presume against the merely precatory or honorary nature of the disposition and to carry out the trustor's intent. If necessary, extrinsic evidence is admissible to determine the trustor's intent. Neither the common law rule against perpetuities, nor any rule restricting the accumulation of income, nor any common law rule limiting the duration of noncharitable purpose trusts is in force in this state.</span></p><p dir="ltr" class="s2072514Normal"><span xml:space="preserve" class="s2072514000001"> </span></p><p dir="ltr" class="s2072514Normal"><span class="s2072514SCL">Source:</span><span xml:space="preserve" class="s2072514SCL-000002"> SL 2006, ch 247, § 1; SL 2008, ch 257, § 1; SL 2011, ch 212, § 40; SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072515Normal { 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.s2072515SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072515CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072515Normal-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.s2072515DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072515Normal-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.s2072515000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072515SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072515SCL-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="s2072515Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21"><span class="s2072515SENU">55-1-21</span></a><span xml:space="preserve" class="s2072515SENU">. </span><span class="s2072515CL">Trust for care of animal, care of other property, or other lawful noncharitable purpose.</span></p><p dir="ltr" class="s2072515Normal-000000"><span class="s2072515DefaultParagraphFont">The following purpose trusts are valid:</span></p><p dir="ltr" class="s2072515Normal-000001"><span class="s2072515DefaultParagraphFont">(1)    A trust for the care of a designated animal or animals;</span></p><p dir="ltr" class="s2072515Normal-000001"><span class="s2072515DefaultParagraphFont">(2)    A trust for the care, maintenance, promotion, continuation, conservation, upkeep, protection, furtherance, or preservation of any other property; and</span></p><p dir="ltr" class="s2072515Normal-000001"><span class="s2072515DefaultParagraphFont">(3)    A trust for any other lawful noncharitable purpose or purposes.</span></p><p dir="ltr" class="s2072515Normal"><span xml:space="preserve" class="s2072515000002"> </span></p><p dir="ltr" class="s2072515Normal"><span class="s2072515SCL">Source:</span><span xml:space="preserve" class="s2072515SCL-000003"> SL 2006, ch 247, § 2; SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072516Normal { 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.s2072516SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072516CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072516Normal-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.s2072516DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072516000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072516SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072516SCL-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="s2072516Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.1"><span class="s2072516SENU">55-1-21.1</span></a><span xml:space="preserve" class="s2072516SENU">. </span><span class="s2072516CL">Termination of trust for care of animal.</span></p><p dir="ltr" class="s2072516Normal-000000"><span class="s2072516DefaultParagraphFont">Except as otherwise provided in the governing instrument, a trust described in subdivision 55-1-21(1) terminates when no living animal is covered by the trust.</span></p><p dir="ltr" class="s2072516Normal"><span xml:space="preserve" class="s2072516000001"> </span></p><p dir="ltr" class="s2072516Normal"><span class="s2072516SCL">Source:</span><span xml:space="preserve" class="s2072516SCL-000002"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072517Normal { 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.s2072517SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072517CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072517Normal-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.s2072517DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072517000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072517SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072517SCL-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="s2072517Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.2"><span class="s2072517SENU">55-1-21.2</span></a><span xml:space="preserve" class="s2072517SENU">. </span><span class="s2072517CL">Judicial reduction of property transferred to trustee if trust corpus exceeds amount required for intended purposes.</span></p><p dir="ltr" class="s2072517Normal-000000"><span xml:space="preserve" class="s2072517DefaultParagraphFont">A court may reasonably reduce the amount of the property transferred to the trustee of a purpose trust if the court determines that the trust corpus substantially exceeds the amount required for the intended purposes. The court should consider allowing the trust to be administered for a reasonable period of time before undertaking a determination. The amount of the reduction, if any, passes as unexpended trust property, as set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.8"><span class="s2072517DefaultParagraphFont">55-1-21.8</span></a><span class="s2072517DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072517Normal"><span xml:space="preserve" class="s2072517000001"> </span></p><p dir="ltr" class="s2072517Normal"><span class="s2072517SCL">Source:</span><span xml:space="preserve" class="s2072517SCL-000002"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072518Normal { 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.s2072518SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072518CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072518Normal-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.s2072518DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072518000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072518SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072518SCL-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="s2072518Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.3"><span class="s2072518SENU">55-1-21.3</span></a><span xml:space="preserve" class="s2072518SENU">. </span><span class="s2072518CL">Court order where fulfillment of purposes are impossible, inexpedient, or unlawful.</span></p><p dir="ltr" class="s2072518Normal-000000"><span class="s2072518DefaultParagraphFont">If the court finds that the fulfillment of the purposes are or have become impossible, inexpedient, or unlawful, the court shall make an order directing that the trust be administered in such manner as, in the judgment of the court, will, as nearly as can be, accomplish the general purposes, the objects, and intentions of the trustor.</span></p><p dir="ltr" class="s2072518Normal"><span xml:space="preserve" class="s2072518000001"> </span></p><p dir="ltr" class="s2072518Normal"><span class="s2072518SCL">Source:</span><span xml:space="preserve" class="s2072518SCL-000002"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079858Normal { 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.s2079858SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079858CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079858Statute { 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.s2079858DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } a.s2079858000000 { text-decoration: none; } span.s2079858000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079858DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079858SCL { 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="s2079858Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.4"><span class="s2079858SENU">55-1-21.4</span></a><span xml:space="preserve" class="s2079858SENU">. </span><span class="s2079858CL">Enforcement of purpose of trust by enforcer.</span></p><p dir="ltr" class="s2079858Statute"><span xml:space="preserve" class="s2079858DefaultParagraphFont">The purposes of a purpose trust shall be enforced by an enforcer designated in the governing instrument. An enforcer may demand reasonable information related to the administration of the trust from the trustee, including a periodic accounting. If no enforcer or successor enforcer is acting pursuant to the terms of the governing instrument the court shall appoint one or more enforcers and successor enforcers. No purpose trust may fail for want of an enforcer. An enforcer may petition for, consent to, waive, or object to any matter regarding a purpose trust with regard to the purpose of the trust which the enforcer represents or concerning the administration of the purpose trust. An enforcer is a fiduciary whose duty is to enforce the trust's purpose as set forth in the governing instrument and, except as otherwise provided in the governing instrument, is entitled to reasonable compensation. An enforcer may also serve as a trust protector or a family advisor pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B"><span class="s2079858DefaultParagraphFont">55-1B</span></a><span xml:space="preserve" class="s2079858DefaultParagraphFont">. However, an enforcer may not serve as an enforcer while serving as a trustee or a distribution trust advisor of the same trust. Except as otherwise provided in </span><a id="_pagenumber2" class="s2079858000000"></a><span class="s2079858DefaultParagraphFont">the governing instrument, if more than one enforcer is acting, action may be taken by a majority of the enforcers.</span></p><p dir="ltr" class="s2079858Normal"><span xml:space="preserve" class="s2079858000001"> </span></p><p dir="ltr" class="s2079858Normal"><span xml:space="preserve" class="s2079858DefaultParagraphFont-000002">Source: </span><span class="s2079858SCL">SL 2018, ch 275, § 7; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079872Normal { 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.s2079872SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079872CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079872Statute { 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.s2079872DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2079872StatuteNumber1 { 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; } p.s2079872Statute-000000 { text-indent: 0.25in; 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.s2079872000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079872DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079872SCL { 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="s2079872Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.5"><span class="s2079872SENU">55-1-21.5</span></a><span xml:space="preserve" class="s2079872SENU">. </span><span class="s2079872CL">Removal of enforcer.</span></p><p dir="ltr" class="s2079872Statute"><span class="s2079872DefaultParagraphFont">A trustee may petition the court for the removal of an enforcer. An enforcer may be removed if the court finds:</span></p><p dir="ltr" class="s2079872StatuteNumber1"><span class="s2079872DefaultParagraphFont">(1)    The enforcer committed a serious breach of the enforcer's duty, or is unfit or unwilling to serve;</span></p><p dir="ltr" class="s2079872StatuteNumber1"><span class="s2079872DefaultParagraphFont">(2)    A significant and unjustified lack of cooperation or hostility between the enforcer and the trustee, trust protector, or trust advisor; or</span></p><p dir="ltr" class="s2079872StatuteNumber1"><span class="s2079872DefaultParagraphFont">(3)    There has been a substantial change in circumstances and removal of the enforcer would best serve the purpose or purposes of the trust.</span></p><p dir="ltr" class="s2079872Statute-000000"><span class="s2079872DefaultParagraphFont">The governing instrument may provide different or additional procedures for the removal of an enforcer.</span></p><p dir="ltr" class="s2079872Normal"><span xml:space="preserve" class="s2079872000001"> </span></p><p dir="ltr" class="s2079872Normal"><span xml:space="preserve" class="s2079872DefaultParagraphFont-000002">Source: </span><span class="s2079872SCL">SL 2018, ch 275, § 8; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072521Normal { 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.s2072521SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072521CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072521Normal-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.s2072521DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072521Normal-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.s2072521000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072521SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072521SCL-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="s2072521Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.6"><span class="s2072521SENU">55-1-21.6</span></a><span xml:space="preserve" class="s2072521SENU">. </span><span class="s2072521CL">Discretion of trustee of purpose trust.</span></p><p dir="ltr" class="s2072521Normal-000000"><span class="s2072521DefaultParagraphFont">Except as otherwise provided in the governing instrument, a trustee of a purpose trust is vested with full discretion in:</span></p><p dir="ltr" class="s2072521Normal-000001"><span class="s2072521DefaultParagraphFont">(1)    Interpreting the purposes of the trust consistent with the terms of the governing instrument; and</span></p><p dir="ltr" class="s2072521Normal-000001"><span class="s2072521DefaultParagraphFont">(2)    Applying, distributing, or expending principal and income to further the trust's purposes.</span></p><p dir="ltr" class="s2072521Normal"><span xml:space="preserve" class="s2072521000002"> </span></p><p dir="ltr" class="s2072521Normal"><span class="s2072521SCL">Source:</span><span xml:space="preserve" class="s2072521SCL-000003"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072522Normal { 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.s2072522SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072522CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072522Normal-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.s2072522DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072522000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072522SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072522SCL-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="s2072522Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.7"><span class="s2072522SENU">55-1-21.7</span></a><span xml:space="preserve" class="s2072522SENU">. </span><span class="s2072522CL">Judicial designation of trustee--Order to carry out intent of trustor and purpose of trust.</span></p><p dir="ltr" class="s2072522Normal-000000"><span xml:space="preserve" class="s2072522DefaultParagraphFont">If no trustee is designated or no designated trustee is willing or able to serve, a court shall name a trustee. A court may order the transfer of the property to another trustee if required to ensure that the intended purposes are carried out or if no successor trustee is designated in the governing instrument or no designated successor trustee agrees to serve or is able to serve. A court may also make such other orders and determinations as are advisable to carry out the intent of the trustor and the purpose of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-20"><span class="s2072522DefaultParagraphFont">55-1-20</span></a><span xml:space="preserve" class="s2072522DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-22.6"><span class="s2072522DefaultParagraphFont">55-1-22.6</span></a><span class="s2072522DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2072522Normal"><span xml:space="preserve" class="s2072522000001"> </span></p><p dir="ltr" class="s2072522Normal"><span class="s2072522SCL">Source:</span><span xml:space="preserve" class="s2072522SCL-000002"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072523Normal { 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.s2072523SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072523CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072523Normal-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.s2072523DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072523Normal-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.s2072523000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072523SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072523SCL-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="s2072523Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.8"><span class="s2072523SENU">55-1-21.8</span></a><span xml:space="preserve" class="s2072523SENU">. </span><span class="s2072523CL">Distribution of property upon termination of purpose of trust.</span></p><p dir="ltr" class="s2072523Normal-000000"><span class="s2072523DefaultParagraphFont">Upon termination of a purpose trust, the trustee shall distribute any remaining trust property as directed in the governing instrument. Only in the event that the governing instrument is silent shall the trustee, upon termination of a purpose trust, distribute any remaining trust property as follows:</span></p><p dir="ltr" class="s2072523Normal-000001"><span xml:space="preserve" class="s2072523DefaultParagraphFont">(1)    If the trust was created in a nonresiduary clause in a testator's will and the will fails to direct the distribution of unexpended trust property, then under the residuary clause of the testator's will, and for the purposes of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=29A-2-707"><span class="s2072523DefaultParagraphFont">29A-2-707</span></a><span class="s2072523DefaultParagraphFont">, the residuary clause is treated as creating a future interest under the terms of a trust; and</span></p><p dir="ltr" class="s2072523Normal-000001"><span xml:space="preserve" class="s2072523DefaultParagraphFont">(2)    Otherwise, to the trustor's heirs under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=29A-2-711"><span class="s2072523DefaultParagraphFont">29A-2-711</span></a><span class="s2072523DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072523Normal"><span xml:space="preserve" class="s2072523000002"> </span></p><p dir="ltr" class="s2072523Normal"><span class="s2072523SCL">Source:</span><span xml:space="preserve" class="s2072523SCL-000003"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079871Normal { 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.s2079871SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079871CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079871Statute { 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.s2079871DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079871000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079871DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079871SCL { 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="s2079871Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.9"><span class="s2079871SENU">55-1-21.9</span></a><span xml:space="preserve" class="s2079871SENU">. </span><span class="s2079871CL">Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required--Exceptions.</span></p><p dir="ltr" class="s2079871Statute"><span xml:space="preserve" class="s2079871DefaultParagraphFont">Except as may be demanded by an enforcer under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.4"><span class="s2079871DefaultParagraphFont">55-1-21.4</span></a><span class="s2079871DefaultParagraphFont">, ordered by the court or required by the governing instrument, no filings, reports, periodic accounting, separate maintenance of funds, appointment, or registration of a purpose trust are required.</span></p><p dir="ltr" class="s2079871Normal"><span xml:space="preserve" class="s2079871000000"> </span></p><p dir="ltr" class="s2079871Normal"><span xml:space="preserve" class="s2079871DefaultParagraphFont-000001">Source: </span><span class="s2079871SCL">SL 2018, ch 275, § 12; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072525Normal { 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.s2072525SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072525CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072525Normal-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.s2072525DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072525000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072525SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072525SCL-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="s2072525Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.10"><span class="s2072525SENU">55-1-21.10</span></a><span xml:space="preserve" class="s2072525SENU">. </span><span class="s2072525CL">Trustee may not use principal and income other than for trust's purposes.</span></p><p dir="ltr" class="s2072525Normal-000000"><span class="s2072525DefaultParagraphFont">Except as expressly provided otherwise in the trust instrument, no portion of the principal or income may be converted to the use of the trustee or to any use other than for the trust's purposes or the benefit of a covered animal.</span></p><p dir="ltr" class="s2072525Normal"><span xml:space="preserve" class="s2072525000001"> </span></p><p dir="ltr" class="s2072525Normal"><span class="s2072525SCL">Source:</span><span xml:space="preserve" class="s2072525SCL-000002"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s9e039b8e8e1043e6b153c9cd4e26e4ccNormal { 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.s9e039b8e8e1043e6b153c9cd4e26e4ccSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9e039b8e8e1043e6b153c9cd4e26e4ccCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s9e039b8e8e1043e6b153c9cd4e26e4ccStatute { 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.s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9e039b8e8e1043e6b153c9cd4e26e4cc000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s9e039b8e8e1043e6b153c9cd4e26e4ccNoIndent { 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.s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9e039b8e8e1043e6b153c9cd4e26e4ccSCL { 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 55-1-21.11 - Co-enforcer appointment--Powers."><meta property="og:description" content="SDLRC Codified Law 55-1-21.11 - Co-enforcer appointment--Powers."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-1-21.11"><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="s9e039b8e8e1043e6b153c9cd4e26e4ccNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-21.11" rel="noopener"><span class="s9e039b8e8e1043e6b153c9cd4e26e4ccSENU">55-1-21.11</span></a><span xml:space="preserve" class="s9e039b8e8e1043e6b153c9cd4e26e4ccSENU">. </span><span class="s9e039b8e8e1043e6b153c9cd4e26e4ccCL">Co-enforcer appointment--Powers.</span></p><p dir="ltr" class="s9e039b8e8e1043e6b153c9cd4e26e4ccStatute"><span class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont">Unless specifically restricted by the governing instrument, an enforcer may appoint an individual or a corporate fiduciary as a co-enforcer. The appointed co-enforcer may serve only as long as the appointing enforcer serves, or as long as the last to serve if more than one enforcer appointed the co-enforcer. The appointed co-enforcer may not become a successor enforcer upon the death, resignation, or incapacity of the appointing enforcer, unless appointed under the terms of the governing instrument or unless no other successor enforcer, or method for appointing a successor enforcer, is provided in the governing instrument.</span></p><p dir="ltr" class="s9e039b8e8e1043e6b153c9cd4e26e4ccStatute"><span class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont">The powers and the responsibilities of the appointed co-enforcer may be limited by the appointing enforcer in a writing signed by the appointing enforcer at the time of the appointment. If the powers or responsibilities are so limited, the powers or responsibilities of the co-enforcer shall be limited as set forth in writing. Unless the powers or responsibilities are so limited, the appointed co-enforcer may exercise all the powers of the appointing enforcer. The combined powers of the appointed co-enforcer and the appointing enforcer may not exceed the powers of the appointing enforcer alone. The enforcer appointing a co-enforcer may, in writing, revoke the appointment at any time, with or without cause.</span></p><p dir="ltr" class="s9e039b8e8e1043e6b153c9cd4e26e4ccStatute"><span class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont">Unless specifically restricted by the governing instrument, if the governing instrument gives a fiduciary other than the enforcer the power to remove and replace the enforcer, such power includes the power to appoint a co-enforcer to serve with the current enforcer.</span></p><p dir="ltr" class="s9e039b8e8e1043e6b153c9cd4e26e4ccStatute"><span xml:space="preserve" class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont">If an appointment under this section confers upon the appointed co-enforcer, to the exclusion of another co-enforcer, the power to take certain actions, including the power to direct or prevent certain actions of the enforcers, the limitations on liability and the relief from duties and obligations afforded an excluded fiduciary under § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-2" rel="noopener"><span class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont">55-1B-2</span></a><span xml:space="preserve" class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont"> apply to a co-enforcer who does not hold such power.</span></p><p dir="ltr" class="s9e039b8e8e1043e6b153c9cd4e26e4ccStatute"><span xml:space="preserve" class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont">If the governing instrument is silent concerning the enforcer's power to appoint a co-enforcer, the enforcer shall notify in writing, the trustor, if living, the current trustee or trustees, and any trust protector, trust advisors, and co-enforcers at least thirty days prior to the effective date of the enforcer's exercise of the power granted under this section. The notice, which shall include a copy of the proposed action, shall advise the trustor, the current trustee or trustees, trust protector, trust advisors, or co-enforcers that if they object to the enforcer's appointment, they need to file a written objection with the enforcer prior to the effective date set out in the notice of the proposed action. If an objection is received by the enforcer, prior to the effective date of the appointment, the enforcer may not appoint a co-enforcer. However, this section does not limit the power of the enforcer under law to petition the court for approval of the appointment. If no objection has been timely made, the proposed appointment becomes effective on the later of the date set out in the notice or thirty days after notice has been given. The notice shall be sent by any means allowed under the terms of the trust instrument or authorized in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-24" rel="noopener"><span class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont">55-2-24</span></a><span xml:space="preserve" class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont"> to the trustor, the current trustee or trustees, trust protector, trust advisors, or co-enforcers.</span></p><p dir="ltr" class="s9e039b8e8e1043e6b153c9cd4e26e4ccStatute"><span class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont">The provisions of this section are effective for trusts created before, on, or after July 1, 2023, except as otherwise directed by the trustor, current trustee or trustees, trust protector, trust advisors, or other fiduciary designated by the terms of the trust.</span></p><p dir="ltr" class="s9e039b8e8e1043e6b153c9cd4e26e4ccNormal"><span xml:space="preserve" class="s9e039b8e8e1043e6b153c9cd4e26e4cc000000"> </span></p><p dir="ltr" class="s9e039b8e8e1043e6b153c9cd4e26e4ccNoIndent"><span xml:space="preserve" class="s9e039b8e8e1043e6b153c9cd4e26e4ccDefaultParagraphFont-000001">Source: </span><span class="s9e039b8e8e1043e6b153c9cd4e26e4ccSCL">SL 2023, ch 161, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072526Normal { 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.s2072526SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072526CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072526Normal-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.s2072526DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072526000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072526SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072526SCL-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="s2072526Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-22"><span class="s2072526SENU">55-1-22</span></a><span xml:space="preserve" class="s2072526SENU">. </span><span class="s2072526CL">Hybrid purpose trusts valid.</span></p><p dir="ltr" class="s2072526Normal-000000"><span xml:space="preserve" class="s2072526DefaultParagraphFont">A hybrid purpose trust which meets the description of a purpose trust in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-20"><span class="s2072526DefaultParagraphFont">55-1-20</span></a><span xml:space="preserve" class="s2072526DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.10"><span class="s2072526DefaultParagraphFont">55-1-21.10</span></a><span class="s2072526DefaultParagraphFont">, inclusive, also includes one or more beneficiaries is valid and may be performed.</span></p><p dir="ltr" class="s2072526Normal"><span xml:space="preserve" class="s2072526000001"> </span></p><p dir="ltr" class="s2072526Normal"><span class="s2072526SCL">Source:</span><span xml:space="preserve" class="s2072526SCL-000002"> SL 2006, ch 247, § 3; SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072527Normal { 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.s2072527SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072527CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072527Normal-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.s2072527DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072527000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072527SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072527SCL-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="s2072527Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-22.1"><span class="s2072527SENU">55-1-22.1</span></a><span xml:space="preserve" class="s2072527SENU">. </span><span class="s2072527CL">Separate shares for beneficiaries and purposes to be maintained in hybrid purpose trust.</span></p><p dir="ltr" class="s2072527Normal-000000"><span class="s2072527DefaultParagraphFont">In a hybrid purpose trust when the interests of the beneficiaries and purposes are concurrent, the trustee shall maintain not less than two separate shares, one for the beneficiaries; and a second for the purposes, and the trustee may be liable to the beneficiaries for the actual damages caused thereby, if any, for failing to do so.</span></p><p dir="ltr" class="s2072527Normal"><span xml:space="preserve" class="s2072527000001"> </span></p><p dir="ltr" class="s2072527Normal"><span class="s2072527SCL">Source:</span><span xml:space="preserve" class="s2072527SCL-000002"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072528Normal { 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.s2072528SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072528CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072528Normal-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.s2072528DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072528000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072528SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072528SCL-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="s2072528Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-22.2"><span class="s2072528SENU">55-1-22.2</span></a><span xml:space="preserve" class="s2072528SENU">. </span><span class="s2072528CL">Beneficiaries' share of a hybrid purpose trust.</span></p><p dir="ltr" class="s2072528Normal-000000"><span xml:space="preserve" class="s2072528DefaultParagraphFont">The beneficiaries' share of a hybrid purpose trust is governed by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-5-8"><span class="s2072528DefaultParagraphFont">43-5-8</span></a><span xml:space="preserve" class="s2072528DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-6-7"><span class="s2072528DefaultParagraphFont">43-6-7</span></a><span class="s2072528DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072528Normal"><span xml:space="preserve" class="s2072528000001"> </span></p><p dir="ltr" class="s2072528Normal"><span class="s2072528SCL">Source:</span><span xml:space="preserve" class="s2072528SCL-000002"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072529Normal { 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.s2072529SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072529CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072529Normal-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.s2072529DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072529Normal-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.s2072529000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072529SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072529SCL-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="s2072529Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-22.3"><span class="s2072529SENU">55-1-22.3</span></a><span xml:space="preserve" class="s2072529SENU">. </span><span class="s2072529CL">Spendthrift provision in hybrid purpose trust--Qualified dispositions in trust.</span></p><p dir="ltr" class="s2072529Normal-000000"><span class="s2072529DefaultParagraphFont">A hybrid purpose trust may:</span></p><p dir="ltr" class="s2072529Normal-000001"><span class="s2072529DefaultParagraphFont">(1)    Contain a spendthrift provision; and</span></p><p dir="ltr" class="s2072529Normal-000001"><span xml:space="preserve" class="s2072529DefaultParagraphFont">(2)    Also qualify as a trust described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-2"><span class="s2072529DefaultParagraphFont">55-16-2</span></a><span class="s2072529DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072529Normal"><span xml:space="preserve" class="s2072529000002"> </span></p><p dir="ltr" class="s2072529Normal"><span class="s2072529SCL">Source:</span><span xml:space="preserve" class="s2072529SCL-000003"> SL 2018, ch 275, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072530Normal { 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.s2072530SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072530CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072530Normal-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.s2072530DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072530Normal-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.s2072530000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072530SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072530SCL-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="s2072530Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-22.4"><span class="s2072530SENU">55-1-22.4</span></a><span xml:space="preserve" class="s2072530SENU">. </span><span xml:space="preserve" class="s2072530CL">Application of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21"><span class="s2072530CL">55-1-21</span></a><span xml:space="preserve" class="s2072530CL"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.9"><span class="s2072530CL">55-1-21.9</span></a><span xml:space="preserve" class="s2072530CL"> to hybrid purpose trust--Exceptions.</span></p><p dir="ltr" class="s2072530Normal-000000"><span xml:space="preserve" class="s2072530DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21"><span class="s2072530DefaultParagraphFont">55-1-21</span></a><span xml:space="preserve" class="s2072530DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.9"><span class="s2072530DefaultParagraphFont">55-1-21.9</span></a><span class="s2072530DefaultParagraphFont">, inclusive, apply to a hybrid purpose trust except that:</span></p><p dir="ltr" class="s2072530Normal-000001"><span xml:space="preserve" class="s2072530DefaultParagraphFont">(1)    Under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.1"><span class="s2072530DefaultParagraphFont">55-1-21.1</span></a><span class="s2072530DefaultParagraphFont">, except as otherwise provided in the governing instrument, a trust as described in subdivision 55-1-21(1) terminates when no living animal is covered by the trust unless the trust may continue for the benefit of the beneficiaries; and</span></p><p dir="ltr" class="s2072530Normal-000001"><span xml:space="preserve" class="s2072530DefaultParagraphFont">(2)    Under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.2"><span class="s2072530DefaultParagraphFont">55-1-21.2</span></a><span class="s2072530DefaultParagraphFont">, a court has no power to reduce the amount of trust property intended for or allocated to any beneficiaries or any charitable purposes.</span></p><p dir="ltr" class="s2072530Normal"><span xml:space="preserve" class="s2072530000002"> </span></p><p dir="ltr" class="s2072530Normal"><span class="s2072530SCL">Source:</span><span xml:space="preserve" class="s2072530SCL-000003"> SL 2018, ch 275, § 18.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072531Normal { 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.s2072531SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072531CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072531Normal-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.s2072531DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072531000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072531SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072531SCL-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="s2072531Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-22.5"><span class="s2072531SENU">55-1-22.5</span></a><span xml:space="preserve" class="s2072531SENU">. </span><span class="s2072531CL">Discretion of trustee of hybrid purpose trust.</span></p><p dir="ltr" class="s2072531Normal-000000"><span class="s2072531DefaultParagraphFont">Except as otherwise provided in the governing instrument, a trustee of a hybrid purpose trust is vested with full discretion in administering the trust and considering the best interests of the beneficiaries and the purposes of the trust.</span></p><p dir="ltr" class="s2072531Normal"><span xml:space="preserve" class="s2072531000001"> </span></p><p dir="ltr" class="s2072531Normal"><span class="s2072531SCL">Source:</span><span xml:space="preserve" class="s2072531SCL-000002"> SL 2018, ch 275, § 19.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072532Normal { 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.s2072532SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072532CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072532Normal-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.s2072532DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072532000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072532SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072532SCL-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="s2072532Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-22.6"><span class="s2072532SENU">55-1-22.6</span></a><span xml:space="preserve" class="s2072532SENU">. </span><span class="s2072532CL">Enforcer of hybrid purpose trust.</span></p><p dir="ltr" class="s2072532Normal-000000"><span xml:space="preserve" class="s2072532DefaultParagraphFont">In addition to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.4"><span class="s2072532DefaultParagraphFont">55-1-21.4</span></a><span class="s2072532DefaultParagraphFont">, an enforcer may also not be a beneficiary of a hybrid purpose trust.</span></p><p dir="ltr" class="s2072532Normal"><span xml:space="preserve" class="s2072532000001"> </span></p><p dir="ltr" class="s2072532Normal"><span class="s2072532SCL">Source:</span><span xml:space="preserve" class="s2072532SCL-000002"> SL 2018, ch 275, § 20.</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 - FIDUCIARIES AND TRUSTS 55-1-23 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-1-23 "> <META NAME="Description" Content="South Dakota Codified Laws 55-1-23"> </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 --> 55-1-23. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2011, ch 212, &#167;&nbsp;41.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072534Normal { 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.s2072534SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072534CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072534Normal-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.s2072534DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072534Normal-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.s2072534000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072534SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072534SCL-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="s2072534Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24"><span class="s2072534SENU">55-1-24</span></a><span xml:space="preserve" class="s2072534SENU">. </span><span xml:space="preserve" class="s2072534CL">Definitions applicable to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24"><span class="s2072534CL">55-1-24</span></a><span xml:space="preserve" class="s2072534CL"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-45"><span class="s2072534CL">55-1-45</span></a><span class="s2072534CL">.</span></p><p dir="ltr" class="s2072534Normal-000000"><span xml:space="preserve" class="s2072534DefaultParagraphFont">Terms used in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24"><span class="s2072534DefaultParagraphFont">55-1-24</span></a><span xml:space="preserve" class="s2072534DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-45"><span class="s2072534DefaultParagraphFont">55-1-45</span></a><span class="s2072534DefaultParagraphFont">, inclusive, mean:</span></p><p dir="ltr" class="s2072534Normal-000001"><span class="s2072534DefaultParagraphFont">(1)    "Beneficial interest," is limited to mean a distribution interest or a remainder interest. A beneficial interest specifically excludes a power of appointment or a power reserved by the settlor;</span></p><p dir="ltr" class="s2072534Normal-000001"><span class="s2072534DefaultParagraphFont">(2)    "Distribution beneficiary," a beneficiary who is an eligible distributee or permissible distributee of trust income or principal;</span></p><p dir="ltr" class="s2072534Normal-000001"><span class="s2072534DefaultParagraphFont">(3)    "Distribution interest," a distribution interest held by a distribution beneficiary. A distribution interest may be a current distribution interest or a future distribution interest. A distribution interest may be classified as a mandatory interest, a support interest, or a discretionary interest;</span></p><p dir="ltr" class="s2072534Normal-000001"><span xml:space="preserve" class="s2072534DefaultParagraphFont">(4)    "Power of appointment," as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-12"><span class="s2072534DefaultParagraphFont">55-1-12</span></a><span class="s2072534DefaultParagraphFont">;</span></p><p dir="ltr" class="s2072534Normal-000001"><span class="s2072534DefaultParagraphFont">(5)    "Reach," with respect to a distribution interest or power, to subject the distribution interest or power to a judgment, decree, garnishment, attachment, execution, levy, creditor's bill or other legal, equitable, or administrative process, relief, or control of any court, tribunal, agency, or other entity as provided by law;</span></p><p dir="ltr" class="s2072534Normal-000001"><span class="s2072534DefaultParagraphFont">(6)    "Remainder interest," an interest where a trust beneficiary receives the property outright at some time during the future;</span></p><p dir="ltr" class="s2072534Normal-000001"><span class="s2072534DefaultParagraphFont">(7)    "Reserved power," a power held by the settlor.</span></p><p dir="ltr" class="s2072534Normal"><span xml:space="preserve" class="s2072534000002"> </span></p><p dir="ltr" class="s2072534Normal"><span class="s2072534SCL">Source:</span><span xml:space="preserve" class="s2072534SCL-000003"> SL 2007, ch 280, § 1; SL 2008, ch 257, § 2; SL 2009, ch 252, § 2; SL 2011, ch 212, § 30; SL 2015, ch 240, § 10; SL 2016, ch 231, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072535Normal { 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.s2072535SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072535CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072535Normal-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.s2072535DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072535Normal-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.s2072535000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072535SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072535SCL-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="s2072535Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24.1"><span class="s2072535SENU">55-1-24.1</span></a><span xml:space="preserve" class="s2072535SENU">. </span><span class="s2072535CL">Improper motive.</span></p><p dir="ltr" class="s2072535Normal-000000"><span xml:space="preserve" class="s2072535DefaultParagraphFont">For purposes of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24"><span class="s2072535DefaultParagraphFont">55-1-24</span></a><span xml:space="preserve" class="s2072535DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-45"><span class="s2072535DefaultParagraphFont">55-1-45</span></a><span class="s2072535DefaultParagraphFont">, inclusive, improper motive is demonstrated by action such as the following:</span></p><p dir="ltr" class="s2072535Normal-000001"><span class="s2072535DefaultParagraphFont">(1)    A trustee refusing to make or limiting distributions to beneficiaries other than the trustee due to the trustee's self interest when the trustee also holds a beneficial interest subject to a discretionary interest; or</span></p><p dir="ltr" class="s2072535Normal-000001"><span class="s2072535DefaultParagraphFont">(2)    A trustee making a distribution in excess of an ascertainable standard to himself or herself as beneficiary when the trustee is restricted by an ascertainable standard in the trust.</span></p><p dir="ltr" class="s2072535Normal"><span xml:space="preserve" class="s2072535000002"> </span></p><p dir="ltr" class="s2072535Normal"><span class="s2072535SCL">Source:</span><span xml:space="preserve" class="s2072535SCL-000003"> SL 2008, ch 257, § 3; SL 2011, ch 212, § 31.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072536Normal { 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.s2072536SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072536CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072536Normal-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.s2072536DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072536000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072536SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072536SCL-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="s2072536Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24.2"><span class="s2072536SENU">55-1-24.2</span></a><span xml:space="preserve" class="s2072536SENU">. </span><span class="s2072536CL">Withdrawal power.</span></p><p dir="ltr" class="s2072536Normal-000000"><span class="s2072536DefaultParagraphFont">A withdrawal power allows a person a right to withdraw all or some part of the trust property, whether from income or principal. The holder of a withdrawal power is not deemed to be the settlor of the trust by failing to exercise a withdrawal power or letting a withdrawal power lapse.</span></p><p dir="ltr" class="s2072536Normal"><span xml:space="preserve" class="s2072536000001"> </span></p><p dir="ltr" class="s2072536Normal"><span class="s2072536SCL">Source:</span><span xml:space="preserve" class="s2072536SCL-000002"> SL 2011, ch 212, § 32; SL 2016, ch 231, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072537Normal { 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.s2072537SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072537CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072537Normal-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.s2072537DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072537000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072537SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072537SCL-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="s2072537Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-25"><span class="s2072537SENU">55-1-25</span></a><span xml:space="preserve" class="s2072537SENU">. </span><span class="s2072537CL">Distinction between discretionary trust and support trust--Creditor rights--Judicial review.</span></p><p dir="ltr" class="s2072537Normal-000000"><span xml:space="preserve" class="s2072537DefaultParagraphFont">The common law distinction between a discretionary trust and a support trust and the dual judicial review standards related to this distinction shall be maintained. In the area of creditor rights, the Restatement of Trusts (Third) and the Uniform Trust Code create many new positions of law as well as adopts many minority positions of law. The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24"><span class="s2072537DefaultParagraphFont">55-1-24</span></a><span xml:space="preserve" class="s2072537DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-43"><span class="s2072537DefaultParagraphFont">55-1-43</span></a><span xml:space="preserve" class="s2072537DefaultParagraphFont">, inclusive, affirmatively reject many of these positions. Therefore, the Legislature does not intend the courts to consult the Restatement (Third) of the Law of Trusts § 50, § 56, § 58, § 59, or § 60 as approved by the American Law Institute or Uniform Trust Code Article 5 and Section 814(a) as approved by the National Conference of Commissioners on Uniform State Laws in 2004 with respect to subject matters addressed by the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24"><span class="s2072537DefaultParagraphFont">55-1-24</span></a><span xml:space="preserve" class="s2072537DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-43"><span class="s2072537DefaultParagraphFont">55-1-43</span></a><span class="s2072537DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2072537Normal"><span xml:space="preserve" class="s2072537000001"> </span></p><p dir="ltr" class="s2072537Normal"><span class="s2072537SCL">Source:</span><span xml:space="preserve" class="s2072537SCL-000002"> SL 2007, ch 280, § 2; SL 2015, ch 240, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072538Normal { 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.s2072538SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072538CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072538Normal-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.s2072538DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072538Normal-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; } p.s2072538Normal-000002 { text-indent: 0.25in; 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.s2072538000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072538SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072538SCL-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="s2072538Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-26"><span class="s2072538SENU">55-1-26</span></a><span xml:space="preserve" class="s2072538SENU">. </span><span class="s2072538CL">Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests.</span></p><p dir="ltr" class="s2072538Normal-000000"><span class="s2072538DefaultParagraphFont">Regardless of whether or not a trust contains a spendthrift provision:</span></p><p dir="ltr" class="s2072538Normal-000001"><span class="s2072538DefaultParagraphFont">(1)    No beneficial interest, power of appointment, or reserved power in a trust may be judicially foreclosed;</span></p><p dir="ltr" class="s2072538Normal-000001"><span class="s2072538DefaultParagraphFont">(2)    No creditor may reach a power of appointment or a remainder interest at the trust level. The creditor shall wait until the funds are distributed before the creditor may reach the funds; and</span></p><p dir="ltr" class="s2072538Normal-000001"><span class="s2072538DefaultParagraphFont">(3)    No power of appointment is property or an interest in property.</span></p><p dir="ltr" class="s2072538Normal-000002"><span class="s2072538DefaultParagraphFont">For purposes of this section, power of appointment is held by a person to whom a power has been given, not the settlor.</span></p><p dir="ltr" class="s2072538Normal"><span xml:space="preserve" class="s2072538000003"> </span></p><p dir="ltr" class="s2072538Normal"><span class="s2072538SCL">Source:</span><span xml:space="preserve" class="s2072538SCL-000004"> SL 2007, ch 280, § 3; SL 2009, ch 252, § 3; SL 2016, ch 231, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072539Normal { 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.s2072539SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072539CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072539Normal-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.s2072539DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072539000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072539SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072539SCL-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="s2072539Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-27"><span class="s2072539SENU">55-1-27</span></a><span xml:space="preserve" class="s2072539SENU">. </span><span class="s2072539CL">Certain remainder interests not property interests.</span></p><p dir="ltr" class="s2072539Normal-000000"><span xml:space="preserve" class="s2072539DefaultParagraphFont">Although a remainder interest may be an enforceable right, where it is not absolutely certain based on the language of the trust that the remainder interest will be distributed within one year, it may not be classified as a property interest. This section does not affect eligibility for any public assistance program administered by the Department of Social Services pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=28-1-1"><span class="s2072539DefaultParagraphFont">28-1-1</span></a><span class="s2072539DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072539Normal"><span xml:space="preserve" class="s2072539000001"> </span></p><p dir="ltr" class="s2072539Normal"><span class="s2072539SCL">Source:</span><span xml:space="preserve" class="s2072539SCL-000002"> SL 2007, ch 280, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072540Normal { 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.s2072540SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072540CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072540Normal-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.s2072540DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072540Normal-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; } p.s2072540Normal-000002 { text-indent: 0.25in; 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.s2072540000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072540SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072540SCL-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="s2072540Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-28"><span class="s2072540SENU">55-1-28</span></a><span xml:space="preserve" class="s2072540SENU">. </span><span class="s2072540CL">Interest of beneficiary or others not reachable by creditors.</span></p><p dir="ltr" class="s2072540Normal-000000"><span class="s2072540DefaultParagraphFont">No creditor may reach an interest of a beneficiary or of any other person on the grounds that the beneficiary or other person holds, either alone or in conjunction with another person, either or both of the following:</span></p><p dir="ltr" class="s2072540Normal-000001"><span class="s2072540DefaultParagraphFont">(1)    An unconditional or conditional power to remove a trustee; or</span></p><p dir="ltr" class="s2072540Normal-000001"><span class="s2072540DefaultParagraphFont">(2)    An unconditional or conditional power to replace a trustee.</span></p><p dir="ltr" class="s2072540Normal-000002"><span class="s2072540DefaultParagraphFont">The powers to remove or replace a trustee are personal to the power holder. No court may order, direct, or otherwise compel a power holder to directly or indirectly exercise the power to remove or replace a trustee for the purpose of directly or indirectly satisfying, either in whole or in part, any claim or judgment against the power holder or a beneficiary.</span></p><p dir="ltr" class="s2072540Normal-000002"><span class="s2072540DefaultParagraphFont">The powers to remove or replace a trustee, whether exercisable alone or in conjunction with another person, are not a property interest.</span></p><p dir="ltr" class="s2072540Normal-000002"><span class="s2072540DefaultParagraphFont">No creditor may reach an interest of a beneficiary on the grounds that the beneficiary is also a trustee or a co-trustee and no court may foreclose against such an interest. No court may order, direct, or otherwise compel a distribution because the beneficiary is then serving as a trustee or co-trustee.</span></p><p dir="ltr" class="s2072540Normal"><span xml:space="preserve" class="s2072540000003"> </span></p><p dir="ltr" class="s2072540Normal"><span class="s2072540SCL">Source:</span><span xml:space="preserve" class="s2072540SCL-000004"> SL 2007, ch 280, § 5; SL 2009, ch 252, § 4; SL 2013, ch 239, § 21.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072541Normal { 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.s2072541SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072541CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072541Normal-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.s2072541DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072541000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072541SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072541SCL-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="s2072541Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-29"><span class="s2072541SENU">55-1-29</span></a><span xml:space="preserve" class="s2072541SENU">. </span><span class="s2072541CL">Trust property not subject to personal obligations of trustee.</span></p><p dir="ltr" class="s2072541Normal-000000"><span class="s2072541DefaultParagraphFont">Trust property is not subject to the personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.</span></p><p dir="ltr" class="s2072541Normal"><span xml:space="preserve" class="s2072541000001"> </span></p><p dir="ltr" class="s2072541Normal"><span class="s2072541SCL">Source:</span><span xml:space="preserve" class="s2072541SCL-000002"> SL 2007, ch 280, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072542Normal { 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.s2072542SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072542CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072542Normal-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.s2072542DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072542000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072542SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072542SCL-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="s2072542Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-30"><span class="s2072542SENU">55-1-30</span></a><span xml:space="preserve" class="s2072542SENU">. </span><span class="s2072542CL">Distribution and remainder interests not relevant to division of marital property.</span></p><p dir="ltr" class="s2072542Normal-000000"><span class="s2072542DefaultParagraphFont">Neither a distribution interest nor a remainder interest are relevant in the equitable division of marital property.</span></p><p dir="ltr" class="s2072542Normal"><span xml:space="preserve" class="s2072542000001"> </span></p><p dir="ltr" class="s2072542Normal"><span class="s2072542SCL">Source:</span><span xml:space="preserve" class="s2072542SCL-000002"> SL 2007, ch 280, § 7; SL 2008, ch 257, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072543Normal { 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.s2072543SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072543CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072543Normal-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.s2072543DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072543000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072543SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072543SCL-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="s2072543Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-31"><span class="s2072543SENU">55-1-31</span></a><span xml:space="preserve" class="s2072543SENU">. </span><span class="s2072543CL">Resources of settlor's spouse to be considered in making distribution from support trust--Other beneficiary's resources need not be considered.</span></p><p dir="ltr" class="s2072543Normal-000000"><span class="s2072543DefaultParagraphFont">Unless otherwise provided in the trust, if the settlor's spouse is named as beneficiary, the settlor's spouse is still living, and the trust is classified as a support trust, then the trustee shall consider the resources of the settlor's spouse, including the settlor's obligation of support, prior to making a distribution. In all other cases, unless otherwise provided in the trust, the trustee need not consider the beneficiary's resources in determining whether a distribution should be made.</span></p><p dir="ltr" class="s2072543Normal"><span xml:space="preserve" class="s2072543000001"> </span></p><p dir="ltr" class="s2072543Normal"><span class="s2072543SCL">Source:</span><span xml:space="preserve" class="s2072543SCL-000002"> SL 2007, ch 280, § 8; SL 2009, ch 252, § 5; SL 2011, ch 212, § 33.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s4a755345c07b47c78dfb6182e4adb4d3Normal { 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.s4a755345c07b47c78dfb6182e4adb4d3SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s4a755345c07b47c78dfb6182e4adb4d3CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s4a755345c07b47c78dfb6182e4adb4d3Statute { 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.s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1 { 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.s4a755345c07b47c78dfb6182e4adb4d3000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s4a755345c07b47c78dfb6182e4adb4d3NoIndent { 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.s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s4a755345c07b47c78dfb6182e4adb4d3SCL { 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 55-1-32 - Alter ego--Pierce the veil, dominion and control claims."><meta property="og:description" content="SDLRC Codified Law 55-1-32 - Alter ego--Pierce the veil, dominion and control claims."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-1-32"><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="s4a755345c07b47c78dfb6182e4adb4d3Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-32" rel="noopener"><span class="s4a755345c07b47c78dfb6182e4adb4d3SENU">55-1-32</span></a><span xml:space="preserve" class="s4a755345c07b47c78dfb6182e4adb4d3SENU">. </span><span class="s4a755345c07b47c78dfb6182e4adb4d3CL">Alter ego--Pierce the veil, dominion and control claims.</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3Statute"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">Pierce the veil and dominion and control claims by a party are, in essence, a variation of the alter ego common law doctrine. This section covers all of these types of claims.</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3Statute"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">In the event that a party brings an action against a trustee, beneficiary, trust advisor, or trust protector under an alter ego claim, none of the following factors, alone or in combination, may be considered as resulting in the alter ego theory being applied to a trustee or the person who is claimed to be the alter ego:</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span xml:space="preserve" class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(1)    The settlor or a beneficiary serving as a trustee or a co-trustee as described in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-28" rel="noopener"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">55-1-28</span></a><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(2)    The settlor or a beneficiary holds an unrestricted power to remove or replace a trustee;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(3)    The settlor or a beneficiary is a trust administrator, a general partner of a partnership, a manager of a limited liability company, an officer of a corporation, or any other managerial function of any other type of entity, and part or all of the trust property consists of an interest in the entity;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(4)    A person related by blood or adoption to the settlor or a beneficiary is appointed as trustee;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(5)    The settlor's or a beneficiary's agent, accountant, attorney, financial advisor, or friend is appointed as trustee;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(6)    A business associate is appointed as a trustee;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(7)    A beneficiary holds any power of appointment over any or all of the trust property;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(8)    The settlor holds a power to substitute property of equivalent value;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(9)    The trustee may loan trust property to the settlor for less than a full and adequate rate of interest or without adequate security;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(10)    The distribution language provides any discretion;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(11)    The trust has only one beneficiary eligible for current distributions;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span xml:space="preserve" class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(12)    A beneficiary serving as an investment trust advisor, as the role is defined in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-1" rel="noopener"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">55-1B-1</span></a><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(13)    Isolated occurrences where the settlor has signed checks, made disbursements, or executed other documents related to the trust as a trustee, when in fact the settlor was not a trustee;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(14)    Making any requests for distributions on behalf of beneficiaries;</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(15)    Making any requests to the trustee to hold, purchase, or sell any trust property; or</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3StatuteNumber1"><span class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont">(16)    A beneficiary serving as a trust protector or a trust advisor.</span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3Normal"><span xml:space="preserve" class="s4a755345c07b47c78dfb6182e4adb4d3000000"> </span></p><p dir="ltr" class="s4a755345c07b47c78dfb6182e4adb4d3NoIndent"><span xml:space="preserve" class="s4a755345c07b47c78dfb6182e4adb4d3DefaultParagraphFont-000001">Source: </span><span class="s4a755345c07b47c78dfb6182e4adb4d3SCL">SL 2007, ch 280, § 9; SL 2009, ch 252, § 6; SL 2012, ch 233, § 20; SL 2023, ch 161, § 3.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2f1ca8c2dc4944568b561f542e149782Normal { 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.s2f1ca8c2dc4944568b561f542e149782SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2f1ca8c2dc4944568b561f542e149782DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2f1ca8c2dc4944568b561f542e149782000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2f1ca8c2dc4944568b561f542e149782DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2f1ca8c2dc4944568b561f542e149782SCL { 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 55-1-33 - Repealed."><meta property="og:description" content="SDLRC Codified Law 55-1-33 - Repealed."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-1-33"><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="s2f1ca8c2dc4944568b561f542e149782Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1-33" rel="noopener"><span class="s2f1ca8c2dc4944568b561f542e149782SENU">55-1-33</span></a><span xml:space="preserve" class="s2f1ca8c2dc4944568b561f542e149782SENU">. </span><span class="s2f1ca8c2dc4944568b561f542e149782DefaultParagraphFont">Repealed.</span></p><p dir="ltr" class="s2f1ca8c2dc4944568b561f542e149782Normal"><span xml:space="preserve" class="s2f1ca8c2dc4944568b561f542e149782000000"> </span></p><p dir="ltr" class="s2f1ca8c2dc4944568b561f542e149782Normal"><span xml:space="preserve" class="s2f1ca8c2dc4944568b561f542e149782DefaultParagraphFont-000001">Source: </span><span class="s2f1ca8c2dc4944568b561f542e149782SCL">SL 2007, ch 280, § 10; SL 2023, ch 161, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072546Normal { 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.s2072546SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072546CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072546Normal-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.s2072546DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072546000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072546SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072546SCL-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="s2072546Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-34"><span class="s2072546SENU">55-1-34</span></a><span xml:space="preserve" class="s2072546SENU">. </span><span class="s2072546CL">Provision that beneficial interest in trust income or principal may not be transferred before payment to beneficiary permissible.</span></p><p dir="ltr" class="s2072546Normal-000000"><span class="s2072546DefaultParagraphFont">A settlor may provide in the terms of the trust that a beneficiary's beneficial interest in a trust's income, principal, or in both, may not be voluntarily or involuntarily transferred before payment or delivery of the beneficial interest to the beneficiary by the trustee.</span></p><p dir="ltr" class="s2072546Normal"><span xml:space="preserve" class="s2072546000001"> </span></p><p dir="ltr" class="s2072546Normal"><span class="s2072546SCL">Source:</span><span xml:space="preserve" class="s2072546SCL-000002"> SL 2007, ch 280, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072547Normal { 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.s2072547SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072547CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072547Normal-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.s2072547DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072547000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072547SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072547SCL-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="s2072547Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-35"><span class="s2072547SENU">55-1-35</span></a><span xml:space="preserve" class="s2072547SENU">. </span><span class="s2072547CL">Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.</span></p><p dir="ltr" class="s2072547Normal-000000"><span class="s2072547DefaultParagraphFont">A declaration in a trust that the interest of a beneficiary shall be held subject to a spendthrift trust is sufficient to restrain voluntary or involuntary alienation of a beneficial interest by a beneficiary to the maximum extent provided by law. Regardless of whether a beneficiary has any outstanding creditor, a trustee of a spendthrift trust may directly pay any expense on behalf of such beneficiary and may exhaust the income and principal of the trust for the benefit of such beneficiary. No trustee is liable to any creditor for paying the expenses of a beneficiary of a spendthrift trust.</span></p><p dir="ltr" class="s2072547Normal"><span xml:space="preserve" class="s2072547000001"> </span></p><p dir="ltr" class="s2072547Normal"><span class="s2072547SCL">Source:</span><span xml:space="preserve" class="s2072547SCL-000002"> SL 2007, ch 280, § 12; SL 2011, ch 212, § 34.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079870Normal { 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.s2079870SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079870CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079870Statute { 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.s2079870DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2079870StatuteNumber1 { 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.s2079870000000 { text-decoration: none; } span.s2079870000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079870DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079870SCL { 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="s2079870Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-36"><span class="s2079870SENU">55-1-36</span></a><span xml:space="preserve" class="s2079870SENU">. </span><span class="s2079870CL">Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary.</span></p><p dir="ltr" class="s2079870Statute"><span xml:space="preserve" class="s2079870DefaultParagraphFont">If a settlor is also a beneficiary of the trust, and the transfer is a qualified transfer pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16"><span class="s2079870DefaultParagraphFont">55-16</span></a><span xml:space="preserve" class="s2079870DefaultParagraphFont">, the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-24"><span class="s2079870DefaultParagraphFont">55-1-24</span></a><span xml:space="preserve" class="s2079870DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-43"><span class="s2079870DefaultParagraphFont">55-1-43</span></a><span xml:space="preserve" class="s2079870DefaultParagraphFont">, inclusive, also apply. Conversely, if the settlor is a beneficiary of the trust and the transfer is not a qualified transfer pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16"><span class="s2079870DefaultParagraphFont">55-16</span></a><span class="s2079870DefaultParagraphFont">, a provision restraining the voluntary or involuntary transfer of the settlor's beneficial interest does not prevent the settlor's creditors from satisfying claims from the settlor's interest in the trust estate. However, a settlor's creditors may not satisfy their respective claims from an irrevocable trust if:</span></p><p dir="ltr" class="s2079870StatuteNumber1"><a id="_pagenumber3" class="s2079870000000"></a><span class="s2079870DefaultParagraphFont">(1)    The settlor has retained a beneficial interest that is contingent upon surviving the settlor's spouse such as an interest in an inter vivos marital deduction trust in which the interest of the settlor's spouse is treated as qualified terminable interest property under § 2523(f) of the Internal Revenue Code of 1986 (26 U.S.C. § 2523(f)), as amended, an interest in an inter vivos marital deduction trust that is treated as a general power of appointment trust for which a marital deduction would be allowed under § 2523(a) and (e) of the Internal Revenue Code of 1986 (26 U.S.C. § 2523(a) and (e)), as amended, and an interest in an inter vivos trust commonly known as a credit shelter trust that used all or a portion of the settlor's unified credit under § 2505 of the Internal Revenue Code (26 U.S.C. § 2505), as amended;</span></p><p dir="ltr" class="s2079870StatuteNumber1"><span class="s2079870DefaultParagraphFont">(2)    The settlor may be named, by someone other than the settlor, as an additional beneficiary or from a class of persons that includes the settlor; or</span></p><p dir="ltr" class="s2079870StatuteNumber1"><span class="s2079870DefaultParagraphFont">(3)    The settlor is a permissible object of the exercise of a power of appointment over trust property held by someone other than the settlor.</span></p><p dir="ltr" class="s2079870Normal"><span xml:space="preserve" class="s2079870000001"> </span></p><p dir="ltr" class="s2079870Normal"><span xml:space="preserve" class="s2079870DefaultParagraphFont-000002">Source: </span><span class="s2079870SCL">SL 2007, ch 280, § 13; SL 2011, ch 212, § 35; SL 2015, ch 240, § 12; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072549Normal { 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.s2072549SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072549CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072549Normal-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.s2072549DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072549Normal-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.s2072549000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072549SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072549SCL-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="s2072549Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-36.1"><span class="s2072549SENU">55-1-36.1</span></a><span xml:space="preserve" class="s2072549SENU">. </span><span class="s2072549CL">Effect on creditor claims of trustee discretionary powers to pay taxes or make reimbursements for taxes.</span></p><p dir="ltr" class="s2072549Normal-000000"><span xml:space="preserve" class="s2072549DefaultParagraphFont">Regardless of whether a disposition is a qualified disposition pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16"><span class="s2072549DefaultParagraphFont">55-16</span></a><span class="s2072549DefaultParagraphFont">, where a trustee is granted a discretionary power by the terms of the trust instrument, or any provision of law, to pay directly to any taxing authority, or to reimburse the person liable for, any tax imposed by a taxing authority on the person by reason of the person being treated as the owner of all or any portion of the trust property pursuant to §§ 671 to 678, inclusive, of the Internal Revenue Code of 1986, 26 U.S.C. §§ 671 to 678, inclusive, as of January 1, 2016, and the U.S. Treasury Regulations promulgated thereunder, as of January 1, 2016:</span></p><p dir="ltr" class="s2072549Normal-000001"><span class="s2072549DefaultParagraphFont">(1)    A creditor of the person shall not satisfy a claim from the property of the trust solely because of the existence or exercise of the discretionary power; and</span></p><p dir="ltr" class="s2072549Normal-000001"><span class="s2072549DefaultParagraphFont">(2)    The use of trust property to pay the tax shall not be deemed a distribution or transfer of trust property to the person for any purpose, and the amount paid from the trust to the taxing authority or to the person in reimbursement of the person's payment of the tax is not subject to the claims of a creditor of the person solely because of the existence or exercise of the discretionary power.</span></p><p dir="ltr" class="s2072549Normal"><span xml:space="preserve" class="s2072549000002"> </span></p><p dir="ltr" class="s2072549Normal"><span class="s2072549SCL">Source:</span><span xml:space="preserve" class="s2072549SCL-000003"> SL 2015, ch 240, § 13; SL 2016, ch 231, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072550Normal { 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.s2072550SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072550CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072550Normal-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.s2072550DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072550000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072550SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072550SCL-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="s2072550Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-37"><span class="s2072550SENU">55-1-37</span></a><span xml:space="preserve" class="s2072550SENU">. </span><span class="s2072550CL">Application of spendthrift provision.</span></p><p dir="ltr" class="s2072550Normal-000000"><span class="s2072550DefaultParagraphFont">A spendthrift provision applies to both distribution interests and remainder interests. A spendthrift provision is a material provision of a trust.</span></p><p dir="ltr" class="s2072550Normal"><span xml:space="preserve" class="s2072550000001"> </span></p><p dir="ltr" class="s2072550Normal"><span class="s2072550SCL">Source:</span><span xml:space="preserve" class="s2072550SCL-000002"> SL 2007, ch 280, § 14; SL 2008, ch 257, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072551Normal { 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.s2072551SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072551CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072551Normal-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.s2072551DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072551Normal-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; } p.s2072551Normal-000002 { text-indent: 0.25in; 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.s2072551000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072551SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072551SCL-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="s2072551Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-38"><span class="s2072551SENU">55-1-38</span></a><span xml:space="preserve" class="s2072551SENU">. </span><span class="s2072551CL">Classification of distribution interest.</span></p><p dir="ltr" class="s2072551Normal-000000"><span class="s2072551DefaultParagraphFont">A distribution interest can be classified in three ways:</span></p><p dir="ltr" class="s2072551Normal-000001"><span class="s2072551DefaultParagraphFont">(1)    As a mandatory interest, which is a distribution interest, in which the timing of any distribution must occur within one year from the date the right to the distribution arises, and the trustee has no discretion in determining whether a distribution shall be made or the amount of such distribution;</span></p><p dir="ltr" class="s2072551Normal-000001"><span class="s2072551DefaultParagraphFont">(2)    As a support interest, which is not a mandatory interest but still contains mandatory language such as "shall make distributions" and is coupled with a standard capable of judicial interpretation; or</span></p><p dir="ltr" class="s2072551Normal-000001"><span class="s2072551DefaultParagraphFont">(3)    As a discretionary interest, which is any interest where a trustee has any discretion to make or withhold a distribution.</span></p><p dir="ltr" class="s2072551Normal-000002"><span class="s2072551DefaultParagraphFont">A discretionary interest may be evidenced by permissive language such as "may make distributions" or it may be evidenced by mandatory distribution language that is negated by the discretionary language of the trust, such as "the trustee shall make distributions in the trustee's sole and absolute discretion." An interest that includes mandatory distribution language such as "shall" but is subsequently qualified by discretionary distribution language shall be classified as a discretionary interest and not as a support or a mandatory interest. A discretionary interest is any interest that is not a mandatory or a support interest.</span></p><p dir="ltr" class="s2072551Normal"><span xml:space="preserve" class="s2072551000003"> </span></p><p dir="ltr" class="s2072551Normal"><span class="s2072551SCL">Source:</span><span xml:space="preserve" class="s2072551SCL-000004"> SL 2007, ch 280, § 15; SL 2008, ch 257, § 6; SL 2009, ch 252, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072552Normal { 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.s2072552SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072552CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072552Normal-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.s2072552DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072552000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072552SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072552SCL-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="s2072552Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-38.1"><span class="s2072552SENU">55-1-38.1</span></a><span xml:space="preserve" class="s2072552SENU">. </span><span class="s2072552CL">Classification of interest as support interest.</span></p><p dir="ltr" class="s2072552Normal-000000"><span xml:space="preserve" class="s2072552DefaultParagraphFont">If a trust instrument containing the distribution language specifically provides that the trustee exercise discretion in a reasonable manner with regard to a discretionary interest, then notwithstanding any other provision of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-38"><span class="s2072552DefaultParagraphFont">55-1-38</span></a><span xml:space="preserve" class="s2072552DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-43"><span class="s2072552DefaultParagraphFont">55-1-43</span></a><span xml:space="preserve" class="s2072552DefaultParagraphFont">, inclusive, the distribution interest shall be classified as a support interest. A beneficiary's right to a distribution as well as a creditor's right regarding a beneficiary's support interest is governed by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-42"><span class="s2072552DefaultParagraphFont">55-1-42</span></a><span class="s2072552DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072552Normal"><span xml:space="preserve" class="s2072552000001"> </span></p><p dir="ltr" class="s2072552Normal"><span class="s2072552SCL">Source:</span><span xml:space="preserve" class="s2072552SCL-000002"> SL 2009, ch 252, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072553Normal { 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.s2072553SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072553CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072553Normal-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.s2072553DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072553Normal-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.s2072553000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072553SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072553SCL-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="s2072553Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-39"><span class="s2072553SENU">55-1-39</span></a><span xml:space="preserve" class="s2072553SENU">. </span><span class="s2072553CL">Bifurcation of trust.</span></p><p dir="ltr" class="s2072553Normal-000000"><span class="s2072553DefaultParagraphFont">To the extent a trust contains any combination of a mandatory provision, a support provision, the trust shall be bifurcated as follows:</span></p><p dir="ltr" class="s2072553Normal-000001"><span class="s2072553DefaultParagraphFont">(1)    The trust shall be a mandatory interest only to the extent of the mandatory language;</span></p><p dir="ltr" class="s2072553Normal-000001"><span class="s2072553DefaultParagraphFont">(2)    The trust shall be a support interest only to the extent of such support language;</span></p><p dir="ltr" class="s2072553Normal-000001"><span class="s2072553DefaultParagraphFont">(3)    The remaining trust property shall be held as a discretionary interest;</span></p><p dir="ltr" class="s2072553Normal-000001"><span class="s2072553DefaultParagraphFont">(4)    A support interest that includes mandatory language such as "shall" but is subsequently qualified by discretionary language, shall be classified as a discretionary interest and not as a support interest.</span></p><p dir="ltr" class="s2072553Normal"><span xml:space="preserve" class="s2072553000002"> </span></p><p dir="ltr" class="s2072553Normal"><span class="s2072553SCL">Source:</span><span xml:space="preserve" class="s2072553SCL-000003"> SL 2007, ch 280, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072554Normal { 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.s2072554SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072554CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072554Normal-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.s2072554DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072554Normal-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; } p.s2072554Normal-000002 { 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; } span.s2072554000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072554SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072554SCL-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="s2072554Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-40"><span class="s2072554SENU">55-1-40</span></a><span xml:space="preserve" class="s2072554SENU">. </span><span class="s2072554CL">Language resulting in classification of distribution interest.</span></p><p dir="ltr" class="s2072554Normal-000000"><span class="s2072554DefaultParagraphFont">Although not the exclusive means to create a distribution interest, absent clear and convincing evidence to the contrary, the following language by itself results in the following classification of distribution interest:</span></p><p dir="ltr" class="s2072554Normal-000001"><span class="s2072554DefaultParagraphFont">(1)    Mandatory interest:</span></p><p dir="ltr" class="s2072554Normal-000002"><span class="s2072554DefaultParagraphFont">(a)    "All income shall be distributed to (named beneficiary)"; or</span></p><p dir="ltr" class="s2072554Normal-000002"><span class="s2072554DefaultParagraphFont">(b)    "One hundred thousand dollars a year shall be distributed to (named beneficiary)";</span></p><p dir="ltr" class="s2072554Normal-000001"><span class="s2072554DefaultParagraphFont">(2)    Support interest:</span></p><p dir="ltr" class="s2072554Normal-000002"><span class="s2072554DefaultParagraphFont">(a)    "The trustee shall make distributions for health, education, maintenance, and support";</span></p><p dir="ltr" class="s2072554Normal-000001"><span class="s2072554DefaultParagraphFont">(3)    Discretionary interest:</span></p><p dir="ltr" class="s2072554Normal-000002"><span class="s2072554DefaultParagraphFont">(a)    "The trustee, may, in the trustee's sole and absolute discretion make distributions for health, education, maintenance, and support";</span></p><p dir="ltr" class="s2072554Normal-000002"><span class="s2072554DefaultParagraphFont">(b)    "The trustee, in the trustee's sole and absolute discretion, shall make distributions for health, education, maintenance, and support";</span></p><p dir="ltr" class="s2072554Normal-000002"><span class="s2072554DefaultParagraphFont">(c)    "The trustee may make distributions for health, education, maintenance, and support";</span></p><p dir="ltr" class="s2072554Normal-000002"><span class="s2072554DefaultParagraphFont">(d)    "The trustee shall make distributions for health, education, maintenance, and support. The trustees may exclude any of the beneficiaries or may make unequal distributions among them";</span></p><p dir="ltr" class="s2072554Normal-000002"><span class="s2072554DefaultParagraphFont">(e)    "The trustee may make distributions for health, education, maintenance, support, comfort, and general welfare.</span></p><p dir="ltr" class="s2072554Normal"><span xml:space="preserve" class="s2072554000003"> </span></p><p dir="ltr" class="s2072554Normal"><span class="s2072554SCL">Source:</span><span xml:space="preserve" class="s2072554SCL-000004"> SL 2007, ch 280, § 17; SL 2008, ch 257, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072555Normal { 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.s2072555SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072555CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072555Normal-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.s2072555DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072555000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072555SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072555SCL-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="s2072555Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-41"><span class="s2072555SENU">55-1-41</span></a><span xml:space="preserve" class="s2072555SENU">. </span><span class="s2072555CL">Effect of spendthrift provision.</span></p><p dir="ltr" class="s2072555Normal-000000"><span class="s2072555DefaultParagraphFont">If the trust contains a spendthrift provision, no creditor may reach present or future mandatory distributions from the trust at the trust level. Moreover, no court may order a trustee to distribute past due mandatory distributions directly to a creditor.</span></p><p dir="ltr" class="s2072555Normal"><span xml:space="preserve" class="s2072555000001"> </span></p><p dir="ltr" class="s2072555Normal"><span class="s2072555SCL">Source:</span><span xml:space="preserve" class="s2072555SCL-000002"> SL 2007, ch 280, § 18; SL 2009, ch 252, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072556Normal { 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.s2072556SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072556CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072556Normal-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.s2072556DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072556Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072556000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072556SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072556SCL-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="s2072556Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-42"><span class="s2072556SENU">55-1-42</span></a><span xml:space="preserve" class="s2072556SENU">. </span><span class="s2072556CL">Mandatory or support interests.</span></p><p dir="ltr" class="s2072556Normal-000000"><span class="s2072556DefaultParagraphFont">A beneficiary of a mandatory or a support interest has an enforceable right to a distribution pursuant to a court's review. A trustee's distribution decision may be reviewed for unreasonableness, dishonesty, improper motivation, or failure, if under a duty to do so, to act. This does not, however, raise the beneficiary's support interest to the level of a property interest.</span></p><p dir="ltr" class="s2072556Normal-000001"><span class="s2072556DefaultParagraphFont">If the trust contains a spendthrift provision, notwithstanding the beneficiary's right to force a distribution with regard to a mandatory or support interest, no creditor may force a distribution with regard to a mandatory or support interest. No creditor may reach present or future support distributions with regard to a mandatory or support interest.</span></p><p dir="ltr" class="s2072556Normal-000001"><span class="s2072556DefaultParagraphFont">Regardless of whether a beneficiary has any outstanding creditor, a trustee of a mandatory or a support interest may directly pay any expense on behalf of such beneficiary. No trustee is liable to any creditor for paying the expenses of a beneficiary of a mandatory or support interest.</span></p><p dir="ltr" class="s2072556Normal"><span xml:space="preserve" class="s2072556000002"> </span></p><p dir="ltr" class="s2072556Normal"><span class="s2072556SCL">Source:</span><span xml:space="preserve" class="s2072556SCL-000003"> SL 2007, ch 280, § 19; SL 2008, ch 257, § 8; SL 2009, ch 252, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072557Normal { 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.s2072557SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072557CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072557Normal-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.s2072557DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072557Normal-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; } p.s2072557Normal-000002 { 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.s2072557Normal-000003 { text-indent: 0.25in; 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.s2072557000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072557SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072557SCL-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="s2072557Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-43"><span class="s2072557SENU">55-1-43</span></a><span xml:space="preserve" class="s2072557SENU">. </span><span class="s2072557CL">Discretionary interests.</span></p><p dir="ltr" class="s2072557Normal-000000"><span class="s2072557DefaultParagraphFont">The following provisions apply only to discretionary interests:</span></p><p dir="ltr" class="s2072557Normal-000001"><span class="s2072557DefaultParagraphFont">(1)    A discretionary interest is neither a property interest nor an enforceable right. It is a mere expectancy;</span></p><p dir="ltr" class="s2072557Normal-000001"><span class="s2072557DefaultParagraphFont">(2)    No creditor may force a distribution with regard to a discretionary interest. No creditor may require the trustee to exercise the trustee's discretion to make a distribution with regard to a discretionary interest;</span></p><p dir="ltr" class="s2072557Normal-000001"><span class="s2072557DefaultParagraphFont">(3)    A court may review a trustee's distribution discretion only if the trustee:</span></p><p dir="ltr" class="s2072557Normal-000002"><span class="s2072557DefaultParagraphFont">(a)    Acts dishonestly;</span></p><p dir="ltr" class="s2072557Normal-000002"><span class="s2072557DefaultParagraphFont">(b)    Acts with an improper motive; or</span></p><p dir="ltr" class="s2072557Normal-000002"><span class="s2072557DefaultParagraphFont">(c)    Fails, if under a duty to do so, to act.</span></p><p dir="ltr" class="s2072557Normal"><span class="s2072557DefaultParagraphFont">A reasonableness standard may not be applied to the exercise of discretion by the trustee with regard to a discretionary interest. Other than for the three circumstances listed in this subdivision, a court has no jurisdiction to review the trustee's discretion or to force a distribution.</span></p><p dir="ltr" class="s2072557Normal-000003"><span class="s2072557DefaultParagraphFont">Absent express language to the contrary, in the event that the distribution language in a discretionary interest permits unequal distributions between beneficiaries or distributions to the exclusion of other beneficiaries, the trustee may distribute all of the accumulated, accrued, or undistributed income and principal to one beneficiary in the trustee's discretion.</span></p><p dir="ltr" class="s2072557Normal-000003"><span class="s2072557DefaultParagraphFont">Regardless of whether a beneficiary has any outstanding creditor, a trustee of a discretionary interest may directly pay any expense on behalf of such beneficiary and may exhaust the income and principal of the trust for the benefit of such beneficiary. No trustee is liable to any creditor for paying the expenses of a beneficiary of a discretionary interest.</span></p><p dir="ltr" class="s2072557Normal"><span xml:space="preserve" class="s2072557000004"> </span></p><p dir="ltr" class="s2072557Normal"><span class="s2072557SCL">Source:</span><span xml:space="preserve" class="s2072557SCL-000005"> SL 2007, ch 280, § 20; SL 2009, ch 252, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079869Normal { 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.s2079869SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079869CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079869Statute { 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.s2079869DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079869000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079869DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079869SCL { 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="s2079869Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-44"><span class="s2079869SENU">55-1-44</span></a><span xml:space="preserve" class="s2079869SENU">. </span><span class="s2079869CL">Action for fraudulent transfer of settlor's assets--Jurisdiction--Attorneys' fees and costs--Burden of proof.</span></p><p dir="ltr" class="s2079869Statute"><span class="s2079869DefaultParagraphFont">Notwithstanding any other provision of law, no action of any kind, including an action to enforce a judgment entered by a court or other body having adjudicative authority, may be brought at law or in equity for an attachment or other provisional remedy against property that is the subject of a South Dakota trust or for avoidance of a transfer to a South Dakota trust unless the settlor's transfer of property was made with the intent to defraud that specific creditor. A court of this state has exclusive jurisdiction over an action brought under a claim for relief that is based on a transfer of property to a trust that is the subject of this section. A court of this state may award attorneys' fees and costs to the prevailing party in such an action. In any action described in this section, the burden to prove the matter by clear and convincing evidence is upon the creditor.</span></p><p dir="ltr" class="s2079869Normal"><span xml:space="preserve" class="s2079869000000"> </span></p><p dir="ltr" class="s2079869Normal"><span xml:space="preserve" class="s2079869DefaultParagraphFont-000001">Source: </span><span class="s2079869SCL">SL 2011, ch 212, § 36; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079868Normal { 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.s2079868SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079868CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079868Statute { 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.s2079868DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2079868StatuteNumber1 { 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; } a.s2079868000000 { text-decoration: none; } p.s2079868StatuteNumber2 { 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.s2079868StatuteNumber3 { margin-left: 1.58in; 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; } span.s2079868000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079868DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079868SCL { 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="s2079868Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-45"><span class="s2079868SENU">55-1-45</span></a><span xml:space="preserve" class="s2079868SENU">. </span><span class="s2079868CL">Limitation of action for fraudulent transfer of settlor's assets.</span></p><p dir="ltr" class="s2079868Statute"><span xml:space="preserve" class="s2079868DefaultParagraphFont">A cause of action or claim for relief with respect to a fraudulent transfer of a settlor's assets pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-44"><span class="s2079868DefaultParagraphFont">55-1-44</span></a><span xml:space="preserve" class="s2079868DefaultParagraphFont"> is extinguished unless the action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-44"><span class="s2079868DefaultParagraphFont">55-1-44</span></a><span xml:space="preserve" class="s2079868DefaultParagraphFont"> is brought by a creditor of the settlor who meets one of the following requirements:</span></p><p dir="ltr" class="s2079868StatuteNumber1"><a id="_pagenumber4" class="s2079868000000"></a><span xml:space="preserve" class="s2079868DefaultParagraphFont">(1)    Is a creditor of the settlor before the settlor's assets are transferred to the trust, and the action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-44"><span class="s2079868DefaultParagraphFont">55-1-44</span></a><span xml:space="preserve" class="s2079868DefaultParagraphFont"> is brought within the later of:</span></p><p dir="ltr" class="s2079868StatuteNumber2"><span class="s2079868DefaultParagraphFont">(a)    Two years after the transfer is made; or</span></p><p dir="ltr" class="s2079868StatuteNumber2"><span class="s2079868DefaultParagraphFont">(b)    Six months after the transfer is or reasonably could have been discovered by the creditor if the creditor:</span></p><p dir="ltr" class="s2079868StatuteNumber3"><span class="s2079868DefaultParagraphFont">(i)    Can demonstrate that the creditor asserted a specific claim against the settlor before the transfer; or</span></p><p dir="ltr" class="s2079868StatuteNumber3"><span xml:space="preserve" class="s2079868DefaultParagraphFont">(ii)    Files another action, other than an action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-44"><span class="s2079868DefaultParagraphFont">55-1-44</span></a><span class="s2079868DefaultParagraphFont">, against the settlor that asserts a claim based on an act or omission of the settlor that occurred before the transfer, and the action described in this subsection is filed within two years after the transfer; or</span></p><p dir="ltr" class="s2079868StatuteNumber1"><span xml:space="preserve" class="s2079868DefaultParagraphFont">(2)    Becomes a creditor subsequent to the transfer into trust, and the action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-44"><span class="s2079868DefaultParagraphFont">55-1-44</span></a><span xml:space="preserve" class="s2079868DefaultParagraphFont"> is brought within two years after the transfer is made.</span></p><p dir="ltr" class="s2079868Normal"><span xml:space="preserve" class="s2079868000001"> </span></p><p dir="ltr" class="s2079868Normal"><span xml:space="preserve" class="s2079868DefaultParagraphFont-000002">Source: </span><span class="s2079868SCL">SL 2011, ch 212, § 37; SL 2013, ch 239, § 23; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072560Normal { 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.s2072560SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072560CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072560Normal-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.s2072560DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072560Normal-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.s2072560000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072560SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072560SCL-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="s2072560Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-46"><span class="s2072560SENU">55-1-46</span></a><span xml:space="preserve" class="s2072560SENU">. </span><span class="s2072560CL">No contest clause defined--Enforceability.</span></p><p dir="ltr" class="s2072560Normal-000000"><span xml:space="preserve" class="s2072560DefaultParagraphFont">For purposes of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-46"><span class="s2072560DefaultParagraphFont">55-1-46</span></a><span xml:space="preserve" class="s2072560DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-51"><span class="s2072560DefaultParagraphFont">55-1-51</span></a><span xml:space="preserve" class="s2072560DefaultParagraphFont">, inclusive, a no contest clause is a provision or clause in a trust, that penalizes a qualified beneficiary for contesting a trust or instituting other proceedings at law or equity relating to the trust estate, excluding proceedings related to trust administration. Except as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-47"><span class="s2072560DefaultParagraphFont">55-1-47</span></a><span xml:space="preserve" class="s2072560DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-51"><span class="s2072560DefaultParagraphFont">55-1-51</span></a><span class="s2072560DefaultParagraphFont">, inclusive, a no contest clause shall be enforced unless probable cause exists for instituting the proceeding on the grounds of:</span></p><p dir="ltr" class="s2072560Normal-000001"><span class="s2072560DefaultParagraphFont">(1)    Fraud;</span></p><p dir="ltr" class="s2072560Normal-000001"><span class="s2072560DefaultParagraphFont">(2)    Duress;</span></p><p dir="ltr" class="s2072560Normal-000001"><span class="s2072560DefaultParagraphFont">(3)    Revocation;</span></p><p dir="ltr" class="s2072560Normal-000001"><span class="s2072560DefaultParagraphFont">(4)    Lack of contractual capacity;</span></p><p dir="ltr" class="s2072560Normal-000001"><span class="s2072560DefaultParagraphFont">(5)    Undue influence;</span></p><p dir="ltr" class="s2072560Normal-000001"><span class="s2072560DefaultParagraphFont">(6)    Mistake;</span></p><p dir="ltr" class="s2072560Normal-000001"><span class="s2072560DefaultParagraphFont">(7)    Forgery; or</span></p><p dir="ltr" class="s2072560Normal-000001"><span class="s2072560DefaultParagraphFont">(8)    Irregularity in the execution of the trust document.</span></p><p dir="ltr" class="s2072560Normal"><span xml:space="preserve" class="s2072560000002"> </span></p><p dir="ltr" class="s2072560Normal"><span class="s2072560SCL">Source:</span><span xml:space="preserve" class="s2072560SCL-000003"> SL 2012, ch 233, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072561Normal { 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.s2072561SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072561CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072561Normal-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.s2072561DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072561000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072561SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072561SCL-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="s2072561Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-47"><span class="s2072561SENU">55-1-47</span></a><span xml:space="preserve" class="s2072561SENU">. </span><span class="s2072561CL">Extrinsic evidence not admissible to establish settlor's intent concerning no contest clause.</span></p><p dir="ltr" class="s2072561Normal-000000"><span class="s2072561DefaultParagraphFont">A no contest clause shall be construed to carry out the settlor's intent. Except to the extent the no contest clause in the trust is vague or ambiguous, extrinsic evidence is not admissible to establish the settlor's intent concerning the no contest clause. The provisions of this section do not prohibit such evidence from being admitted for any other purpose authorized by law.</span></p><p dir="ltr" class="s2072561Normal"><span xml:space="preserve" class="s2072561000001"> </span></p><p dir="ltr" class="s2072561Normal"><span class="s2072561SCL">Source:</span><span xml:space="preserve" class="s2072561SCL-000002"> SL 2012, ch 233, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072562Normal { 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.s2072562SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072562CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072562Normal-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.s2072562DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072562Normal-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.s2072562000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072562SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072562SCL-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="s2072562Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-48"><span class="s2072562SENU">55-1-48</span></a><span xml:space="preserve" class="s2072562SENU">. </span><span class="s2072562CL">Circumstances under which no contest clause unenforceable.</span></p><p dir="ltr" class="s2072562Normal-000000"><span class="s2072562DefaultParagraphFont">A no contest clause is not enforceable against a beneficiary to the extent the beneficiary, in good faith and based upon probable cause, contests a provision that benefits any of the following persons:</span></p><p dir="ltr" class="s2072562Normal-000001"><span class="s2072562DefaultParagraphFont">(1)    A person who drafted or transcribed the instrument;</span></p><p dir="ltr" class="s2072562Normal-000001"><span class="s2072562DefaultParagraphFont">(2)    A person who gave directions to the drafter of the instrument concerning dispositive or other substantive contents of the provisions or who directed the drafter to include the no contest clause in the instrument. However, this subdivision does not apply if the settlor affirmatively instructed the drafter to include the contents of the provision or the no contest clause; or</span></p><p dir="ltr" class="s2072562Normal-000001"><span class="s2072562DefaultParagraphFont">(3)    A person who acted as a witness to the instrument.</span></p><p dir="ltr" class="s2072562Normal"><span xml:space="preserve" class="s2072562000002"> </span></p><p dir="ltr" class="s2072562Normal"><span class="s2072562SCL">Source:</span><span xml:space="preserve" class="s2072562SCL-000003"> SL 2012, ch 233, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072563Normal { 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.s2072563SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072563CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072563Normal-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.s2072563DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072563000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072563SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072563SCL-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="s2072563Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-49"><span class="s2072563SENU">55-1-49</span></a><span xml:space="preserve" class="s2072563SENU">. </span><span class="s2072563CL">Contest regarding settlor's signature.</span></p><p dir="ltr" class="s2072563Normal-000000"><span xml:space="preserve" class="s2072563DefaultParagraphFont">Notwithstanding anything to the contrary in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-46"><span class="s2072563DefaultParagraphFont">55-1-46</span></a><span xml:space="preserve" class="s2072563DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-51"><span class="s2072563DefaultParagraphFont">55-1-51</span></a><span class="s2072563DefaultParagraphFont">, inclusive, a no contest clause is enforceable against a beneficiary to the extent the beneficiary elects to contest or otherwise challenge the settlor's signature whereby such a challenge does not in any manner constitute good, probable, or reasonable cause if the settlor's signature was witnessed by nonrelative witnesses or a duly qualified nonrelative notary public or both.</span></p><p dir="ltr" class="s2072563Normal"><span xml:space="preserve" class="s2072563000001"> </span></p><p dir="ltr" class="s2072563Normal"><span class="s2072563SCL">Source:</span><span xml:space="preserve" class="s2072563SCL-000002"> SL 2012, ch 233, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072564Normal { 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.s2072564SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072564CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072564Normal-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.s2072564DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072564000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072564SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072564SCL-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="s2072564Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-50"><span class="s2072564SENU">55-1-50</span></a><span xml:space="preserve" class="s2072564SENU">. </span><span class="s2072564CL">Attorneys fees and costs.</span></p><p dir="ltr" class="s2072564Normal-000000"><span class="s2072564DefaultParagraphFont">The court may award attorneys fees and costs to the prevailing party in an action involving the enforceability of a no contest provision.</span></p><p dir="ltr" class="s2072564Normal"><span xml:space="preserve" class="s2072564000001"> </span></p><p dir="ltr" class="s2072564Normal"><span class="s2072564SCL">Source:</span><span xml:space="preserve" class="s2072564SCL-000002"> SL 2012, ch 233, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072565Normal { 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.s2072565SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072565CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072565Normal-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.s2072565DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072565000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072565SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072565SCL-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="s2072565Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-51"><span class="s2072565SENU">55-1-51</span></a><span xml:space="preserve" class="s2072565SENU">. </span><span xml:space="preserve" class="s2072565CL">Applicability of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-46"><span class="s2072565CL">55-1-46</span></a><span xml:space="preserve" class="s2072565CL"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-50"><span class="s2072565CL">55-1-50</span></a><span class="s2072565CL">.</span></p><p dir="ltr" class="s2072565Normal-000000"><span xml:space="preserve" class="s2072565DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-46"><span class="s2072565DefaultParagraphFont">55-1-46</span></a><span xml:space="preserve" class="s2072565DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-50"><span class="s2072565DefaultParagraphFont">55-1-50</span></a><span class="s2072565DefaultParagraphFont">, inclusive, are effective for all trusts in existence on, created, amended, or restated after July 1, 2012.</span></p><p dir="ltr" class="s2072565Normal"><span xml:space="preserve" class="s2072565000001"> </span></p><p dir="ltr" class="s2072565Normal"><span class="s2072565SCL">Source:</span><span xml:space="preserve" class="s2072565SCL-000002"> SL 2012, ch 233, § 13; SL 2013, ch 239, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072566Normal { 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.s2072566SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072566CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072566Normal-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.s2072566DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072566000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072566SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072566SCL-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="s2072566Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-52"><span class="s2072566SENU">55-1-52</span></a><span xml:space="preserve" class="s2072566SENU">. </span><span class="s2072566CL">Interest on general pecuniary devises.</span></p><p dir="ltr" class="s2072566Normal-000000"><span xml:space="preserve" class="s2072566DefaultParagraphFont">General pecuniary devises bear interest at the Category B rate of interest as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-3-16"><span class="s2072566DefaultParagraphFont">54-3-16</span></a><span xml:space="preserve" class="s2072566DefaultParagraphFont"> beginning one year after the event requiring a distribution until payment, unless a contrary intent is indicated by the terms of the trust.</span></p><p dir="ltr" class="s2072566Normal"><span xml:space="preserve" class="s2072566000001"> </span></p><p dir="ltr" class="s2072566Normal"><span class="s2072566SCL">Source:</span><span xml:space="preserve" class="s2072566SCL-000002"> SL 2013, ch 239, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072567Normal { 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.s2072567SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072567CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072567Normal-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.s2072567DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072567000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072567SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072567SCL-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="s2072567Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-53"><span class="s2072567SENU">55-1-53</span></a><span xml:space="preserve" class="s2072567SENU">. </span><span class="s2072567CL">Expansion, restriction, elimination, or variance of provisions of general application.</span></p><p dir="ltr" class="s2072567Normal-000000"><span xml:space="preserve" class="s2072567DefaultParagraphFont">The terms of a governing instrument may expand, restrict, eliminate, or otherwise vary any provisions of general application to trusts and trust administration. Nothing in this section allows the terms of the governing instrument to expand, restrict, eliminate, or otherwise vary the duties, restrictions, and liabilities imposed by the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-11"><span class="s2072567DefaultParagraphFont">55-4-11</span></a><span xml:space="preserve" class="s2072567DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-12"><span class="s2072567DefaultParagraphFont">55-4-12</span></a><span class="s2072567DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072567Normal"><span xml:space="preserve" class="s2072567000001"> </span></p><p dir="ltr" class="s2072567Normal"><span class="s2072567SCL">Source:</span><span xml:space="preserve" class="s2072567SCL-000002"> SL 2015, ch 240, § 14; SL 2018, ch 275, § 21.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072568Normal { 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.s2072568SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072568CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072568Normal-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.s2072568DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072568000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072568SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072568SCL-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="s2072568Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-54"><span class="s2072568SENU">55-1-54</span></a><span xml:space="preserve" class="s2072568SENU">. </span><span class="s2072568CL">Arbitration.</span></p><p dir="ltr" class="s2072568Normal-000000"><span xml:space="preserve" class="s2072568DefaultParagraphFont">In addition to the trustee's power to submit to an arbitration claim in favor of or against a trust or trustee as set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-25"><span class="s2072568DefaultParagraphFont">55-1A-25</span></a><span xml:space="preserve" class="s2072568DefaultParagraphFont">, a provision in a trust requiring the arbitration of a dispute between or among the beneficiaries, a fiduciary under the will or trust, or any combination of them, is enforceable pursuant to the provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=21-25A"><span class="s2072568DefaultParagraphFont">21-25A</span></a><span xml:space="preserve" class="s2072568DefaultParagraphFont">. Unless otherwise provided in the governing instrument or a court order, the arbitration shall be held in this state. Notwithstanding the foregoing, a challenge to the validity of all or part of the trust is not subject to arbitration. Any proceeding pursuant to this section is subject, upon request by the acting trustee, the trustor, if living, or any beneficiary, to the privacy protections of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=21-22-28"><span class="s2072568DefaultParagraphFont">21-22-28</span></a><span class="s2072568DefaultParagraphFont">. The arbitrator shall grant the request, if made.</span></p><p dir="ltr" class="s2072568Normal"><span xml:space="preserve" class="s2072568000001"> </span></p><p dir="ltr" class="s2072568Normal"><span class="s2072568SCL">Source:</span><span xml:space="preserve" class="s2072568SCL-000002"> SL 2015, ch 240, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072569Normal { 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.s2072569SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072569CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072569Normal-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.s2072569DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072569000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072569SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072569SCL-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="s2072569Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-55"><span class="s2072569SENU">55-1-55</span></a><span xml:space="preserve" class="s2072569SENU">. </span><span class="s2072569CL">Trust enforceable although not funded or without res, corpus, or assets.</span></p><p dir="ltr" class="s2072569Normal-000000"><span class="s2072569DefaultParagraphFont">A trust is valid and enforceable even though it may not be funded at a given time, or from time to time, or does not initially have any res or corpus or otherwise contain any asset of any nature. A trust is valid and enforceable even though its res is neither ascertainable nor identifiable at the time of the trust's creation. No trustee, trust protector, or trust advisor has any duty prior to the time a trust has a res, corpus, or any asset.</span></p><p dir="ltr" class="s2072569Normal"><span xml:space="preserve" class="s2072569000001"> </span></p><p dir="ltr" class="s2072569Normal"><span class="s2072569SCL">Source:</span><span xml:space="preserve" class="s2072569SCL-000002"> SL 2016, ch 231, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072570Normal { 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.s2072570SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072570CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072570Normal-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.s2072570DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072570Normal-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.s2072570000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072570SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072570SCL-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="s2072570Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-56"><span class="s2072570SENU">55-1-56</span></a><span xml:space="preserve" class="s2072570SENU">. </span><span class="s2072570CL">Registration of trust in court at principal place of administration.</span></p><p dir="ltr" class="s2072570Normal-000000"><span class="s2072570DefaultParagraphFont">The trustee of a trust that has its principal place of administration in this state may register the trust in the court of this state at the principal place of administration. Unless otherwise designated in the trust instrument, the principal place of administration of a trust is the trustee's place of business where the records pertaining to the trust are kept, or at the trustee's residence if the trustee has no such place of business. In the case of co-trustees, the principal place of administration, if not otherwise designated in the trust instrument, is:</span></p><p dir="ltr" class="s2072570Normal-000001"><span class="s2072570DefaultParagraphFont">(1)    The place of business of the corporate trustee if there is only one corporate co-trustee;</span></p><p dir="ltr" class="s2072570Normal-000001"><span class="s2072570DefaultParagraphFont">(2)    The place of business or residence of the individual trustee who is a professional fiduciary if there is only one such person and no corporate co-trustee; or</span></p><p dir="ltr" class="s2072570Normal-000001"><span class="s2072570DefaultParagraphFont">(3)    The place of business or residence of any of the co-trustees as agreed upon by the co-trustees.</span></p><p dir="ltr" class="s2072570Normal"><span xml:space="preserve" class="s2072570000002"> </span></p><p dir="ltr" class="s2072570Normal"><span class="s2072570SCL">Source:</span><span xml:space="preserve" class="s2072570SCL-000003"> SL 2017, ch 204, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072571Normal { 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.s2072571SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072571CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072571Normal-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.s2072571DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072571Normal-000001 { text-indent: 0.25in; 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.s2072571Normal-000002 { 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.s2072571000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072571SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072571SCL-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="s2072571Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-57"><span class="s2072571SENU">55-1-57</span></a><span xml:space="preserve" class="s2072571SENU">. </span><span class="s2072571CL">Contents of registration statement.</span></p><p dir="ltr" class="s2072571Normal-000000"><span class="s2072571DefaultParagraphFont">Registration shall be accomplished by filing a statement indicating the name and address of the trustee in which it acknowledges the trusteeship. The statement shall indicate whether the trust has been registered elsewhere.</span></p><p dir="ltr" class="s2072571Normal-000001"><span class="s2072571DefaultParagraphFont">The statement shall identify the trust:</span></p><p dir="ltr" class="s2072571Normal-000002"><span xml:space="preserve" class="s2072571DefaultParagraphFont">(1)    In the case of a testamentary trust, by the name of the testator and the date and place of domiciliary probate; or in the case of a written inter vivos trust, by the name of each settlor and the original trustee and the date of the trust instrument; </span></p><p dir="ltr" class="s2072571Normal-000002"><span class="s2072571DefaultParagraphFont">(2)     If a trust has been registered elsewhere, registration in this state is ineffective until either the earlier registration is released by order of the court where prior registration occurred or an instrument executed by the trustee and all current income or principal beneficiaries is filed with the registration in this state;</span></p><p dir="ltr" class="s2072571Normal-000002"><span class="s2072571DefaultParagraphFont">(3)    The name and address of each co-trustee, trust advisor, trust protector, or other trust fiduciary;</span></p><p dir="ltr" class="s2072571Normal-000002"><span class="s2072571DefaultParagraphFont">(4)    A statement that the trustee acknowledges the trusteeship and submits to the jurisdiction of the court in any proceeding relating to the trust that may be initiated by any interested person while the trust remains registered, providing that notice is given as provided by law.</span></p><p dir="ltr" class="s2072571Normal"><span xml:space="preserve" class="s2072571000003"> </span></p><p dir="ltr" class="s2072571Normal"><span class="s2072571SCL">Source:</span><span xml:space="preserve" class="s2072571SCL-000004"> SL 2017, ch 204, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072572Normal { 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.s2072572SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072572CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072572Normal-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.s2072572DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072572Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072572000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072572SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072572SCL-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="s2072572Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-58"><span class="s2072572SENU">55-1-58</span></a><span xml:space="preserve" class="s2072572SENU">. </span><span class="s2072572CL">Confidentiality of registration.</span></p><p dir="ltr" class="s2072572Normal-000000"><span class="s2072572DefaultParagraphFont">The registration shall be sealed and kept confidential except as provided below.</span></p><p dir="ltr" class="s2072572Normal-000001"><span class="s2072572DefaultParagraphFont">The settlor, a trustee, trust advisor, or trust protector may obtain a certified copy of the registration but no other person or entity, absent a court order, may view or obtain a copy of the trust registration.</span></p><p dir="ltr" class="s2072572Normal-000001"><span class="s2072572DefaultParagraphFont">The registration may be cancelled by the clerk of courts upon receipt of an instrument executed by the trustee and all current income and principal beneficiaries or upon receipt of a court order.</span></p><p dir="ltr" class="s2072572Normal"><span xml:space="preserve" class="s2072572000002"> </span></p><p dir="ltr" class="s2072572Normal"><span class="s2072572SCL">Source:</span><span xml:space="preserve" class="s2072572SCL-000003"> SL 2017, ch 204, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072573Normal { 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.s2072573SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072573CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072573Normal-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.s2072573DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072573000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072573Normal-000002 { margin-top: 0; margin-bottom: 0; margin-left: 1.50in; text-indent: -1.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072573B { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072573CLP { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072573Normal-000003 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072573SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072573SCL-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="s2072573Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-59"><span class="s2072573SENU">55-1-59</span></a><span xml:space="preserve" class="s2072573SENU">. </span><span class="s2072573CL">Trust registration form.</span></p><p dir="ltr" class="s2072573Normal-000000"><span class="s2072573DefaultParagraphFont">The trust registration form may be substantially similar to the following form:</span></p><p dir="ltr" class="s2072573Normal"><span xml:space="preserve" class="s2072573000001"> </span></p><p dir="ltr" class="s2072573Normal-000002"><span class="s2072573B">State of Court Dakota     _______________ Judicial Circuit</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">County of _______________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Trust Registration No. _______________</span></p><p dir="ltr" class="s2072573Normal"><span xml:space="preserve" class="s2072573CLP">    REGISTRATION OF TRUST</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Name of Trust:</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">______________________________________________________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Name &amp; Address of Trustee:</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">______________________________________________________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Name &amp; Address of Co-Trustees:</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">______________________________________________________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Names and Address of any trust advisors, trust protectors or other trust fiduciaries:</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">______________________________________________________________________________</span></p><p dir="ltr" class="s2072573Normal-000003"><span class="s2072573DefaultParagraphFont">Trustee hereby acknowledges this trusteeship and submits to the jurisdiction of the court in any proceeding relating to the trust that may be initiated by any interested person while the trust remains registered, providing that notice is given as provided by law.</span></p><p dir="ltr" class="s2072573Normal-000003"><span class="s2072573DefaultParagraphFont">The trust (has) (has not) been registered in another jurisdiction. (If registered elsewhere, state where other registration was made.)</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">______________________________________________________________________________</span></p><p dir="ltr" class="s2072573Normal-000003"><span class="s2072573DefaultParagraphFont">Note: If a trust has been registered elsewhere, registration in this state is ineffective until either the earlier registration is released by order of the court where prior registration occurred or an instrument executed by the trustee and all current income and principal beneficiaries is filed with the registration in this state.</span></p><p dir="ltr" class="s2072573Normal-000003"><span class="s2072573DefaultParagraphFont">The trust is: (Check one and fill in the blanks.)</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">A testamentary trust. ____ Name of testator:</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">__________________________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Date and place of domiciliary probate:</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">__________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">A written inter vivos trust. ____ Name of settlor:</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">__________________________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Name of original trustee:</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">__________________________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Date of trust instrument:</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">__________________________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Trustee's Signature __________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Date:___________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Trustee's Signature __________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Date:___________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Registered in the Circuit Court, _____ Judicial Circuit on ____________________ , 20______ .</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">___________________________________________</span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573DefaultParagraphFont">Circuit Court Clerk</span></p><p dir="ltr" class="s2072573Normal"><span xml:space="preserve" class="s2072573000001"> </span></p><p dir="ltr" class="s2072573Normal"><span class="s2072573SCL">Source:</span><span xml:space="preserve" class="s2072573SCL-000004"> SL 2017, ch 204, § 11.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sb1323a6bec3f45158238c20edfbfd021Normal { 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.sb1323a6bec3f45158238c20edfbfd021HG4 { font-family: 'Times New Roman', 'serif'; font-size: 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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 55-1A - TRUSTEES' POWERS"><meta property="og:description" content="SDLRC Codified Law 55-1A - TRUSTEES' POWERS"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-1A"><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="sb1323a6bec3f45158238c20edfbfd021Normal"><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1A" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A</span></a></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021Normal"><span class="sb1323a6bec3f45158238c20edfbfd021HG4C">TRUSTEES' POWERS</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021Normal-000000"><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021000001"> </span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-1" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-1</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Powers enumerated in chapter apply to any trust unless specifically excluded--Powers as additional to common law powers.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-2" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-2</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Trustee defined.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-3" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-3</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-3" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-3</span></a><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">, 55-1A-4. Repealed by SL 2002, ch 100, §§ 11, 12</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-4.1" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-4.1</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-4.1" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-4.1</span></a><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">. Repealed by SL 2002, ch 100, § 13</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-5" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-5</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Retention of trust property by trustee.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-6" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-6</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Additions to trust assets.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-7" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-7</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Operation of business by trustee.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-8" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-8</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Acquisition of undivided interest in trust asset.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-9" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-9</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Investment of trust assets.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-9.1" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-9.1</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Affiliated investments.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-10" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-10</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Deposit of trust funds in bank.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-11" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-11</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Disposal of trust assets.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-12" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-12</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Grant or taking of option for disposition of assets.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-13" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-13</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Leases by trustees.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-14" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-14</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Repairs by trustee--Removal or demolition.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-15" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-15</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Razing or erection of party walls or buildings.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-16" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-16</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Land development or dedication--Valuation adjustments.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-17" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-17</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Mineral and natural resource leases and explorations.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-18" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-18</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Insurance.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-19" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-19</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Voting stock or securities--Voting trust agreements.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-20" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-20</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Payment of calls, assessments, and other sums charged against corporate securities.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-21" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-21</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Corporate powers--Stocks--Reorganizations and mergers--Sales and leases.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-22" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-22</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Holding stock in nominee's name without disclosing fiduciary relationship.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-23" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-23</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Borrowing money against trust assets.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-24" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-24</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Contracts binding upon trust.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-25" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-25</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Claims in favor of or against trust or trustee.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-26" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-26</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Release of claim or lien.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-27" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-27</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Payment of trust administration expenses.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-28" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-28</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Creation of reserves.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-29" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-29</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Payment of sum distributable to minor or other beneficiary under legal disability--Methods.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-30" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-30</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Distribution of property and money.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-31" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-31</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Employment of agents and assistants.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-32" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-32</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Prosecution or defense of actions and proceedings.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-32.1" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-32.1</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Trustee immunity from liability for failure to prosecute, defend, or continue to defend.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-33" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-33</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Advance of income or loan to beneficiary--Lien.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-34" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-34</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Advance of money for protection of trust--Lien.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-35" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-35</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Execution and delivery of instruments.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-35.1" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-35.1</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Electronic execution of documents.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-36" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-36</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Holding of two or more trusts with undivided interests.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-37" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-37</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Citation of chapter.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-38" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-38</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Trustee may perform necessary and appropriate acts.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-39" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-39</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Disclaimer of powers by trustee--Time limit.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-40" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-40</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Trust name change.</span></p><p dir="ltr" class="sb1323a6bec3f45158238c20edfbfd021B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-41" rel="noopener"><span class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">55-1A-41</span></a><span xml:space="preserve" class="sb1323a6bec3f45158238c20edfbfd021DefaultParagraphFont">    Co-trustee appointment--Powers.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072575Normal { 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.s2072575SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072575CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072575Normal-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.s2072575DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072575000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072575SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072575SCL-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="s2072575Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-1"><span class="s2072575SENU">55-1A-1</span></a><span xml:space="preserve" class="s2072575SENU">. </span><span class="s2072575CL">Powers enumerated in chapter apply to any trust unless specifically excluded--Powers as additional to common law powers.</span></p><p dir="ltr" class="s2072575Normal-000000"><span class="s2072575DefaultParagraphFont">Any or all of the powers enumerated in this chapter apply to any trust which is governed by South Dakota law unless the instrument specifically excludes any or all of the powers provided in this chapter. Further, this chapter applies without regard to the date of execution or whether such trust was created by will or inter vivos trust instrument. These powers shall be in addition to, and not in limitation of, all other common law or statutory powers of a trustee. Such powers are applicable to a trustee authorized to administer a trust estate established or to be established pursuant to the terms of a will or other written instrument, with the same effect, and subject to the same judicial interpretation and control in appropriate cases, as though such language were set forth verbatim in the instrument.</span></p><p dir="ltr" class="s2072575Normal"><span xml:space="preserve" class="s2072575000001"> </span></p><p dir="ltr" class="s2072575Normal"><span class="s2072575SCL">Source:</span><span xml:space="preserve" class="s2072575SCL-000002"> SL 1979, ch 336, § 2; SL 2002, ch 100, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072576Normal { 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.s2072576SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072576CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072576Normal-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.s2072576DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072576000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072576SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072576SCL-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="s2072576Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-2"><span class="s2072576SENU">55-1A-2</span></a><span xml:space="preserve" class="s2072576SENU">. </span><span class="s2072576CL">Trustee defined.</span></p><p dir="ltr" class="s2072576Normal-000000"><span class="s2072576DefaultParagraphFont">As used in this chapter, the word, trustee, means any natural or legal person or persons acting as an original, substitute, added, or successor trustee of a testamentary or inter vivos trust, whichever in a particular case is appropriate.</span></p><p dir="ltr" class="s2072576Normal"><span xml:space="preserve" class="s2072576000001"> </span></p><p dir="ltr" class="s2072576Normal"><span class="s2072576SCL">Source:</span><span xml:space="preserve" class="s2072576SCL-000002"> SL 1979, ch 336, § 1.</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 - FIDUCIARIES AND TRUSTS 55-1A-3 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-1A-3 "> <META NAME="Description" Content="South Dakota Codified Laws 55-1A-3"> </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 --> 55-1A-3, 55-1A-4. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2002, ch 100, &#167;&#167;&nbsp;11, 12<p> </BODY> </HTML> <br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55 - FIDUCIARIES AND TRUSTS 55-1A-4.1 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-1A-4.1 "> <META NAME="Description" Content="South Dakota Codified Laws 55-1A-4.1"> </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 --> 55-1A-4.1. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2002, ch 100, &#167;&nbsp;13<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072579Normal { 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.s2072579SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072579CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072579Normal-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.s2072579DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072579000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072579SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072579SCL-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="s2072579Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-5"><span class="s2072579SENU">55-1A-5</span></a><span xml:space="preserve" class="s2072579SENU">. </span><span class="s2072579CL">Retention of trust property by trustee.</span></p><p dir="ltr" class="s2072579Normal-000000"><span class="s2072579DefaultParagraphFont">A trustee may collect, hold, and retain trust assets until, in his judgment, disposition of the assets should be made, without regard to any effect the retention may have upon the diversification of the trust estate. Trust property may be retained even though it includes an asset in which its trustee is personally interested.</span></p><p dir="ltr" class="s2072579Normal"><span xml:space="preserve" class="s2072579000001"> </span></p><p dir="ltr" class="s2072579Normal"><span class="s2072579SCL">Source:</span><span xml:space="preserve" class="s2072579SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072580Normal { 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.s2072580SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072580CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072580Normal-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.s2072580DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072580000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072580SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072580SCL-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="s2072580Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-6"><span class="s2072580SENU">55-1A-6</span></a><span xml:space="preserve" class="s2072580SENU">. </span><span class="s2072580CL">Additions to trust assets.</span></p><p dir="ltr" class="s2072580Normal-000000"><span class="s2072580DefaultParagraphFont">A trustee may receive additions to the assets of his trust from any source.</span></p><p dir="ltr" class="s2072580Normal"><span xml:space="preserve" class="s2072580000001"> </span></p><p dir="ltr" class="s2072580Normal"><span class="s2072580SCL">Source:</span><span xml:space="preserve" class="s2072580SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072581Normal { 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.s2072581SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072581CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072581Normal-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.s2072581DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072581000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072581SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072581SCL-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="s2072581Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-7"><span class="s2072581SENU">55-1A-7</span></a><span xml:space="preserve" class="s2072581SENU">. </span><span class="s2072581CL">Operation of business by trustee.</span></p><p dir="ltr" class="s2072581Normal-000000"><span class="s2072581DefaultParagraphFont">A trustee may continue or participate in the operation of any business or other enterprise, and effect the incorporation, dissolution, or other change in the form of the organization of the business or enterprise.</span></p><p dir="ltr" class="s2072581Normal"><span xml:space="preserve" class="s2072581000001"> </span></p><p dir="ltr" class="s2072581Normal"><span class="s2072581SCL">Source:</span><span xml:space="preserve" class="s2072581SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072582Normal { 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.s2072582SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072582CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072582Normal-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.s2072582DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072582000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072582SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072582SCL-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="s2072582Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-8"><span class="s2072582SENU">55-1A-8</span></a><span xml:space="preserve" class="s2072582SENU">. </span><span class="s2072582CL">Acquisition of undivided interest in trust asset.</span></p><p dir="ltr" class="s2072582Normal-000000"><span class="s2072582DefaultParagraphFont">A trustee may acquire an undivided interest in a trust asset in which he, in any trust capacity, holds an undivided interest.</span></p><p dir="ltr" class="s2072582Normal"><span xml:space="preserve" class="s2072582000001"> </span></p><p dir="ltr" class="s2072582Normal"><span class="s2072582SCL">Source:</span><span xml:space="preserve" class="s2072582SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072583Normal { 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.s2072583SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072583CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072583Normal-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.s2072583DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072583000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072583SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072583SCL-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="s2072583Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-9"><span class="s2072583SENU">55-1A-9</span></a><span xml:space="preserve" class="s2072583SENU">. </span><span class="s2072583CL">Investment of trust assets.</span></p><p dir="ltr" class="s2072583Normal-000000"><span xml:space="preserve" class="s2072583DefaultParagraphFont">A trustee may invest and reinvest trust assets in any property or in an undivided interest in any property, wherever located, including bonds, debentures, secured or unsecured notes, preferred or common stock of corporations, real estate or improvements thereon or any interest therein, oil and mineral leases or royalty or similar interests, and interests in trusts including investment trusts and common trust funds maintained by a corporate trustee and any affiliated investments as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-9.1"><span class="s2072583DefaultParagraphFont">55-1A-9.1</span></a><span class="s2072583DefaultParagraphFont">. Any such investments may be made, regardless of any lack of diversification.</span></p><p dir="ltr" class="s2072583Normal"><span xml:space="preserve" class="s2072583000001"> </span></p><p dir="ltr" class="s2072583Normal"><span class="s2072583SCL">Source:</span><span xml:space="preserve" class="s2072583SCL-000002"> SL 1979, ch 336, § 9; SL 1993, ch 354; SL 2007, ch 247, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072584Normal { 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.s2072584SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072584CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072584Normal-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.s2072584DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072584Normal-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.s2072584Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072584000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072584SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072584SCL-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="s2072584Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-9.1"><span class="s2072584SENU">55-1A-9.1</span></a><span xml:space="preserve" class="s2072584SENU">. </span><span class="s2072584CL">Affiliated investments.</span></p><p dir="ltr" class="s2072584Normal-000000"><span class="s2072584DefaultParagraphFont">(a) As used in this section:</span></p><p dir="ltr" class="s2072584Normal-000001"><span class="s2072584DefaultParagraphFont">(1)    "Investment" means any security as defined in § 2(a)(1) of the Securities Act of 1933, any contract of sale of a commodity for future delivery within the meaning of § 2(I) of the Commodity Exchange Act, or any other asset permitted for trustee accounts pursuant to the terms of this title or by the terms of the governing instrument, including by way of illustration and not limitation, individual portfolios of investment holdings, shares or interests in a private investment fund (including a private investment fund organized as a limited partnership, limited liability company, trust or other form, a statutory or common law business trust, or a real estate investment trust), joint venture or other general or limited partnership, or an open-end or closed-end management type investment company or investment trust registered, unregistered, or exempt from registration under the Investment Company Act of 1940;</span></p><p dir="ltr" class="s2072584Normal-000001"><span class="s2072584DefaultParagraphFont">(2)    "Affiliate" means any corporation or other entity that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the trustee;</span></p><p dir="ltr" class="s2072584Normal-000001"><span class="s2072584DefaultParagraphFont">(3)    "Affiliated investment" means an investment for which the trustee or an affiliate of the trustee acts as investment adviser, sponsor, administrator, distributor, placement agent, underwriter, broker, custodian, transfer agent, registrar or in any other capacity for which it receives or has received a fee or commission from such investment or an investment acquired or disposed of in a transaction for which the trustee or an affiliate of the trustee receives or has received a fee or commission;</span></p><p dir="ltr" class="s2072584Normal-000001"><span class="s2072584DefaultParagraphFont">(4)    "Fee or commission" means compensation paid to a trustee or an affiliate thereof on account of its services to or on behalf of an investment, including by way of illustration and not limitation, advisory fees, management fees, brokerage fees, service fees, special performance fees, profit allocations, and expense reimbursements.</span></p><p dir="ltr" class="s2072584Normal-000002"><span class="s2072584DefaultParagraphFont">(b) In the absence of an express prohibition in the trust instrument, a trustee may purchase, sell, hold or otherwise deal with an affiliate or an interest in an affiliated investment and, upon satisfaction of the conditions stated in subsection (c) of this section, such trustee may receive trustee compensation from such account at the same rate as the trustee would otherwise be entitled to be compensated.</span></p><p dir="ltr" class="s2072584Normal-000002"><span xml:space="preserve" class="s2072584DefaultParagraphFont">(c) A trustee seeking compensation pursuant to subsection (b) of this section shall disclose to those beneficiaries, as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-13"><span class="s2072584DefaultParagraphFont">55-2-13</span></a><span class="s2072584DefaultParagraphFont">, all fees, commissions, compensation or other benefits and profits paid or to be paid by the account, or received or to be received by an affiliate arising from such affiliated investment. The disclosure required under this subsection may be given either in a copy of the prospectus or any other disclosure document prepared for the affiliated investment under federal or state securities laws or in a written summary that includes all fees, commissions, compensation or other benefits and profits received or to be received by the trustee or any affiliate of the trustee and an explanation of the manner in which such fees, commissions, compensation or other benefits and profits are calculated (either as a percentage of the assets invested or by some other method). Such disclosure shall be made at least annually unless there has been no increase in the rate at which such fees or commissions are calculated since the most recent disclosure. Notwithstanding the foregoing provisions of this subsection, no such disclosure is required if:</span></p><p dir="ltr" class="s2072584Normal-000001"><span class="s2072584DefaultParagraphFont">(i)    The governing instrument or a court order expressly authorizes the trustee to invest the trust account in affiliated investments or otherwise deal with an affiliate or an interest in an affiliated investment; or</span></p><p dir="ltr" class="s2072584Normal-000001"><span xml:space="preserve" class="s2072584DefaultParagraphFont">(ii)    The directed trustee is acting at the direction of an investment trust advisor pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B"><span class="s2072584DefaultParagraphFont">55-1B</span></a><span class="s2072584DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072584Normal-000001"><span xml:space="preserve" class="s2072584000003"> </span></p></div><div><p dir="ltr" class="s2072584Normal-000002"><span class="s2072584DefaultParagraphFont">(d) A trustee that has complied with subsection (c) of this section (whether by making the applicable disclosure or by relying on the terms of a governing instrument or court order) shall have full authority to administer an affiliated investment (including the authority to vote proxies thereon) without regard to the affiliation between the trustee and the investment.</span></p><p dir="ltr" class="s2072584Normal-000002"><span xml:space="preserve" class="s2072584DefaultParagraphFont">(e) If the recipients of information regarding the trust's existence have been restricted, eliminated, or modified pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-13"><span class="s2072584DefaultParagraphFont">55-2-13</span></a><span class="s2072584DefaultParagraphFont">, then the notification described in subsection (c) is subject to such restriction, modification, or elimination.</span></p><p dir="ltr" class="s2072584Normal"><span xml:space="preserve" class="s2072584000003"> </span></p><p dir="ltr" class="s2072584Normal"><span class="s2072584SCL">Source:</span><span xml:space="preserve" class="s2072584SCL-000004"> SL 2007, ch 247, § 7; SL 2009, ch 252, § 12; SL 2014, ch 226, § 19; SL 2015, ch 240, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072585Normal { 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.s2072585SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072585CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072585Normal-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.s2072585DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072585000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072585SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072585SCL-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="s2072585Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-10"><span class="s2072585SENU">55-1A-10</span></a><span xml:space="preserve" class="s2072585SENU">. </span><span class="s2072585CL">Deposit of trust funds in bank.</span></p><p dir="ltr" class="s2072585Normal-000000"><span class="s2072585DefaultParagraphFont">A trustee may deposit trust funds in a bank, including a bank operated by himself, or in a state or federal savings and loan association.</span></p><p dir="ltr" class="s2072585Normal"><span xml:space="preserve" class="s2072585000001"> </span></p><p dir="ltr" class="s2072585Normal"><span class="s2072585SCL">Source:</span><span xml:space="preserve" class="s2072585SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072586Normal { 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.s2072586SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072586CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072586Normal-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.s2072586DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072586000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072586SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072586SCL-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="s2072586Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-11"><span class="s2072586SENU">55-1A-11</span></a><span xml:space="preserve" class="s2072586SENU">. </span><span class="s2072586CL">Disposal of trust assets.</span></p><p dir="ltr" class="s2072586Normal-000000"><span class="s2072586DefaultParagraphFont">A trustee may acquire, sell, or otherwise dispose of an asset, at public or private sale, for cash or on credit, with or without security as he deems advisable, and he may manage, develop, exchange, partition, change the character of, or abandon a trust asset or any interest therein.</span></p><p dir="ltr" class="s2072586Normal"><span xml:space="preserve" class="s2072586000001"> </span></p><p dir="ltr" class="s2072586Normal"><span class="s2072586SCL">Source:</span><span xml:space="preserve" class="s2072586SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072587Normal { 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.s2072587SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072587CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072587Normal-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.s2072587DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072587000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072587SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072587SCL-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="s2072587Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-12"><span class="s2072587SENU">55-1A-12</span></a><span xml:space="preserve" class="s2072587SENU">. </span><span class="s2072587CL">Grant or taking of option for disposition of assets.</span></p><p dir="ltr" class="s2072587Normal-000000"><span class="s2072587DefaultParagraphFont">A trustee may grant an option for the sale or other disposition of a trust asset, or take an option for the acquisition of any asset.</span></p><p dir="ltr" class="s2072587Normal"><span xml:space="preserve" class="s2072587000001"> </span></p><p dir="ltr" class="s2072587Normal"><span class="s2072587SCL">Source:</span><span xml:space="preserve" class="s2072587SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072588Normal { 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.s2072588SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072588CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072588Normal-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.s2072588DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072588000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072588SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072588SCL-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="s2072588Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-13"><span class="s2072588SENU">55-1A-13</span></a><span xml:space="preserve" class="s2072588SENU">. </span><span class="s2072588CL">Leases by trustees.</span></p><p dir="ltr" class="s2072588Normal-000000"><span class="s2072588DefaultParagraphFont">A trustee may enter into a lease as lessor or lessee, with or without an option to purchase or renew, even if the term of the lease or renewal thereof, or of the option, extends beyond the term of the trust.</span></p><p dir="ltr" class="s2072588Normal"><span xml:space="preserve" class="s2072588000001"> </span></p><p dir="ltr" class="s2072588Normal"><span class="s2072588SCL">Source:</span><span xml:space="preserve" class="s2072588SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072589Normal { 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.s2072589SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072589CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072589Normal-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.s2072589DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072589000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072589SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072589SCL-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="s2072589Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-14"><span class="s2072589SENU">55-1A-14</span></a><span xml:space="preserve" class="s2072589SENU">. </span><span class="s2072589CL">Repairs by trustee--Removal or demolition.</span></p><p dir="ltr" class="s2072589Normal-000000"><span class="s2072589DefaultParagraphFont">A trustee may make ordinary or extraordinary repairs, improvements, or alterations in buildings or other structures or in any other trust asset, and he may remove or demolish any improvements.</span></p><p dir="ltr" class="s2072589Normal"><span xml:space="preserve" class="s2072589000001"> </span></p><p dir="ltr" class="s2072589Normal"><span class="s2072589SCL">Source:</span><span xml:space="preserve" class="s2072589SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072590Normal { 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.s2072590SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072590CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072590Normal-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.s2072590DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072590000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072590SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072590SCL-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="s2072590Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-15"><span class="s2072590SENU">55-1A-15</span></a><span xml:space="preserve" class="s2072590SENU">. </span><span class="s2072590CL">Razing or erection of party walls or buildings.</span></p><p dir="ltr" class="s2072590Normal-000000"><span class="s2072590DefaultParagraphFont">A trustee may raze existing, or erect new, party walls or buildings, alone or jointly with owners of adjacent property.</span></p><p dir="ltr" class="s2072590Normal"><span xml:space="preserve" class="s2072590000001"> </span></p><p dir="ltr" class="s2072590Normal"><span class="s2072590SCL">Source:</span><span xml:space="preserve" class="s2072590SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072591Normal { 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.s2072591SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072591CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072591Normal-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.s2072591DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072591000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072591SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072591SCL-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="s2072591Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-16"><span class="s2072591SENU">55-1A-16</span></a><span xml:space="preserve" class="s2072591SENU">. </span><span class="s2072591CL">Land development or dedication--Valuation adjustments.</span></p><p dir="ltr" class="s2072591Normal-000000"><span class="s2072591DefaultParagraphFont">A trustee may subdivide, develop or dedicate land to public use; make or obtain the vacation of plats and adjust boundaries; adjust differences in valuation on the exchange or partition of land by giving or receiving consideration; or dedicate easements to public use without consideration.</span></p><p dir="ltr" class="s2072591Normal"><span xml:space="preserve" class="s2072591000001"> </span></p><p dir="ltr" class="s2072591Normal"><span class="s2072591SCL">Source:</span><span xml:space="preserve" class="s2072591SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072592Normal { 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.s2072592SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072592CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072592Normal-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.s2072592DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072592000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072592SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072592SCL-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="s2072592Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-17"><span class="s2072592SENU">55-1A-17</span></a><span xml:space="preserve" class="s2072592SENU">. </span><span class="s2072592CL">Mineral and natural resource leases and explorations.</span></p><p dir="ltr" class="s2072592Normal-000000"><span class="s2072592DefaultParagraphFont">A trustee may enter into a lease or arrangement for the exploration for and removal of oil, gas and other minerals or other natural resources, and he may enter into pooling and unitization agreements.</span></p><p dir="ltr" class="s2072592Normal"><span xml:space="preserve" class="s2072592000001"> </span></p><p dir="ltr" class="s2072592Normal"><span class="s2072592SCL">Source:</span><span xml:space="preserve" class="s2072592SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072593Normal { 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.s2072593SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072593CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072593Normal-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.s2072593DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072593000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072593SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072593SCL-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="s2072593Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-18"><span class="s2072593SENU">55-1A-18</span></a><span xml:space="preserve" class="s2072593SENU">. </span><span class="s2072593CL">Insurance.</span></p><p dir="ltr" class="s2072593Normal-000000"><span class="s2072593DefaultParagraphFont">A trustee may insure the assets of his trust against damage or loss, and the trustee against liability to third persons.</span></p><p dir="ltr" class="s2072593Normal"><span xml:space="preserve" class="s2072593000001"> </span></p><p dir="ltr" class="s2072593Normal"><span class="s2072593SCL">Source:</span><span xml:space="preserve" class="s2072593SCL-000002"> SL 1979, ch 336, § 18.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072594Normal { 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.s2072594SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072594CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072594Normal-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.s2072594DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072594000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072594SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072594SCL-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="s2072594Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-19"><span class="s2072594SENU">55-1A-19</span></a><span xml:space="preserve" class="s2072594SENU">. </span><span class="s2072594CL">Voting stock or securities--Voting trust agreements.</span></p><p dir="ltr" class="s2072594Normal-000000"><span class="s2072594DefaultParagraphFont">A trustee may vote shares of stock or other securities held in trust, in person or by general or limited proxy, and he may enter into voting trust agreements on such terms and for such periods as he deems advisable.</span></p><p dir="ltr" class="s2072594Normal"><span xml:space="preserve" class="s2072594000001"> </span></p><p dir="ltr" class="s2072594Normal"><span class="s2072594SCL">Source:</span><span xml:space="preserve" class="s2072594SCL-000002"> SL 1979, ch 336, § 19.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072595Normal { 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.s2072595SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072595CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072595Normal-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.s2072595DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072595000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072595SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072595SCL-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="s2072595Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-20"><span class="s2072595SENU">55-1A-20</span></a><span xml:space="preserve" class="s2072595SENU">. </span><span class="s2072595CL">Payment of calls, assessments, and other sums charged against corporate securities.</span></p><p dir="ltr" class="s2072595Normal-000000"><span class="s2072595DefaultParagraphFont">A trustee may pay calls, assessments, and any other sums chargeable or accruing against or on account of shares of stock, bonds, debentures, or other corporate securities held in trust.</span></p><p dir="ltr" class="s2072595Normal"><span xml:space="preserve" class="s2072595000001"> </span></p><p dir="ltr" class="s2072595Normal"><span class="s2072595SCL">Source:</span><span xml:space="preserve" class="s2072595SCL-000002"> SL 1979, ch 336, § 20.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072596Normal { 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.s2072596SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072596CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072596Normal-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.s2072596DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072596000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072596SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072596SCL-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="s2072596Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-21"><span class="s2072596SENU">55-1A-21</span></a><span xml:space="preserve" class="s2072596SENU">. </span><span class="s2072596CL">Corporate powers--Stocks--Reorganizations and mergers--Sales and leases.</span></p><p dir="ltr" class="s2072596Normal-000000"><span class="s2072596DefaultParagraphFont">A trustee may sell or exercise stock subscription or conversion rights; participate in foreclosures, reorganizations, consolidations, mergers or liquidations; and consent, directly or through a committee or other agent, to corporate sales, leases and encumbrances. In the exercise of such powers a trustee may, where he deems such course to be expedient, deposit stocks, bonds or other securities with any protective or other similar committee, under such terms and conditions respecting the deposit thereof as the trustee may approve.</span></p><p dir="ltr" class="s2072596Normal"><span xml:space="preserve" class="s2072596000001"> </span></p><p dir="ltr" class="s2072596Normal"><span class="s2072596SCL">Source:</span><span xml:space="preserve" class="s2072596SCL-000002"> SL 1979, ch 336, § 21.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072597Normal { 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.s2072597SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072597CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072597Normal-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.s2072597DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072597000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072597SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072597SCL-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="s2072597Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-22"><span class="s2072597SENU">55-1A-22</span></a><span xml:space="preserve" class="s2072597SENU">. </span><span class="s2072597CL">Holding stock in nominee's name without disclosing fiduciary relationship.</span></p><p dir="ltr" class="s2072597Normal-000000"><span class="s2072597DefaultParagraphFont">A trustee may hold any stock or other security in the name of a nominee or nominees, without disclosure of any fiduciary relationship, but he shall be liable for any and all acts and omissions of the nominee relating to such assets.</span></p><p dir="ltr" class="s2072597Normal"><span xml:space="preserve" class="s2072597000001"> </span></p><p dir="ltr" class="s2072597Normal"><span class="s2072597SCL">Source:</span><span xml:space="preserve" class="s2072597SCL-000002"> SL 1979, ch 336, § 22.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072598Normal { 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.s2072598SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072598CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072598Normal-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.s2072598DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072598000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072598SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072598SCL-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="s2072598Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-23"><span class="s2072598SENU">55-1A-23</span></a><span xml:space="preserve" class="s2072598SENU">. </span><span class="s2072598CL">Borrowing money against trust assets.</span></p><p dir="ltr" class="s2072598Normal-000000"><span class="s2072598DefaultParagraphFont">A trustee may borrow money, and mortgage or otherwise encumber or pledge trust assets, for a term within or extending beyond the term of his trust, in connection with the exercise of any power vested in himself.</span></p><p dir="ltr" class="s2072598Normal"><span xml:space="preserve" class="s2072598000001"> </span></p><p dir="ltr" class="s2072598Normal"><span class="s2072598SCL">Source:</span><span xml:space="preserve" class="s2072598SCL-000002"> SL 1979, ch 336, § 23.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072599Normal { 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.s2072599SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072599CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072599Normal-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.s2072599DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072599000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072599SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072599SCL-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="s2072599Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-24"><span class="s2072599SENU">55-1A-24</span></a><span xml:space="preserve" class="s2072599SENU">. </span><span class="s2072599CL">Contracts binding upon trust.</span></p><p dir="ltr" class="s2072599Normal-000000"><span class="s2072599DefaultParagraphFont">A trustee may enter into contracts binding upon his trust which are reasonably incident to the administration of the trust and which he believes to be for the best interests of the trust.</span></p><p dir="ltr" class="s2072599Normal"><span xml:space="preserve" class="s2072599000001"> </span></p><p dir="ltr" class="s2072599Normal"><span class="s2072599SCL">Source:</span><span xml:space="preserve" class="s2072599SCL-000002"> SL 1979, ch 336, § 24.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072600Normal { 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.s2072600SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072600CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072600Normal-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.s2072600DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072600000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072600SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072600SCL-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="s2072600Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-25"><span class="s2072600SENU">55-1A-25</span></a><span xml:space="preserve" class="s2072600SENU">. </span><span class="s2072600CL">Claims in favor of or against trust or trustee.</span></p><p dir="ltr" class="s2072600Normal-000000"><span class="s2072600DefaultParagraphFont">A trustee may pay, compromise, contest, submit to arbitration, or otherwise settle any and all claims in favor of or against his trust or himself as trustee.</span></p><p dir="ltr" class="s2072600Normal"><span xml:space="preserve" class="s2072600000001"> </span></p><p dir="ltr" class="s2072600Normal"><span class="s2072600SCL">Source:</span><span xml:space="preserve" class="s2072600SCL-000002"> SL 1979, ch 336, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072601Normal { 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.s2072601SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072601CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072601Normal-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.s2072601DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072601000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072601SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072601SCL-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="s2072601Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-26"><span class="s2072601SENU">55-1A-26</span></a><span xml:space="preserve" class="s2072601SENU">. </span><span class="s2072601CL">Release of claim or lien.</span></p><p dir="ltr" class="s2072601Normal-000000"><span class="s2072601DefaultParagraphFont">A trustee may release, in whole or in part, any claim or lien belonging to his trust.</span></p><p dir="ltr" class="s2072601Normal"><span xml:space="preserve" class="s2072601000001"> </span></p><p dir="ltr" class="s2072601Normal"><span class="s2072601SCL">Source:</span><span xml:space="preserve" class="s2072601SCL-000002"> SL 1979, ch 336, § 26.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072602Normal { 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.s2072602SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072602CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072602Normal-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.s2072602DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072602000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072602SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072602SCL-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="s2072602Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-27"><span class="s2072602SENU">55-1A-27</span></a><span xml:space="preserve" class="s2072602SENU">. </span><span class="s2072602CL">Payment of trust administration expenses.</span></p><p dir="ltr" class="s2072602Normal-000000"><span class="s2072602DefaultParagraphFont">A trustee may pay taxes, assessments, compensation of himself, and other expenses incurred in the collection, care, administration and protection of his trust.</span></p><p dir="ltr" class="s2072602Normal"><span xml:space="preserve" class="s2072602000001"> </span></p><p dir="ltr" class="s2072602Normal"><span class="s2072602SCL">Source:</span><span xml:space="preserve" class="s2072602SCL-000002"> SL 1979, ch 336, § 27.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072603Normal { 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.s2072603SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072603CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072603Normal-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.s2072603DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072603000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072603SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072603SCL-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="s2072603Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-28"><span class="s2072603SENU">55-1A-28</span></a><span xml:space="preserve" class="s2072603SENU">. </span><span class="s2072603CL">Creation of reserves.</span></p><p dir="ltr" class="s2072603Normal-000000"><span class="s2072603DefaultParagraphFont">A trustee may create reserves out of income for depreciation, obsolescence, or amortization, or for the depletion of mineral or timber properties.</span></p><p dir="ltr" class="s2072603Normal"><span xml:space="preserve" class="s2072603000001"> </span></p><p dir="ltr" class="s2072603Normal"><span class="s2072603SCL">Source:</span><span xml:space="preserve" class="s2072603SCL-000002"> SL 1979, ch 336, § 28.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072604Normal { 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.s2072604SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072604CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072604Normal-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.s2072604DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072604Normal-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.s2072604000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072604SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072604SCL-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="s2072604Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-29"><span class="s2072604SENU">55-1A-29</span></a><span xml:space="preserve" class="s2072604SENU">. </span><span class="s2072604CL">Payment of sum distributable to minor or other beneficiary under legal disability--Methods.</span></p><p dir="ltr" class="s2072604Normal-000000"><span class="s2072604DefaultParagraphFont">A trustee may make payment of any sum distributable to a minor or other beneficiary under legal disability, without liability to himself, by paying the sum in any one or more of the following ways:</span></p><p dir="ltr" class="s2072604Normal-000001"><span class="s2072604DefaultParagraphFont">(1)    Directly to the beneficiary;</span></p><p dir="ltr" class="s2072604Normal-000001"><span class="s2072604DefaultParagraphFont">(2)    To the conservator of the beneficiary;</span></p><p dir="ltr" class="s2072604Normal-000001"><span class="s2072604DefaultParagraphFont">(3)    Directly for the maintenance, education and general welfare of the beneficiary;</span></p><p dir="ltr" class="s2072604Normal-000001"><span class="s2072604DefaultParagraphFont">(4)    To a parent of the beneficiary; or</span></p><p dir="ltr" class="s2072604Normal-000001"><span class="s2072604DefaultParagraphFont">(5)    To anyone who has custody and care of the person of the beneficiary.</span></p><p dir="ltr" class="s2072604Normal"><span xml:space="preserve" class="s2072604000002"> </span></p><p dir="ltr" class="s2072604Normal"><span class="s2072604SCL">Source:</span><span xml:space="preserve" class="s2072604SCL-000003"> SL 1979, ch 336, § 29; SL 1993, ch 213, § 253.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072605Normal { 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.s2072605SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072605CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072605Normal-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.s2072605DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072605000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072605SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072605SCL-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="s2072605Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-30"><span class="s2072605SENU">55-1A-30</span></a><span xml:space="preserve" class="s2072605SENU">. </span><span class="s2072605CL">Distribution of property and money.</span></p><p dir="ltr" class="s2072605Normal-000000"><span class="s2072605DefaultParagraphFont">A trustee may effect distribution of property and money in divided or undivided interests, and adjust the resulting differences in valuation.</span></p><p dir="ltr" class="s2072605Normal"><span xml:space="preserve" class="s2072605000001"> </span></p><p dir="ltr" class="s2072605Normal"><span class="s2072605SCL">Source:</span><span xml:space="preserve" class="s2072605SCL-000002"> SL 1979, ch 336, § 30.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072606Normal { 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.s2072606SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072606CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072606Normal-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.s2072606DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072606000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072606SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072606SCL-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="s2072606Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-31"><span class="s2072606SENU">55-1A-31</span></a><span xml:space="preserve" class="s2072606SENU">. </span><span class="s2072606CL">Employment of agents and assistants.</span></p><p dir="ltr" class="s2072606Normal-000000"><span class="s2072606DefaultParagraphFont">A trustee may employ attorneys, accountants, investment advisors, agents or other persons, even if they are associated with himself, to advise or assist himself in the performance of his duties; act without independent investigation upon their recommendations; and instead of acting personally, employ one or more agents to perform any act of administration, whether or not such act is discretionary.</span></p><p dir="ltr" class="s2072606Normal"><span xml:space="preserve" class="s2072606000001"> </span></p><p dir="ltr" class="s2072606Normal"><span class="s2072606SCL">Source:</span><span xml:space="preserve" class="s2072606SCL-000002"> SL 1979, ch 336, § 31.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083050Normal { 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.s2083050SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083050CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083050Statute { 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.s2083050DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083050StatuteNumber1 { 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.s2083050000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083050NoIndent { 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.s2083050DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083050SCL { 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 55-1A-32 - Prosecution or defense of actions and proceedings."><meta property="og:description" content="SDLRC Codified Law 55-1A-32 - Prosecution or defense of actions and proceedings."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-1A-32"><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="s2083050Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-32" rel="noopener"><span class="s2083050SENU">55-1A-32</span></a><span xml:space="preserve" class="s2083050SENU">. </span><span xml:space="preserve" class="s2083050CL">Prosecution or defense of actions and proceedings. </span></p><p dir="ltr" class="s2083050Statute"><span class="s2083050DefaultParagraphFont">A trustee may prosecute or defend actions, claims or proceedings for the protection of trust assets or of the trustee in the performance of the trustee's duties. However, a trustee has no duty to prosecute, or to defend or continue to defend the trust or its assets in any action, through exercise of judicial process or otherwise, to reach the assets of the trust in satisfaction of a claim against the trust, a beneficiary or the settlor of a trust unless:</span></p><p dir="ltr" class="s2083050StatuteNumber1"><span class="s2083050DefaultParagraphFont">(1)    The trustee is reasonably satisfied that the readily marketable assets of the trust are sufficient to fully indemnify the trustee for all the liabilities and expenses, including professional fees and expense of counsel, accountants, and expert witnesses, that the trustee may incur in so prosecuting or defending the trust or its assets; or</span></p><p dir="ltr" class="s2083050StatuteNumber1"><span class="s2083050DefaultParagraphFont">(2)    If the trustee is not satisfied that the settlor or the beneficiaries have provided the trustee with indemnity, supported with such security as may be satisfactory to the trustee in its sole discretion, as is then and will be sufficient to fully indemnify the trustee.</span></p><p dir="ltr" class="s2083050Statute"><span class="s2083050DefaultParagraphFont">Unless otherwise provided in the trust agreement, a trustee who is no longer serving due to resignation or removal, whether by judicial process or pursuant to the trust agreement, or as a result of the trust terminating, does not have a duty to defend or continue to prosecute or defend the trust or its assets in any action, whether the trust is in existence or not at the time of such action.</span></p><p dir="ltr" class="s2083050Normal"><span xml:space="preserve" class="s2083050000000"> </span></p><p dir="ltr" class="s2083050NoIndent"><span xml:space="preserve" class="s2083050DefaultParagraphFont-000001">Source: </span><span class="s2083050SCL">SL 1979, ch 336, § 32; SL 2017, ch 204, § 13; SL 2021, ch 207, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072608Normal { 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.s2072608SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072608CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072608Normal-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.s2072608DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072608Normal-000001 { text-indent: 0.25in; 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.s2072608Normal-000002 { 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.s2072608000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072608SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072608SCL-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="s2072608Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-32.1"><span class="s2072608SENU">55-1A-32.1</span></a><span xml:space="preserve" class="s2072608SENU">. </span><span class="s2072608CL">Trustee immunity from liability for failure to prosecute, defend, or continue to defend.</span></p><p dir="ltr" class="s2072608Normal-000000"><span class="s2072608DefaultParagraphFont">If the trustee fails to prosecute, defend, or continue to defend the trust or its assets because the conditions set forth in subdivision 55-1A-32(1) or (2) have not been fulfilled, the trustee is not liable for any such failure even if the failure, including without limitation a withdrawal from a proceeding, may result in the granting or awarding of relief against the trustee or the trust, including without limitation a distribution of trust assets in satisfaction of a claim.</span></p><p dir="ltr" class="s2072608Normal-000001"><span xml:space="preserve" class="s2072608DefaultParagraphFont">For purposes of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A"><span class="s2072608DefaultParagraphFont">55-1A</span></a><span class="s2072608DefaultParagraphFont">, the term, prosecute, or, defend or continue to defend, means:</span></p><p dir="ltr" class="s2072608Normal-000002"><span class="s2072608DefaultParagraphFont">(1)    Instituting, participating in, intervening in or defending a lawsuit, action in equity or administrative, arbitration or mediation proceeding (collectively a proceeding); or</span></p><p dir="ltr" class="s2072608Normal-000002"><span class="s2072608DefaultParagraphFont">(2)    Taking any other action to resist such claim.</span></p><p dir="ltr" class="s2072608Normal-000001"><span xml:space="preserve" class="s2072608DefaultParagraphFont">This section and § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-32"><span class="s2072608DefaultParagraphFont">55-1A-32</span></a><span xml:space="preserve" class="s2072608DefaultParagraphFont"> control unless the governing instrument specifically provides otherwise.</span></p><p dir="ltr" class="s2072608Normal"><span xml:space="preserve" class="s2072608000003"> </span></p><p dir="ltr" class="s2072608Normal"><span class="s2072608SCL">Source:</span><span xml:space="preserve" class="s2072608SCL-000004"> SL 2017, ch 204, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072609Normal { 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.s2072609SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072609CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072609Normal-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.s2072609DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072609000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072609SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072609SCL-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="s2072609Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-33"><span class="s2072609SENU">55-1A-33</span></a><span xml:space="preserve" class="s2072609SENU">. </span><span class="s2072609CL">Advance of income or loan to beneficiary--Lien.</span></p><p dir="ltr" class="s2072609Normal-000000"><span class="s2072609DefaultParagraphFont">A trustee may advance income or make loans out of trust property to a beneficiary on terms and conditions the trustee considers to be fair and reasonable under the circumstances, for which such advance or loan the trustee shall have a lien on the future benefits of such beneficiary.</span></p><p dir="ltr" class="s2072609Normal"><span xml:space="preserve" class="s2072609000001"> </span></p><p dir="ltr" class="s2072609Normal"><span class="s2072609SCL">Source:</span><span xml:space="preserve" class="s2072609SCL-000002"> SL 1979, ch 336, § 33; SL 2011, ch 212, § 18.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072610Normal { 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.s2072610SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072610CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072610Normal-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.s2072610DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072610000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072610SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072610SCL-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="s2072610Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-34"><span class="s2072610SENU">55-1A-34</span></a><span xml:space="preserve" class="s2072610SENU">. </span><span class="s2072610CL">Advance of money for protection of trust--Lien.</span></p><p dir="ltr" class="s2072610Normal-000000"><span class="s2072610DefaultParagraphFont">A trustee may advance money for the protection of his trust or its assets, and for all expenses and liabilities sustained or incurred in or about the administration or protection of the trust, or because of the holding or ownership of any trust assets. Such trustee shall have a lien on the trust assets and may reimburse himself, with interest, out of the trust assets for the advances.</span></p><p dir="ltr" class="s2072610Normal"><span xml:space="preserve" class="s2072610000001"> </span></p><p dir="ltr" class="s2072610Normal"><span class="s2072610SCL">Source:</span><span xml:space="preserve" class="s2072610SCL-000002"> SL 1979, ch 336, § 34.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072611Normal { 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.s2072611SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072611CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072611Normal-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.s2072611DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072611000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072611SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072611SCL-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="s2072611Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-35"><span class="s2072611SENU">55-1A-35</span></a><span xml:space="preserve" class="s2072611SENU">. </span><span class="s2072611CL">Execution and delivery of instruments.</span></p><p dir="ltr" class="s2072611Normal-000000"><span class="s2072611DefaultParagraphFont">A trustee may execute and deliver all instruments which will accomplish or facilitate the exercise of the powers vested in himself.</span></p><p dir="ltr" class="s2072611Normal"><span xml:space="preserve" class="s2072611000001"> </span></p><p dir="ltr" class="s2072611Normal"><span class="s2072611SCL">Source:</span><span xml:space="preserve" class="s2072611SCL-000002"> SL 1979, ch 336, § 35.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sbe3e711a96594fd7923f6f5c1ca11475Normal { 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.sbe3e711a96594fd7923f6f5c1ca11475SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sbe3e711a96594fd7923f6f5c1ca11475CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sbe3e711a96594fd7923f6f5c1ca11475Statute { 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.sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sbe3e711a96594fd7923f6f5c1ca11475StatuteNumber1 { 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.sbe3e711a96594fd7923f6f5c1ca11475000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sbe3e711a96594fd7923f6f5c1ca11475NoIndent { 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.sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sbe3e711a96594fd7923f6f5c1ca11475SCL { 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 55-1A-35.1 - Electronic execution of documents."><meta property="og:description" content="SDLRC Codified Law 55-1A-35.1 - Electronic execution of documents."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-1A-35.1"><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="sbe3e711a96594fd7923f6f5c1ca11475Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-35.1" rel="noopener"><span class="sbe3e711a96594fd7923f6f5c1ca11475SENU">55-1A-35.1</span></a><span xml:space="preserve" class="sbe3e711a96594fd7923f6f5c1ca11475SENU">. </span><span class="sbe3e711a96594fd7923f6f5c1ca11475CL">Electronic execution of documents.</span></p><p dir="ltr" class="sbe3e711a96594fd7923f6f5c1ca11475Statute"><span xml:space="preserve" class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">If otherwise validly executed, the following documents may be executed in accordance with chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=53-12" rel="noopener"><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">53-12</span></a><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">:</span></p><p dir="ltr" class="sbe3e711a96594fd7923f6f5c1ca11475StatuteNumber1"><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">(1)    The governing instrument of an express trust, or other document, other than a will or codicil as defined in title 29A;</span></p><p dir="ltr" class="sbe3e711a96594fd7923f6f5c1ca11475StatuteNumber1"><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">(2)    The resignation, removal, appointment, or acceptance of appointment of any trustee, any advisor or protector, or of any designated representation addressed in title 55;</span></p><p dir="ltr" class="sbe3e711a96594fd7923f6f5c1ca11475StatuteNumber1"><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">(3)    A consent, release, ratification, or indemnification addressed in title 55; and</span></p><p dir="ltr" class="sbe3e711a96594fd7923f6f5c1ca11475StatuteNumber1"><span xml:space="preserve" class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">(4)    Any other document addressed by title 55 to the extent it is not excluded from the scope of chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=53-12" rel="noopener"><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">53-12</span></a><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">.</span></p><p dir="ltr" class="sbe3e711a96594fd7923f6f5c1ca11475Statute"><span xml:space="preserve" class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">Notwithstanding any provision of chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=53-12" rel="noopener"><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">53-12</span></a><span xml:space="preserve" class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont"> to the contrary, the documents under this section are deemed to be a transaction within the meaning of subdivision </span><a href="https://sdlegislature.gov/Statutes?Statute=53-12" rel="noopener"><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">53-12</span></a><span xml:space="preserve" class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">-1(17) and are within the scope of chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=53-12" rel="noopener"><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">53-12</span></a><span class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont">.</span></p><p dir="ltr" class="sbe3e711a96594fd7923f6f5c1ca11475Normal"><span xml:space="preserve" class="sbe3e711a96594fd7923f6f5c1ca11475000000"> </span></p><p dir="ltr" class="sbe3e711a96594fd7923f6f5c1ca11475NoIndent"><span xml:space="preserve" class="sbe3e711a96594fd7923f6f5c1ca11475DefaultParagraphFont-000001">Source: </span><span class="sbe3e711a96594fd7923f6f5c1ca11475SCL">SL 2023, ch 161, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072612Normal { 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.s2072612SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072612CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072612Normal-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.s2072612DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072612000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072612SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072612SCL-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="s2072612Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-36"><span class="s2072612SENU">55-1A-36</span></a><span xml:space="preserve" class="s2072612SENU">. </span><span class="s2072612CL">Holding of two or more trusts with undivided interests.</span></p><p dir="ltr" class="s2072612Normal-000000"><span class="s2072612DefaultParagraphFont">A trustee may hold two or more trusts or parts of trusts created by the same instrument, as an undivided whole, without separation between such trusts or parts of such trusts; provided that, such separate trusts or parts of such trusts shall have undivided interests and that no such holding shall defer the vesting of any estate in possession or otherwise.</span></p><p dir="ltr" class="s2072612Normal"><span xml:space="preserve" class="s2072612000001"> </span></p><p dir="ltr" class="s2072612Normal"><span class="s2072612SCL">Source:</span><span xml:space="preserve" class="s2072612SCL-000002"> SL 1979, ch 336, § 36.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072613Normal { 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.s2072613SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072613CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072613Normal-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.s2072613DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072613000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072613SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072613SCL-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="s2072613Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-37"><span class="s2072613SENU">55-1A-37</span></a><span xml:space="preserve" class="s2072613SENU">. </span><span class="s2072613CL">Citation of chapter.</span></p><p dir="ltr" class="s2072613Normal-000000"><span class="s2072613DefaultParagraphFont">This chapter may be cited or referred to as the "South Dakota Trustees' Powers Act."</span></p><p dir="ltr" class="s2072613Normal"><span xml:space="preserve" class="s2072613000001"> </span></p><p dir="ltr" class="s2072613Normal"><span class="s2072613SCL">Source:</span><span xml:space="preserve" class="s2072613SCL-000002"> SL 1979, ch 336, § 37.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072614Normal { 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.s2072614SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072614CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072614Normal-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.s2072614DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072614000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072614SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072614SCL-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="s2072614Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-38"><span class="s2072614SENU">55-1A-38</span></a><span xml:space="preserve" class="s2072614SENU">. </span><span class="s2072614CL">Trustee may perform necessary and appropriate acts.</span></p><p dir="ltr" class="s2072614Normal-000000"><span class="s2072614DefaultParagraphFont">A trustee may perform such other acts, which, in the judgment of the trustee, may be necessary or appropriate for the proper management, investment, and distribution of the trust estate.</span></p><p dir="ltr" class="s2072614Normal"><span xml:space="preserve" class="s2072614000001"> </span></p><p dir="ltr" class="s2072614Normal"><span class="s2072614SCL">Source:</span><span xml:space="preserve" class="s2072614SCL-000002"> SL 1998, ch 282, § 37.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072615Normal { 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.s2072615SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072615CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072615Normal-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.s2072615DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072615000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072615SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072615SCL-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="s2072615Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-39"><span class="s2072615SENU">55-1A-39</span></a><span xml:space="preserve" class="s2072615SENU">. </span><span class="s2072615CL">Disclaimer of powers by trustee--Time limit.</span></p><p dir="ltr" class="s2072615Normal-000000"><span class="s2072615DefaultParagraphFont">Any power granted to a trustee in any written trust instrument may be disclaimed by that trustee in the manner provided by law for disclaimers, but without regard to the time limits provided by law for disclaimers. Upon such disclaimer, the powers so disclaimed shall cease to exist as to that trustee.</span></p><p dir="ltr" class="s2072615Normal"><span xml:space="preserve" class="s2072615000001"> </span></p><p dir="ltr" class="s2072615Normal"><span class="s2072615SCL">Source:</span><span xml:space="preserve" class="s2072615SCL-000002"> SL 1998, ch 282, § 39.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072616Normal { 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.s2072616SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072616CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072616Normal-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.s2072616DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072616000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072616SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072616SCL-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="s2072616Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A-40"><span class="s2072616SENU">55-1A-40</span></a><span xml:space="preserve" class="s2072616SENU">. </span><span class="s2072616CL">Trust name change.</span></p><p dir="ltr" class="s2072616Normal-000000"><span class="s2072616DefaultParagraphFont">A trustee may change the name of an irrevocable trust if the trustee deems such action to be in the best interests of the trust and its beneficiaries.</span></p><p dir="ltr" class="s2072616Normal"><span xml:space="preserve" class="s2072616000001"> </span></p><p dir="ltr" class="s2072616Normal"><span class="s2072616SCL">Source:</span><span xml:space="preserve" class="s2072616SCL-000002"> SL 2011, ch 212, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sb3fe0128ad8d4796bdb6f0d0d710213aNormal { 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.sb3fe0128ad8d4796bdb6f0d0d710213aSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sb3fe0128ad8d4796bdb6f0d0d710213aCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sb3fe0128ad8d4796bdb6f0d0d710213aStatute { 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.sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sb3fe0128ad8d4796bdb6f0d0d710213a000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sb3fe0128ad8d4796bdb6f0d0d710213aNoIndent { 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.sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sb3fe0128ad8d4796bdb6f0d0d710213aSCL { 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 55-1A-41 - Co-trustee appointment--Powers."><meta property="og:description" content="SDLRC Codified Law 55-1A-41 - Co-trustee appointment--Powers."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-1A-41"><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="sb3fe0128ad8d4796bdb6f0d0d710213aNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1A-41" rel="noopener"><span class="sb3fe0128ad8d4796bdb6f0d0d710213aSENU">55-1A-41</span></a><span xml:space="preserve" class="sb3fe0128ad8d4796bdb6f0d0d710213aSENU">. </span><span class="sb3fe0128ad8d4796bdb6f0d0d710213aCL">Co-trustee appointment--Powers.</span></p><p dir="ltr" class="sb3fe0128ad8d4796bdb6f0d0d710213aStatute"><span class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont">Unless specifically restricted by the governing instrument, a trustee may appoint an individual or a corporate fiduciary as a co-trustee. The appointed co-trustee may serve only as long as the appointing trustee serves, or as long as the last to serve if more than one trustee appointed the co-trustee. The appointed co-trustee may not become a successor trustee upon the death, resignation, or incapacity of the appointing trustee, unless appointed under the terms of the governing instrument or unless no other successor trustee, or method for appointing a successor trustee, is provided in the governing instrument.</span></p><p dir="ltr" class="sb3fe0128ad8d4796bdb6f0d0d710213aStatute"><span class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont">The powers and the responsibilities of the appointed co-trustee may be limited by the appointing trustee in a writing signed by the appointing trustee at the time of the appointment. If the powers or responsibilities are so limited, the powers or responsibilities of the co-trustee shall be limited as set forth in writing. Unless the powers or responsibilities are so limited, the appointed co-trustee may exercise all the powers of the appointing trustee. The combined powers of the appointed co-trustee and the appointing trustee may not exceed the powers of the appointing trustee alone. The trustee appointing a co-trustee may, in writing, revoke the appointment at any time, with or without cause.</span></p><p dir="ltr" class="sb3fe0128ad8d4796bdb6f0d0d710213aStatute"><span class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont">Unless specifically restricted by the governing instrument, if the governing instrument gives a fiduciary other than the trustee the power to remove and replace the trustee, such power includes the power to appoint a co-trustee to serve with the current trustee.</span></p><p dir="ltr" class="sb3fe0128ad8d4796bdb6f0d0d710213aStatute"><span xml:space="preserve" class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont">If an appointment under this section confers upon the appointed co-trustee, to the exclusion of another co-trustee, the power to take certain actions, including the power to direct or prevent certain actions of the trustees, the limitations on liability and the relief from duties and obligations afforded an excluded fiduciary under § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-2" rel="noopener"><span class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont">55-1B-2</span></a><span xml:space="preserve" class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont"> apply to a co-trustee who does not hold such power.</span></p><p dir="ltr" class="sb3fe0128ad8d4796bdb6f0d0d710213aStatute"><span class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont">If the governing instrument is silent concerning the trustee's power to appoint a co-trustee, the trustee shall notify in writing, the trustor, if living, and all current income and principal beneficiaries at least thirty days prior to the effective date of the trustee's exercise of the power granted under this section. The notice, which shall include a copy of the proposed action, shall advise the trustor and current beneficiaries that if they object to the trustee's appointment they need to file a written objection with the trustee prior to the effective date set out in the notice of the proposed action. If an objection is received by the trustee, prior to the effective date of the appointment, the trustee may not appoint a co-trustee. However, this section does not limit the power of the trustee under law to petition the court for approval of the appointment. If no objection has been timely made, the proposed appointment becomes effective on the later of the date set out in the notice or thirty days after notice has been given. The notice must be sent by any means allowed under the terms of the trust instrument, by mail with postage prepaid to the last known address of the trustor or current beneficiary, or by means otherwise allowed by law.</span></p><p dir="ltr" class="sb3fe0128ad8d4796bdb6f0d0d710213aStatute"><span class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont">A governing instrument may provide for the appointment of two or more trustees and confer or allocate on one or more of the trustees, to the exclusion of other trustees, the power to direct, veto, or overrule specified actions or decisions of other trustees, or with sole responsibility for certain trustee duties. Any excluded trustee shall act in accordance with the exercise of the power, is not liable for complying with the exercise of the power, and has no obligation to review, inquire, investigate, or undertake any recommendations or evaluations with respect to the exercise of the power. A trustee having the power has the sole duty to account to the beneficiaries with respect to the exercise of the power and, if found liable for a breach of the trustee's duties with respect to the exercise of the power, is liable as if that trustee were the sole trustee.</span></p><p dir="ltr" class="sb3fe0128ad8d4796bdb6f0d0d710213aStatute"><span class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont">The provisions of this section are effective for trusts created before, on, or after July 1, 2017, except as otherwise directed by the trustor, trust protector, trust advisor, or other fiduciary designated by the terms of the trust.</span></p><p dir="ltr" class="sb3fe0128ad8d4796bdb6f0d0d710213aNormal"><span xml:space="preserve" class="sb3fe0128ad8d4796bdb6f0d0d710213a000000"> </span></p><p dir="ltr" class="sb3fe0128ad8d4796bdb6f0d0d710213aNoIndent"><span xml:space="preserve" class="sb3fe0128ad8d4796bdb6f0d0d710213aDefaultParagraphFont-000001">Source: </span><span class="sb3fe0128ad8d4796bdb6f0d0d710213aSCL">SL 2017, ch 204, § 12; SL 2019, ch 209, § 4; SL 2021, ch 207, § 8; SL 2023, ch 161, § 6.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s6ba7b06d427c4979b711da94ea869831Normal { 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.s6ba7b06d427c4979b711da94ea869831HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s6ba7b06d427c4979b711da94ea869831HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s6ba7b06d427c4979b711da94ea869831Normal-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.s6ba7b06d427c4979b711da94ea869831000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s6ba7b06d427c4979b711da94ea869831B { 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 55-1B - DIRECTED TRUSTS"><meta property="og:description" content="SDLRC Codified Law 55-1B - DIRECTED TRUSTS"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-1B"><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="s6ba7b06d427c4979b711da94ea869831Normal"><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B</span></a></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831Normal"><span class="s6ba7b06d427c4979b711da94ea869831HG4C">DIRECTED TRUSTS</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831Normal-000000"><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831000001"> </span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-1" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-1</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Definition of terms.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-1.1" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-1.1</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Governing instrument may provide trust advisor or trust protector with powers and immunities of trustee.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-2" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-2</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Excluded fiduciary--Liability limits--Relief from obligations--Burden of proof against.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-3" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-3</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Death of grantor.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-4" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-4</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Trust advisor, tax trust advisor as fiduciary.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-5" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-5</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Excluded fiduciary's liability for loss if trust protector appointed.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-6" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-6</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Powers and discretions of trust protector.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-7" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-7</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Submission to court jurisdiction--Effect on trust advisor or trust protector.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-8" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-8</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Powers of trust protector incorporated by reference in will or trust instrument.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-9" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-9</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Investment, distribution, or tax trust advisor--Provided for in instrument.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-10" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-10</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Powers and discretions of investment trust advisor.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-11" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-11</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Powers and discretions of distribution trust advisor.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-12" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-12</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Powers and discretions of family advisor.</span></p><p dir="ltr" class="s6ba7b06d427c4979b711da94ea869831B"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-13" rel="noopener"><span class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">55-1B-13</span></a><span xml:space="preserve" class="s6ba7b06d427c4979b711da94ea869831DefaultParagraphFont">    Tax trust advisor--Powers and discretions.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sae3777df590842d0a156e7e352bbdfbeNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; 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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 55-1B-1 - Definition of terms."><meta property="og:description" content="SDLRC Codified Law 55-1B-1 - Definition of terms."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-1B-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="sae3777df590842d0a156e7e352bbdfbeNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-1" rel="noopener"><span class="sae3777df590842d0a156e7e352bbdfbeSENU">55-1B-1</span></a><span xml:space="preserve" class="sae3777df590842d0a156e7e352bbdfbeSENU">. </span><span class="sae3777df590842d0a156e7e352bbdfbeCL">Definition of terms.</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatute"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(1)    "Instrument," any revocable or irrevocable trust document created inter vivos or testamentary or any custodial account agreement, whether such document or agreement was created prior to, on, or after July 1, 1997;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(2)    "Trust protector," any person whose appointment as protector is provided for in the instrument. Such person may not be considered to be acting in a fiduciary capacity except to the extent the governing instrument provides otherwise. However, a protector shall be considered acting in a fiduciary capacity to the extent that the person exercises the authority of an investment trust advisor, a distribution trust advisor, or a tax trust advisor;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span xml:space="preserve" class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(3)    "Trust advisor," an investment trust advisor, a distribution trust advisor, a tax trust advisor, or, in the case of a custodial account, a custodial account owner or the owner's designee, except that a tax trust advisor is not considered a trust advisor for purposes of § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-13" rel="noopener"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">55-2-13</span></a><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(4)    "Fiduciary," a trustee or custodian under any instrument, an executor, administrator, or personal representative of a decedent's estate, or any other party, including a trust advisor, a trust protector, or a trust committee, who is acting in a fiduciary capacity for any person, trust, or estate;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(5)    "Excluded fiduciary," any fiduciary excluded from exercising certain powers under the instrument, which powers may be exercised by the grantor, custodial account owner, trust advisor, trust protector, trust committee, or other persons designated in the instrument;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span xml:space="preserve" class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(6)    "Investment trust advisor," a fiduciary, given authority by the instrument to exercise all or any portions of the powers and discretions set forth in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-10" rel="noopener"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">55-1B-10</span></a><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span xml:space="preserve" class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(7)    "Distribution trust advisor," a fiduciary, given authority by the instrument to exercise all or any portions of the powers and discretions set forth in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-11" rel="noopener"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">55-1B-11</span></a><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span xml:space="preserve" class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(8)     Tax trust advisor, a fiduciary, given authority by the instrument to exercise any tax power, including all or any powers and discretions set forth in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-13" rel="noopener"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">55-1B-13</span></a><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(9)    "Custodial account," an account, established by a party with a bank as defined in 26 U.S.C. § 408(n) (January 1, 2006) or with another person approved by the Internal Revenue Service as satisfying the requirements to be a nonbank trustee or a nonbank passive trustee set forth in U.S. Treasury Regulations promulgated under 26 U.S.C. § 408, that is governed by an instrument concerning the establishment or maintenance, or both, of an individual retirement account, qualified retirement plan, Archer medical savings account, health savings account, Coverdell education savings account, or any similar retirement or savings vehicle permitted under the Internal Revenue Code of 1986 (January 1, 2006);</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(10)    "Custodial account owner," any party who:</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber2"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(a)    Establishes a custodial account;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber2"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(b)    Has the power to designate the beneficiaries or appoint the custodian of the custodial account; or</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber2"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(c)    Is the party who possesses the power to direct the investment, disposition, or retention of any assets in the custodial account or name an authorized designee to affect the same;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber1"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(11)    "Family advisor," any person:</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber2"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(a)    Whose appointment is provided for in the governing instrument or by court order;</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber2"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(b)    Who is authorized to consult with or advise a fiduciary regarding fiduciary or nonfiduciary matters and actions; and</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeStatuteNumber2"><span class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont">(c)    Who may also be authorized by the governing instrument or court order to otherwise act in a nonfiduciary capacity.</span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeNormal"><span xml:space="preserve" class="sae3777df590842d0a156e7e352bbdfbe000000"> </span></p><p dir="ltr" class="sae3777df590842d0a156e7e352bbdfbeNoIndent"><span xml:space="preserve" class="sae3777df590842d0a156e7e352bbdfbeDefaultParagraphFont-000001">Source: </span><span class="sae3777df590842d0a156e7e352bbdfbeSCL">SL 1997, ch 280, § 1; SL 2005, ch 260, § 2; SL 2006, ch 248, § 1; SL 2008, ch 257, § 9; SL 2011, ch 212, § 3; SL 2016, ch 231, § 15; SL 2017, ch 204, § 15; SL 2018, ch 275, § 22; SL 2025, ch 196, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072620Normal { 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.s2072620SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072620CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072620Normal-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.s2072620DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072620000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072620SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072620SCL-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="s2072620Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-1.1"><span class="s2072620SENU">55-1B-1.1</span></a><span xml:space="preserve" class="s2072620SENU">. </span><span class="s2072620CL">Governing instrument may provide trust advisor or trust protector with powers and immunities of trustee.</span></p><p dir="ltr" class="s2072620Normal-000000"><span class="s2072620DefaultParagraphFont">Any governing instrument providing for a trust advisor or trust protector may also provide such trust advisor or trust protector with some, none, or all of the rights, powers, privileges, benefits, immunities, or authorities available to a trustee under South Dakota law or under the governing instrument. Unless the governing instrument provides otherwise, a trust advisor or trust protector has no greater liability to any person than would a trustee holding or benefiting from the rights, powers, privileges, benefits, immunities, or authority provided or allowed by the governing instrument to such trust advisor or trust protector.</span></p><p dir="ltr" class="s2072620Normal"><span xml:space="preserve" class="s2072620000001"> </span></p><p dir="ltr" class="s2072620Normal"><span class="s2072620SCL">Source:</span><span xml:space="preserve" class="s2072620SCL-000002"> SL 2011, ch 212, § 4.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s679727900a5445b6ae3067f3ff79537fNormal { 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.s679727900a5445b6ae3067f3ff79537fSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s679727900a5445b6ae3067f3ff79537fCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s679727900a5445b6ae3067f3ff79537fStatute { 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.s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s679727900a5445b6ae3067f3ff79537fStatuteNumber1 { 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.s679727900a5445b6ae3067f3ff79537f000000 { text-decoration: none; } span.s679727900a5445b6ae3067f3ff79537f000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s679727900a5445b6ae3067f3ff79537fNoIndent { 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.s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s679727900a5445b6ae3067f3ff79537fSCL { 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 55-1B-2 - Excluded fiduciary--Liability limits--Relief from obligations--Burden of proof against."><meta property="og:description" content="SDLRC Codified Law 55-1B-2 - Excluded fiduciary--Liability limits--Relief from obligations--Burden of proof against."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-1B-2"><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="s679727900a5445b6ae3067f3ff79537fNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-2" rel="noopener"><span class="s679727900a5445b6ae3067f3ff79537fSENU">55-1B-2</span></a><span xml:space="preserve" class="s679727900a5445b6ae3067f3ff79537fSENU">. </span><span class="s679727900a5445b6ae3067f3ff79537fCL">Excluded fiduciary--Liability limits--Relief from obligations--Burden of proof against.</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatute"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">An excluded fiduciary is not liable, either individually or as a fiduciary, for any of the following:</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatuteNumber1"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">(1)    Any loss that results from compliance with a direction of the trust advisor, including any loss from the trust advisor breaching fiduciary responsibilities or acting beyond the trust advisor's scope of authority;</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatuteNumber1"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">(2)    Any loss that results from a failure to take any action proposed by an excluded fiduciary, which requires a prior authorization of the trust advisor, if that excluded fiduciary timely sought but failed to obtain the authorization;</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatuteNumber1"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">(3)    Any loss that results from any action or inaction, except for gross negligence or willful misconduct, when an excluded fiduciary is required, pursuant to the trust agreement or any other reason, to assume the role of trust advisor or trust protector;</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatuteNumber1"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">(4)    Any loss that results from relying upon any trust advisor for valuation of trust assets; or</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatuteNumber1"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">(5)    Any loss that results from any tax filing made or tax position taken based on the recommendations or instructions received from the tax trust advisor or from a tax preparer or professional used by the excluded fiduciary at the direction of the grantor, the tax trust advisor, or another trust fiduciary.</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatute"><span xml:space="preserve" class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">Any excluded fiduciary is also relieved from any obligation to independently value trust assets; to review or evaluate any direction from a distribution trust advisor; to perform </span><a id="_pagenumber5" class="s679727900a5445b6ae3067f3ff79537f000000" rel="noopener"></a><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">investment or suitability reviews, inquiries, or investigations; or to make recommendations or evaluations with respect to any investments to the extent the trust advisor had authority to direct the acquisition, disposition, or retention of the investment. If the excluded fiduciary offers such communication to the trust advisor, trust protector, or any investment person selected by the investment trust advisor, such action does not constitute an undertaking by the excluded fiduciary to monitor or otherwise participate in actions within the scope of the advisor's authority or to constitute any duty to do so.</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatute"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">Any excluded fiduciary is also relieved of any duty to communicate with or warn or apprise any beneficiary or third party concerning instances in which the excluded fiduciary would or might have exercised the excluded fiduciary's own discretion in a manner different from the manner directed by the trust advisor or trust protector.</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatute"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">Absent contrary provisions in the governing instrument, the actions of the excluded fiduciary (such as any communications with the trust advisor and others and carrying out, recording, and reporting actions taken at the trust advisor's direction) pertaining to matters within the scope of authority of the trust advisor or trust protector constitute administrative actions taken by the excluded fiduciary solely to allow the excluded fiduciary to perform those duties assigned to the excluded fiduciary under the governing instrument, and such administrative actions do not constitute an undertaking by the excluded fiduciary to monitor, participate, or otherwise take any fiduciary responsibility for actions within the scope of authority of the trust advisor or trust protector.</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatute"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">Nothing in subdivision (2) imposes an obligation or liability with respect to a custodian of a custodial account.</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fStatute"><span class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont">In an action against an excluded fiduciary pursuant to the provisions of this section, the burden to prove the matter by clear and convincing evidence is on the person seeking to hold the excluded fiduciary liable.</span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fNormal"><span xml:space="preserve" class="s679727900a5445b6ae3067f3ff79537f000001"> </span></p><p dir="ltr" class="s679727900a5445b6ae3067f3ff79537fNoIndent"><span xml:space="preserve" class="s679727900a5445b6ae3067f3ff79537fDefaultParagraphFont-000002">Source: </span><span class="s679727900a5445b6ae3067f3ff79537fSCL">SL 1997, ch 280, § 2; SL 2006, ch 248, § 2; SL 2009, ch 252, § 13; SL 2011, ch 212, § 1; SL 2012, ch 233, § 5; SL 2016, ch 231, § 16; SL 2018, ch 275, § 23; SL 2020, ch 206, § 7; SL 2021, ch 207, § 15; SL 2025, ch 196, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072622Normal { 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.s2072622SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072622CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072622Normal-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.s2072622DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072622000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072622SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072622SCL-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="s2072622Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-3"><span class="s2072622SENU">55-1B-3</span></a><span xml:space="preserve" class="s2072622SENU">. </span><span class="s2072622CL">Death of grantor.</span></p><p dir="ltr" class="s2072622Normal-000000"><span class="s2072622DefaultParagraphFont">An excluded fiduciary may continue to follow the direction of the trust advisor upon the incapacity or death of the grantor if the instrument so allows.</span></p><p dir="ltr" class="s2072622Normal"><span xml:space="preserve" class="s2072622000001"> </span></p><p dir="ltr" class="s2072622Normal"><span class="s2072622SCL">Source:</span><span xml:space="preserve" class="s2072622SCL-000002"> SL 1997, ch 280, § 3.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sb37e76ba5eaf4740983e578124c0e763Normal { 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.sb37e76ba5eaf4740983e578124c0e763SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sb37e76ba5eaf4740983e578124c0e763CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sb37e76ba5eaf4740983e578124c0e763Statute { 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.sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sb37e76ba5eaf4740983e578124c0e763000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sb37e76ba5eaf4740983e578124c0e763NoIndent { 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.sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sb37e76ba5eaf4740983e578124c0e763SCL { 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 55-1B-4 - Trust advisor, tax trust advisor as fiduciary."><meta property="og:description" content="SDLRC Codified Law 55-1B-4 - Trust advisor, tax trust advisor as fiduciary."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-1B-4"><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="sb37e76ba5eaf4740983e578124c0e763Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-4" rel="noopener"><span class="sb37e76ba5eaf4740983e578124c0e763SENU">55-1B-4</span></a><span xml:space="preserve" class="sb37e76ba5eaf4740983e578124c0e763SENU">. </span><span class="sb37e76ba5eaf4740983e578124c0e763CL">Trust advisor, tax trust advisor as fiduciary.</span></p><p dir="ltr" class="sb37e76ba5eaf4740983e578124c0e763Statute"><span class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont">If one or more trust advisors and tax trust advisors are given authority by the terms of a governing instrument to direct, consent to, or disapprove a fiduciary's investment, distribution, or tax decisions, or proposed investment, distribution, or tax decisions, such trust advisors and tax trust advisors are considered to be fiduciaries when exercising such authority.</span></p><p dir="ltr" class="sb37e76ba5eaf4740983e578124c0e763Statute"><span xml:space="preserve" class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont">For investment decisions, so long as there is at least one fiduciary exercising the authority of the investment advisor pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-10" rel="noopener"><span class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont">55-1B-10</span></a><span xml:space="preserve" class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont"> for the investment, except in the case of willful misconduct or gross negligence by the fiduciary investment advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that such other trust advisors acting pursuant to this section are not acting in a fiduciary capacity.</span></p><p dir="ltr" class="sb37e76ba5eaf4740983e578124c0e763Statute"><span xml:space="preserve" class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont">For distribution decisions, so long as there is at least one fiduciary exercising the authority of the distribution advisor pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-11" rel="noopener"><span class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont">55-1B-11</span></a><span xml:space="preserve" class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont"> for the distribution, except in the case of willful misconduct or gross negligence by the fiduciary distribution advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that the other trust advisors acting pursuant to this section are not acting in a fiduciary capacity.</span></p><p dir="ltr" class="sb37e76ba5eaf4740983e578124c0e763Statute"><span xml:space="preserve" class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont">For tax decisions, so long as there is at least one fiduciary exercising the authority of the tax trust advisor pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-13" rel="noopener"><span class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont">55-1B-13</span></a><span xml:space="preserve" class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont"> for the tax decision, except in the case of willful misconduct or gross negligence by the fiduciary tax trust advisor in the selection or monitoring of the nonfiduciary tax trust advisors, the governing instrument may provide that such other tax trust advisors acting pursuant to this section are not acting in a fiduciary capacity.</span></p><p dir="ltr" class="sb37e76ba5eaf4740983e578124c0e763Normal"><span xml:space="preserve" class="sb37e76ba5eaf4740983e578124c0e763000000"> </span></p><p dir="ltr" class="sb37e76ba5eaf4740983e578124c0e763NoIndent"><span xml:space="preserve" class="sb37e76ba5eaf4740983e578124c0e763DefaultParagraphFont-000001">Source: </span><span class="sb37e76ba5eaf4740983e578124c0e763SCL">SL 1997, ch 280, § 4; SL 2018, ch 275, § 24; SL 2021, ch 207, § 9; SL 2025, ch 196, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072624Normal { 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.s2072624SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072624CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072624Normal-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.s2072624DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072624000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072624SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072624SCL-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="s2072624Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-5"><span class="s2072624SENU">55-1B-5</span></a><span xml:space="preserve" class="s2072624SENU">. </span><span class="s2072624CL">Excluded fiduciary's liability for loss if trust protector appointed.</span></p><p dir="ltr" class="s2072624Normal-000000"><span class="s2072624DefaultParagraphFont">If an instrument appoints a trust protector, the excluded fiduciary is not liable for any loss resulting from any action taken upon such trust protector's direction.</span></p><p dir="ltr" class="s2072624Normal"><span xml:space="preserve" class="s2072624000001"> </span></p><p dir="ltr" class="s2072624Normal"><span class="s2072624SCL">Source:</span><span xml:space="preserve" class="s2072624SCL-000002"> SL 1997, ch 280, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079873Normal { 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.s2079873SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079873CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079873Statute { 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.s2079873DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2079873StatuteNumber1 { 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; } a.s2079873000000 { text-decoration: none; } p.s2079873Statute-000001 { text-indent: 0.25in; 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.s2079873000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079873DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079873SCL { 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="s2079873Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-6"><span class="s2079873SENU">55-1B-6</span></a><span xml:space="preserve" class="s2079873SENU">. </span><span class="s2079873CL">Powers and discretions of trust protector.</span></p><p dir="ltr" class="s2079873Statute"><span class="s2079873DefaultParagraphFont">The powers and discretions of a trust protector are as provided in the governing instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the trust protector and are binding on all other persons. The powers and discretion may include the following:</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span xml:space="preserve" class="s2079873DefaultParagraphFont">(1)    Modify or amend the trust instrument to achieve favorable tax status or respond to </span><a id="_pagenumber6" class="s2079873000000"></a><span class="s2079873DefaultParagraphFont">changes in the Internal Revenue Code, state law, or the rulings and regulations thereunder;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(2)    Increase or decrease the interests of any beneficiaries to the trust;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(3)    Modify the terms of any power of appointment granted by the trust. However, a modification or amendment may not grant a beneficial interest to any individual or class of individuals not specifically provided for under the trust instrument;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(4)    Remove and appoint a trustee, a fiduciary provided for in the governing trust instrument, trust advisor, investment committee member, or distribution committee member;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span xml:space="preserve" class="s2079873DefaultParagraphFont">(5)    Terminate the trust; </span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(6)    Veto or direct trust distributions;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(7)    Change situs or governing law of the trust, or both;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(8)    Appoint a successor trust protector;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(9)    Interpret terms of the trust instrument at the request of the trustee;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(10)    Advise the trustee on matters concerning a beneficiary;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(11)    Amend or modify the trust instrument to take advantage of laws governing restraints on alienation, distribution of trust property, or the administration of the trust;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(12)    Reserved;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(13)    Add to the trust an individual beneficiary or beneficiaries from a class of individuals identified in the governing instrument;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(14)    Add to the trust a charitable beneficiary or beneficiaries from a class of charities identified in the trust instrument;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span class="s2079873DefaultParagraphFont">(15)    Provide other powers and discretions in the governing instrument;</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span xml:space="preserve" class="s2079873DefaultParagraphFont">(16)    Remove a representative as provided in subdivision </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-4"><span class="s2079873DefaultParagraphFont">55-18-4</span></a><span class="s2079873DefaultParagraphFont">(3);</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span xml:space="preserve" class="s2079873DefaultParagraphFont">(17)    Appoint a representative as provided in subdivision </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-9"><span class="s2079873DefaultParagraphFont">55-18-9</span></a><span class="s2079873DefaultParagraphFont">(12); and</span></p><p dir="ltr" class="s2079873StatuteNumber1"><span xml:space="preserve" class="s2079873DefaultParagraphFont">(18)    Act as a representative as provided in subdivision </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-9"><span class="s2079873DefaultParagraphFont">55-18-9</span></a><span class="s2079873DefaultParagraphFont">(11).</span></p><p dir="ltr" class="s2079873Statute-000001"><span xml:space="preserve" class="s2079873DefaultParagraphFont">In addition to the powers and discretions granted to the trust protector in the governing instrument, the trust protector may also exercise any of the powers and discretions granted to a trust protector under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-13"><span class="s2079873DefaultParagraphFont">55-2-13</span></a><span xml:space="preserve" class="s2079873DefaultParagraphFont"> to the extent such exercise is not prohibited under the terms of the governing instrument.</span></p><p dir="ltr" class="s2079873Statute-000001"><span xml:space="preserve" class="s2079873DefaultParagraphFont">The powers referenced in subdivisions (5), (6), and (11) may be granted notwithstanding the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-24"><span class="s2079873DefaultParagraphFont">55-3-24</span></a><span xml:space="preserve" class="s2079873DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-28"><span class="s2079873DefaultParagraphFont">55-3-28</span></a><span class="s2079873DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2079873Normal"><span xml:space="preserve" class="s2079873000002"> </span></p><p dir="ltr" class="s2079873Normal"><span xml:space="preserve" class="s2079873DefaultParagraphFont-000003">Source: </span><span class="s2079873SCL">SL 1997, ch 280, § 6; SL 2005, ch 260, § 3; SL 2009, ch 252, § 14; SL 2013, ch 239, § 20; SL 2016, ch 231, § 17; SL 2017, ch 208, § 29; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072626Normal { 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.s2072626SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072626CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072626Normal-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.s2072626DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072626000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072626SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072626SCL-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="s2072626Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-7"><span class="s2072626SENU">55-1B-7</span></a><span xml:space="preserve" class="s2072626SENU">. </span><span class="s2072626CL">Submission to court jurisdiction--Effect on trust advisor or trust protector.</span></p><p dir="ltr" class="s2072626Normal-000000"><span class="s2072626DefaultParagraphFont">By accepting an appointment to serve as a trust advisor or trust protector of a trust that is subject to the laws of this State, the trust advisor or the trust protector submits to the jurisdiction of the courts of South Dakota even if investment advisory agreements or other related agreements provide otherwise, and the trust advisor or trust protector may be made a party to any action or proceeding if issues relate to a decision or action of the trust advisor or trust protector.</span></p><p dir="ltr" class="s2072626Normal"><span xml:space="preserve" class="s2072626000001"> </span></p><p dir="ltr" class="s2072626Normal"><span class="s2072626SCL">Source:</span><span xml:space="preserve" class="s2072626SCL-000002"> SL 1997, ch 280, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072627Normal { 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.s2072627SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072627CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072627Normal-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.s2072627DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072627000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072627SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072627SCL-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="s2072627Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-8"><span class="s2072627SENU">55-1B-8</span></a><span xml:space="preserve" class="s2072627SENU">. </span><span class="s2072627CL">Powers of trust protector incorporated by reference in will or trust instrument.</span></p><p dir="ltr" class="s2072627Normal-000000"><span xml:space="preserve" class="s2072627DefaultParagraphFont">Any of the powers enumerated in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-6"><span class="s2072627DefaultParagraphFont">55-1B-6</span></a><span class="s2072627DefaultParagraphFont">, as they exist at the time of the signing of a will by a testator or at the time of the signing of a trust instrument by a trustor, may be, by appropriate reference made thereto, incorporated in whole or in part in such will or trust instrument, by a clearly expressed intention of a testator of a will or trustor of a trust instrument.</span></p><p dir="ltr" class="s2072627Normal"><span xml:space="preserve" class="s2072627000001"> </span></p><p dir="ltr" class="s2072627Normal"><span class="s2072627SCL">Source:</span><span xml:space="preserve" class="s2072627SCL-000002"> SL 2005, ch 260, § 4.</span></p><p dir="ltr" class="s2072627Normal"><span xml:space="preserve" class="s2072627000001"> </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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sdd26a38c2a2e450cab840f35d0518322Normal { 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.sdd26a38c2a2e450cab840f35d0518322SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sdd26a38c2a2e450cab840f35d0518322CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sdd26a38c2a2e450cab840f35d0518322Statute { 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.sdd26a38c2a2e450cab840f35d0518322DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sdd26a38c2a2e450cab840f35d0518322000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sdd26a38c2a2e450cab840f35d0518322NoIndent { 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.sdd26a38c2a2e450cab840f35d0518322DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sdd26a38c2a2e450cab840f35d0518322SCL { 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 55-1B-9 - Investment, distribution, or tax trust advisor--Provided for in instrument."><meta property="og:description" content="SDLRC Codified Law 55-1B-9 - Investment, distribution, or tax trust advisor--Provided for in instrument."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-1B-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="sdd26a38c2a2e450cab840f35d0518322Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-9" rel="noopener"><span class="sdd26a38c2a2e450cab840f35d0518322SENU">55-1B-9</span></a><span xml:space="preserve" class="sdd26a38c2a2e450cab840f35d0518322SENU">. </span><span class="sdd26a38c2a2e450cab840f35d0518322CL">Investment, distribution, or tax trust advisor--Provided for in instrument.</span></p><p dir="ltr" class="sdd26a38c2a2e450cab840f35d0518322Statute"><span class="sdd26a38c2a2e450cab840f35d0518322DefaultParagraphFont">A trust instrument governed by the laws of this state may provide for a person to act as an investment trust advisor, a distribution trust advisor, or a tax trust advisor, respectively, with regard to investment decisions, distribution decisions, or tax decisions, respectively. Unless otherwise provided or restricted by the terms of the governing instrument, any person may simultaneously serve as a trust advisor and a trust protector.</span></p><p dir="ltr" class="sdd26a38c2a2e450cab840f35d0518322Normal"><span xml:space="preserve" class="sdd26a38c2a2e450cab840f35d0518322000000"> </span></p><p dir="ltr" class="sdd26a38c2a2e450cab840f35d0518322NoIndent"><span xml:space="preserve" class="sdd26a38c2a2e450cab840f35d0518322DefaultParagraphFont-000001">Source: </span><span class="sdd26a38c2a2e450cab840f35d0518322SCL">SL 2005, ch 260, § 5; SL 2017, ch 204, § 16; SL 2025, ch 196, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079866Normal { 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.s2079866SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079866CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079866Statute { 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.s2079866DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2079866StatuteNumber1 { 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.s2079866000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079866DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079866SCL { 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="s2079866Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-10"><span class="s2079866SENU">55-1B-10</span></a><span xml:space="preserve" class="s2079866SENU">. </span><span class="s2079866CL">Powers and discretions of investment trust advisor.</span></p><p dir="ltr" class="s2079866Statute"><span class="s2079866DefaultParagraphFont">The powers and discretions of an investment trust advisor shall be as provided in the trust instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the investment trust advisor and are binding on any other person and any other interested party, fiduciary, and excluded fiduciary. In addition to the powers and discretions granted to the investment trust advisor in the governing instrument, the investment trust advisor may also exercise any of the following powers and discretions to the extent such exercise is not prohibited under the terms of the governing instrument:</span></p><p dir="ltr" class="s2079866StatuteNumber1"><span class="s2079866DefaultParagraphFont">(1)    Direct the trustee with respect to the retention, purchase, sale, exchange, tender, or other transaction affecting the ownership thereof or rights therein of trust investments. These powers include the pledge or encumbrance of trust property, lending of trust assets, either secured or unsecured, at terms defined by the investment trust advisor to any party including beneficiaries of the trust and the investment and reinvestment of principal and income of the trust;</span></p><p dir="ltr" class="s2079866StatuteNumber1"><span class="s2079866DefaultParagraphFont">(2)    Vote proxies for securities held in trust;</span></p><p dir="ltr" class="s2079866StatuteNumber1"><span xml:space="preserve" class="s2079866DefaultParagraphFont">(3)    Select one or more investment advisers, managers, or counselors, including the trustee, and delegate to them any of its powers; </span></p><p dir="ltr" class="s2079866StatuteNumber1"><span class="s2079866DefaultParagraphFont">(4)    Direct the trustee with respect to any additional powers and discretions over investment and management of trust assets provided in the governing instrument;</span></p><p dir="ltr" class="s2079866StatuteNumber1"><span class="s2079866DefaultParagraphFont">(5)    Direct the trustee as to the value of nonpublicly traded trust investments;</span></p><p dir="ltr" class="s2079866StatuteNumber1"><span xml:space="preserve" class="s2079866DefaultParagraphFont">(6)    Direct the trustee as to any investment or management power referenced in chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A"><span class="s2079866DefaultParagraphFont">55-1A</span></a><span class="s2079866DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2079866StatuteNumber1"><span xml:space="preserve" class="s2079866DefaultParagraphFont">(7)    Exercise the powers granted to an investment trust advisor in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-13"><span class="s2079866DefaultParagraphFont">55-2-13</span></a><span class="s2079866DefaultParagraphFont">.</span></p><p dir="ltr" class="s2079866Normal"><span xml:space="preserve" class="s2079866000000"> </span></p><p dir="ltr" class="s2079866Normal"><span xml:space="preserve" class="s2079866DefaultParagraphFont-000001">Source: </span><span class="s2079866SCL">SL 2005, ch 260, § 6; SL 2012, ch 233, § 6; SL 2014, ch 226, § 17; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079864Normal { 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.s2079864SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079864CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079864Statute { 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.s2079864DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } a.s2079864000000 { text-decoration: none; } span.s2079864000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079864DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079864SCL { 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="s2079864Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-11"><span class="s2079864SENU">55-1B-11</span></a><span xml:space="preserve" class="s2079864SENU">. </span><span class="s2079864CL">Powers and discretions of distribution trust advisor.</span></p><p dir="ltr" class="s2079864Statute"><span xml:space="preserve" class="s2079864DefaultParagraphFont">The powers and discretions of a distribution trust advisor over any discretionary distributions of income or principal, including distributions pursuant to an ascertainable standard or other criteria and appointments pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-15"><span class="s2079864DefaultParagraphFont">55-2-15</span></a><span xml:space="preserve" class="s2079864DefaultParagraphFont">, shall be provided in the trust instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the distribution trust advisor and are binding on any other person and any other interested party, fiduciary, and excluded fiduciary. Unless the terms of the governing instrument provide otherwise, then, in </span><a id="_pagenumber8" class="s2079864000000"></a><span xml:space="preserve" class="s2079864DefaultParagraphFont">addition to the powers and discretions granted to the distribution trust advisor in the trust instrument, the distribution trust advisor shall direct the trustee with regard to all discretionary distributions to beneficiaries, may direct appointments pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-15"><span class="s2079864DefaultParagraphFont">55-2-15</span></a><span xml:space="preserve" class="s2079864DefaultParagraphFont">, and may exercise any of the powers and discretions granted to a distribution trust advisor in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-13"><span class="s2079864DefaultParagraphFont">55-2-13</span></a><span class="s2079864DefaultParagraphFont">.</span></p><p dir="ltr" class="s2079864Normal"><span xml:space="preserve" class="s2079864000001"> </span></p><p dir="ltr" class="s2079864Normal"><span xml:space="preserve" class="s2079864DefaultParagraphFont-000002">Source: </span><span class="s2079864SCL">SL 2005, ch 260, § 7; SL 2009, ch 252, § 15; SL 2011, ch 212, § 5; SL 2012, ch 233, § 7; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079863Normal { 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.s2079863SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079863CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079863Statute { 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.s2079863DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2079863StatuteNumber1 { 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; } p.s2079863Statute-000000 { text-indent: 0.25in; 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; } a.s2079863000001 { text-decoration: none; } span.s2079863000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079863DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079863SCL { 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="s2079863Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-12"><span class="s2079863SENU">55-1B-12</span></a><span xml:space="preserve" class="s2079863SENU">. </span><span class="s2079863CL">Powers and discretions of family advisor.</span></p><p dir="ltr" class="s2079863Statute"><span class="s2079863DefaultParagraphFont">The powers and discretions of a family advisor are as provided in the governing instrument or by court order and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the family advisor. The powers and discretions may only include the following:</span></p><p dir="ltr" class="s2079863StatuteNumber1"><span class="s2079863DefaultParagraphFont">(1)    Remove and appoint a trustee, a fiduciary provided for in the governing trust instrument, trust advisor, investment committee member, or distribution committee member;</span></p><p dir="ltr" class="s2079863StatuteNumber1"><span class="s2079863DefaultParagraphFont">(2)    Appoint a trust protector, or a family advisor;</span></p><p dir="ltr" class="s2079863StatuteNumber1"><span class="s2079863DefaultParagraphFont">(3)    Advise the trustee on matters concerning any beneficiary; receive trust accountings, investment reports, and other information from the trustee or to which a beneficiary is entitled; attend meetings whether in person or by any other means with the trustee, investment trust advisors, distribution trust advisors, or other advisors whether in person or by any means, electronic or otherwise; and to consult with a fiduciary regarding both fiduciary and nonfiduciary matters or actions, all without any power or discretion to take any action as a fiduciary; or</span></p><p dir="ltr" class="s2079863StatuteNumber1"><span xml:space="preserve" class="s2079863DefaultParagraphFont">(4)    Provide direction regarding notification of qualified beneficiaries pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-13"><span class="s2079863DefaultParagraphFont">55-2-13</span></a><span class="s2079863DefaultParagraphFont">.</span></p><p dir="ltr" class="s2079863Statute-000000"><span class="s2079863DefaultParagraphFont">A family advisor is not required to exercise any powers or discretions under any circumstances. Every action or inaction by a family advisor is a nonfiduciary action or inaction and a family advisor is absolutely excluded from liability to any other person for an action or inaction as a family advisor. A court may review a family advisor's exercise of the powers described in subdivisions (1), (2), and (4) only if the family advisor acts dishonestly or with an improper motive but may not review a family advisor's failure to exercise any powers. A reasonableness standard may not be applied to any action or inaction of a family advisor. Other than for the two circumstances listed above, a court has no jurisdiction to review a family advisor's action or inaction.</span></p><p dir="ltr" class="s2079863Statute-000000"><a id="_pagenumber9" class="s2079863000001"></a><span class="s2079863DefaultParagraphFont">A family advisor is entitled to compensation as provided in the governing instrument. If the governing instrument does not provide for or establish compensation, a family advisor is entitled to reasonable compensation for the exercise of the powers and discretions granted to the family advisor pursuant to this chapter.</span></p><p dir="ltr" class="s2079863Normal"><span xml:space="preserve" class="s2079863000002"> </span></p><p dir="ltr" class="s2079863Normal"><span xml:space="preserve" class="s2079863DefaultParagraphFont-000003">Source: </span><span class="s2079863SCL">SL 2016, ch 231, § 18; SL 2020, ch 206, § 11.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s593e028ae76841afbf99ad886bbf7fc0Normal { 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.s593e028ae76841afbf99ad886bbf7fc0SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s593e028ae76841afbf99ad886bbf7fc0CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s593e028ae76841afbf99ad886bbf7fc0Statute { 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.s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s593e028ae76841afbf99ad886bbf7fc0StatuteNumber1 { 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.s593e028ae76841afbf99ad886bbf7fc0StatuteNumber2 { 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.s593e028ae76841afbf99ad886bbf7fc0000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s593e028ae76841afbf99ad886bbf7fc0NoIndent { 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.s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s593e028ae76841afbf99ad886bbf7fc0SCL { 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 55-1B-13 - Tax trust advisor--Powers and discretions."><meta property="og:description" content="SDLRC Codified Law 55-1B-13 - Tax trust advisor--Powers and discretions."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-1B-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="s593e028ae76841afbf99ad886bbf7fc0Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-13" rel="noopener"><span class="s593e028ae76841afbf99ad886bbf7fc0SENU">55-1B-13</span></a><span xml:space="preserve" class="s593e028ae76841afbf99ad886bbf7fc0SENU">. </span><span class="s593e028ae76841afbf99ad886bbf7fc0CL">Tax trust advisor--Powers and discretions.</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0Statute"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">The powers and discretions of a tax trust advisor must be as provided in the governing instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the tax trust advisor and are binding on any other person and any other interested party, fiduciary, and excluded fiduciary. In addition to the powers and discretions granted to the tax trust advisor in the governing instrument, the tax trust advisor may also exercise any of the following powers and discretions to the extent the exercise is not prohibited under the terms of the governing instrument:</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0StatuteNumber1"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">(1)    Direct the trustee with respect to tax matters related to the trust, including tax elections, tax returns to be filed, positions to be taken on tax returns, tax payments to be made, and the anticipated tax impact to the trust or a beneficiary of any transaction involving the trust, including:</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0StatuteNumber2"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">(a)    The retention, purchase, sale, exchange, or tender of any asset of the trust;</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0StatuteNumber2"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">(b)    Any contribution to or distribution from the trust: or</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0StatuteNumber2"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">(c)    Any contribution to or distribution from an entity owned by the trust;</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0StatuteNumber1"><span xml:space="preserve" class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">(2)    Direct the trustee to rely on any tax information received pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-23" rel="noopener"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">55-2-23</span></a><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">;</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0StatuteNumber1"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">(3)    Select one or more tax advisors to prepare tax returns or other related filings;</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0StatuteNumber1"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">(4)    Direct the trustee to sign and file tax returns;</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0StatuteNumber1"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">(5)    Direct the trustee with respect to any additional powers and discretions over tax-related matters provided in the governing instrument; and</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0StatuteNumber1"><span xml:space="preserve" class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">(6)    Direct the trustee as to any tax-related powers referenced in chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1A" rel="noopener"><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">55-1A</span></a><span class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont">.</span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0Normal"><span xml:space="preserve" class="s593e028ae76841afbf99ad886bbf7fc0000000"> </span></p><p dir="ltr" class="s593e028ae76841afbf99ad886bbf7fc0NoIndent"><span xml:space="preserve" class="s593e028ae76841afbf99ad886bbf7fc0DefaultParagraphFont-000001">Source: </span><span class="s593e028ae76841afbf99ad886bbf7fc0SCL">SL 2025, ch 196, § 5.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s4a765fcd0a564b5bbeab94ff5e093f68Normal { 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.s4a765fcd0a564b5bbeab94ff5e093f68HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s4a765fcd0a564b5bbeab94ff5e093f68HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s4a765fcd0a564b5bbeab94ff5e093f68Normal-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.s4a765fcd0a564b5bbeab94ff5e093f68000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s4a765fcd0a564b5bbeab94ff5e093f68B { 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 55-2 - DUTIES AND LIABILITIES OF TRUSTEES"><meta property="og:description" content="SDLRC Codified Law 55-2 - DUTIES AND LIABILITIES OF TRUSTEES"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-2"><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="s4a765fcd0a564b5bbeab94ff5e093f68Normal"><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2</span></a></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68Normal"><span class="s4a765fcd0a564b5bbeab94ff5e093f68HG4C">DUTIES AND LIABILITIES OF TRUSTEES</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68Normal-000000"><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68000001"> </span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-1" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-1</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Trustee's obligation of good faith.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-2" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-2</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-3" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-3</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-4" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-4</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Trustee's influence not to be used for his advantage.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-5" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-5</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Trustee not to assume a trust adverse to the interest of beneficiary.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-6" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-6</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Adverse interest of trustee--Information to beneficiary--Removal of trustee.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-7" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-7</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Fraud against beneficiary of trust.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-8" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-8</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Presumption against trustee.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-9" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-9</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Liability of trustee mingling trust property with his own.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-10" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-10</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Measure of liability for unauthorized use or disposal of trust property--Intent to serve interest of beneficiary.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-11" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-11</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Liability for acts of cotrustee.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-12" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-12</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-13" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-13</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Notice to qualified beneficiaries of existence of trust--Written directions--Variation of right of a beneficiary to be informed--Confidentiality of trust information.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-13.1" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-13.1</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Information to be provided to excluded fiduciaries--Liability limits of trustee.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-14" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-14</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Duty to provide information regarding revocable trust and its administration.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-15" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-15</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust--Restrictions--Power of appointment to beneficiary of second trust.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-16" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-16</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Action that may not be taken by restricted trustee may be taken by another unrestricted trustee.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-17" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-17</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Conditions under which beneficiary has power to change trustees.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-18" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-18</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-19" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-19</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Exercise of power to distribute income or principal considered exercise of power of appointment.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-20" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-20</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Impermissible use of power.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-21" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-21</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Trustee's right to distribute income or principal in trust arising under law or terms of first trust not abridged.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-22" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-22</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Fiduciary duty to determine that substituted property is of equivalent value.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-23" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-23</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Excluded fiduciaries and trustees--Reliance on tax information--Applicability.</span></p><p dir="ltr" class="s4a765fcd0a564b5bbeab94ff5e093f68B"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-24" rel="noopener"><span class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">55-2-24</span></a><span xml:space="preserve" class="s4a765fcd0a564b5bbeab94ff5e093f68DefaultParagraphFont">    Notice to beneficiaries and other interested parties.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072633Normal { 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.s2072633SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072633CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072633Normal-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.s2072633DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072633000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072633SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072633SCL-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="s2072633Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-1"><span class="s2072633SENU">55-2-1</span></a><span xml:space="preserve" class="s2072633SENU">. </span><span class="s2072633CL">Trustee's obligation of good faith.</span></p><p dir="ltr" class="s2072633Normal-000000"><span class="s2072633DefaultParagraphFont">In all matters connected with his trust a trustee is bound to act in the highest good faith toward his beneficiary and may not obtain any advantage therein over the latter by the slightest misrepresentation, concealment, threat, or adverse pressure of any kind.</span></p><p dir="ltr" class="s2072633Normal"><span xml:space="preserve" class="s2072633000001"> </span></p><p dir="ltr" class="s2072633Normal"><span class="s2072633SCL">Source:</span><span xml:space="preserve" class="s2072633SCL-000002"> SDC 1939, § 59.0106.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072634Normal { 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.s2072634SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072634CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072634Normal-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.s2072634DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072634Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072634000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072634SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072634SCL-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="s2072634Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-2"><span class="s2072634SENU">55-2-2</span></a><span xml:space="preserve" class="s2072634SENU">. </span><span class="s2072634CL">Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.</span></p><p dir="ltr" class="s2072634Normal-000000"><span class="s2072634DefaultParagraphFont">A trustee may not in any manner use or deal with the trust property for his own profit or for any other purpose unconnected with the trust.</span></p><p dir="ltr" class="s2072634Normal-000001"><span class="s2072634DefaultParagraphFont">If he does so, he may, at the option of the beneficiary, be required to account for all profits thereby made or to pay the value of the use of the trust property, and if he has disposed thereof, to replace it with its fruits or to account for its proceeds with interest.</span></p><p dir="ltr" class="s2072634Normal"><span xml:space="preserve" class="s2072634000002"> </span></p><p dir="ltr" class="s2072634Normal"><span class="s2072634SCL">Source:</span><span xml:space="preserve" class="s2072634SCL-000003"> SDC 1939, § 59.0107.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072635Normal { 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.s2072635SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072635CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072635Normal-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.s2072635DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072635Normal-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.s2072635000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072635SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072635SCL-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="s2072635Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-3"><span class="s2072635SENU">55-2-3</span></a><span xml:space="preserve" class="s2072635SENU">. </span><span class="s2072635CL">Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.</span></p><p dir="ltr" class="s2072635Normal-000000"><span class="s2072635DefaultParagraphFont">Neither a trustee nor any of his agents may take part in any transaction concerning the trust in which he or anyone for whom he acts as agent has an interest, present or contingent, adverse to that of his beneficiary, except as follows:</span></p><p dir="ltr" class="s2072635Normal-000001"><span class="s2072635DefaultParagraphFont">(1)    When the beneficiary does have the capacity to contract and, with a full knowledge of the motives of the trustee and of all other facts concerning the transaction which might affect his own decision and without the use of any influence on the part of the trustee, permits the trustee to do so;</span></p><p dir="ltr" class="s2072635Normal-000001"><span class="s2072635DefaultParagraphFont">(2)    When the beneficiary does not have the capacity to contract but the circuit court, upon the like information of the facts, grants the like permission;</span></p><p dir="ltr" class="s2072635Normal-000001"><span class="s2072635DefaultParagraphFont">(3)    When some of the beneficiaries have the capacity to contract and some do not have it and the former grant permission for themselves and the circuit court for the latter in the manner above prescribed; or</span></p><p dir="ltr" class="s2072635Normal-000001"><span class="s2072635DefaultParagraphFont">(4)    When the instrument creating the trust expressly grants permission to the trustee to buy, sell or lease property for the trust from or to the trust.</span></p><p dir="ltr" class="s2072635Normal"><span xml:space="preserve" class="s2072635000002"> </span></p><p dir="ltr" class="s2072635Normal"><span class="s2072635SCL">Source:</span><span xml:space="preserve" class="s2072635SCL-000003"> SDC 1939, § 59.0108; SL 1981, ch 354, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072636Normal { 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.s2072636SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072636CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072636Normal-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.s2072636DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072636000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072636SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072636SCL-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="s2072636Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-4"><span class="s2072636SENU">55-2-4</span></a><span xml:space="preserve" class="s2072636SENU">. </span><span class="s2072636CL">Trustee's influence not to be used for his advantage.</span></p><p dir="ltr" class="s2072636Normal-000000"><span class="s2072636DefaultParagraphFont">A trustee may not use the influence which his position gives him to obtain any advantage from his beneficiary.</span></p><p dir="ltr" class="s2072636Normal"><span xml:space="preserve" class="s2072636000001"> </span></p><p dir="ltr" class="s2072636Normal"><span class="s2072636SCL">Source:</span><span xml:space="preserve" class="s2072636SCL-000002"> SDC 1939, § 59.0109.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072637Normal { 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.s2072637SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072637CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072637Normal-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.s2072637DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072637000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072637SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072637SCL-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="s2072637Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-5"><span class="s2072637SENU">55-2-5</span></a><span xml:space="preserve" class="s2072637SENU">. </span><span class="s2072637CL">Trustee not to assume a trust adverse to the interest of beneficiary.</span></p><p dir="ltr" class="s2072637Normal-000000"><span class="s2072637DefaultParagraphFont">No trustee so long as he remains in the trust may undertake another trust adverse in its nature to the interest of his beneficiary in the subject of the trust without the consent of the latter.</span></p><p dir="ltr" class="s2072637Normal"><span xml:space="preserve" class="s2072637000001"> </span></p><p dir="ltr" class="s2072637Normal"><span class="s2072637SCL">Source:</span><span xml:space="preserve" class="s2072637SCL-000002"> SDC 1939, § 59.0110.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072638Normal { 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.s2072638SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072638CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072638Normal-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.s2072638DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072638000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072638SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072638SCL-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="s2072638Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-6"><span class="s2072638SENU">55-2-6</span></a><span xml:space="preserve" class="s2072638SENU">. </span><span class="s2072638CL">Adverse interest of trustee--Information to beneficiary--Removal of trustee.</span></p><p dir="ltr" class="s2072638Normal-000000"><span class="s2072638DefaultParagraphFont">If a trustee acquires any interest or becomes charged with any duty adverse to the interest of his beneficiary in the subject of the trust, he must immediately inform the latter thereof and may be at once removed.</span></p><p dir="ltr" class="s2072638Normal"><span xml:space="preserve" class="s2072638000001"> </span></p><p dir="ltr" class="s2072638Normal"><span class="s2072638SCL">Source:</span><span xml:space="preserve" class="s2072638SCL-000002"> SDC 1939, § 59.0111.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072639Normal { 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.s2072639SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072639CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072639Normal-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.s2072639DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072639000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072639SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072639SCL-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="s2072639Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-7"><span class="s2072639SENU">55-2-7</span></a><span xml:space="preserve" class="s2072639SENU">. </span><span class="s2072639CL">Fraud against beneficiary of trust.</span></p><p dir="ltr" class="s2072639Normal-000000"><span xml:space="preserve" class="s2072639DefaultParagraphFont">Every violation of the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-1"><span class="s2072639DefaultParagraphFont">55-2-1</span></a><span xml:space="preserve" class="s2072639DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-6"><span class="s2072639DefaultParagraphFont">55-2-6</span></a><span class="s2072639DefaultParagraphFont">, inclusive, is a fraud against the beneficiary of the trust.</span></p><p dir="ltr" class="s2072639Normal"><span xml:space="preserve" class="s2072639000001"> </span></p><p dir="ltr" class="s2072639Normal"><span class="s2072639SCL">Source:</span><span xml:space="preserve" class="s2072639SCL-000002"> SDC 1939, § 59.0112.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072640Normal { 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.s2072640SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072640CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072640Normal-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.s2072640DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072640000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072640SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072640SCL-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="s2072640Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-8"><span class="s2072640SENU">55-2-8</span></a><span xml:space="preserve" class="s2072640SENU">. </span><span class="s2072640CL">Presumption against trustee.</span></p><p dir="ltr" class="s2072640Normal-000000"><span class="s2072640DefaultParagraphFont">All transactions between a trustee and his beneficiary during the existence of the trust or while the influence acquired by the trustee remains, by which he obtains any advantage from his beneficiary, are presumed to be entered into by the latter without sufficient consideration and under undue influence.</span></p><p dir="ltr" class="s2072640Normal"><span xml:space="preserve" class="s2072640000001"> </span></p><p dir="ltr" class="s2072640Normal"><span class="s2072640SCL">Source:</span><span xml:space="preserve" class="s2072640SCL-000002"> SDC 1939, § 59.0113.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072641Normal { 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.s2072641SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072641CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072641Normal-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.s2072641DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072641000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072641SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072641SCL-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="s2072641Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-9"><span class="s2072641SENU">55-2-9</span></a><span xml:space="preserve" class="s2072641SENU">. </span><span class="s2072641CL">Liability of trustee mingling trust property with his own.</span></p><p dir="ltr" class="s2072641Normal-000000"><span class="s2072641DefaultParagraphFont">A trustee who willfully and unnecessarily mingles the trust property with his own so as to constitute himself in appearance its absolute owner is liable for its safety in all events.</span></p><p dir="ltr" class="s2072641Normal"><span xml:space="preserve" class="s2072641000001"> </span></p><p dir="ltr" class="s2072641Normal"><span class="s2072641SCL">Source:</span><span xml:space="preserve" class="s2072641SCL-000002"> SDC 1939, § 59.0114.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072642Normal { 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.s2072642SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072642CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072642Normal-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.s2072642DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072642000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072642SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072642SCL-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="s2072642Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-10"><span class="s2072642SENU">55-2-10</span></a><span xml:space="preserve" class="s2072642SENU">. </span><span class="s2072642CL">Measure of liability for unauthorized use or disposal of trust property--Intent to serve interest of beneficiary.</span></p><p dir="ltr" class="s2072642Normal-000000"><span class="s2072642DefaultParagraphFont">A trustee who uses or disposes of the trust property in any manner not authorized by the trust but in good faith and with intent to serve the interest of the beneficiary is liable only to make good whatever is lost to the beneficiary by his error.</span></p><p dir="ltr" class="s2072642Normal"><span xml:space="preserve" class="s2072642000001"> </span></p><p dir="ltr" class="s2072642Normal"><span class="s2072642SCL">Source:</span><span xml:space="preserve" class="s2072642SCL-000002"> SDC 1939, § 59.0115.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072643Normal { 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.s2072643SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072643CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072643Normal-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.s2072643DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072643000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072643SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072643SCL-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="s2072643Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-11"><span class="s2072643SENU">55-2-11</span></a><span xml:space="preserve" class="s2072643SENU">. </span><span class="s2072643CL">Liability for acts of cotrustee.</span></p><p dir="ltr" class="s2072643Normal-000000"><span class="s2072643DefaultParagraphFont">A trustee is responsible for the wrongful acts of a cotrustee to which he consented or which by his negligence he enabled the latter to commit, but for no others.</span></p><p dir="ltr" class="s2072643Normal"><span xml:space="preserve" class="s2072643000001"> </span></p><p dir="ltr" class="s2072643Normal"><span class="s2072643SCL">Source:</span><span xml:space="preserve" class="s2072643SCL-000002"> SDC 1939, § 59.0116.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083049Normal { 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.s2083049SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083049CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083049Statute { 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.s2083049DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083049StatuteNumber1 { 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.s2083049StatuteNumber2 { 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.s2083049000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083049NoIndent { 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.s2083049DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083049SCL { 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 55-2-12 - Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary."><meta property="og:description" content="SDLRC Codified Law 55-2-12 - Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-2-12"><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="s2083049Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-12" rel="noopener"><span class="s2083049SENU">55-2-12</span></a><span xml:space="preserve" class="s2083049SENU">. </span><span xml:space="preserve" class="s2083049CL">Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary. </span></p><p dir="ltr" class="s2083049Statute"><span class="s2083049DefaultParagraphFont">Unless otherwise provided in the trust agreement, a successor trustee:</span></p><p dir="ltr" class="s2083049StatuteNumber1"><span class="s2083049DefaultParagraphFont">(1)    Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; and</span></p><p dir="ltr" class="s2083049StatuteNumber1"><span class="s2083049DefaultParagraphFont">(2)    Does not have a duty to:</span></p><p dir="ltr" class="s2083049StatuteNumber2"><span class="s2083049DefaultParagraphFont">(a)    Confirm or validate such predecessor fiduciary's actions or inactions;</span></p><p dir="ltr" class="s2083049StatuteNumber2"><span class="s2083049DefaultParagraphFont">(b)    Confirm the validity of the trust agreement; or</span></p><p dir="ltr" class="s2083049StatuteNumber2"><span class="s2083049DefaultParagraphFont">(c)    Prosecute or seek redress for any action or inaction by the predecessor fiduciary.</span></p><p dir="ltr" class="s2083049Normal"><span xml:space="preserve" class="s2083049000000"> </span></p><p dir="ltr" class="s2083049NoIndent"><span xml:space="preserve" class="s2083049DefaultParagraphFont-000001">Source: </span><span class="s2083049SCL">SL 1991, ch 229, § 2; SL 2021, ch 207, § 10.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sa5dda2c9832b4267b5e85f397b442eaaNormal { 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.sa5dda2c9832b4267b5e85f397b442eaaSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sa5dda2c9832b4267b5e85f397b442eaaCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1 { margin-left: 0.75in; text-indent: -0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; 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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.sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sa5dda2c9832b4267b5e85f397b442eaaSCL { 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 55-2-13 - Notice to qualified beneficiaries of existence of trust--Written directions--Variation of right of a beneficiary to be informed--Confidentiality of trust information."><meta property="og:description" content="SDLRC Codified Law 55-2-13 - Notice to qualified beneficiaries of existence of trust--Written directions--Variation of right of a beneficiary to be informed--Confidentiality of trust information."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-2-13"><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="sa5dda2c9832b4267b5e85f397b442eaaNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-13" rel="noopener"><span class="sa5dda2c9832b4267b5e85f397b442eaaSENU">55-2-13</span></a><span xml:space="preserve" class="sa5dda2c9832b4267b5e85f397b442eaaSENU">. </span><span class="sa5dda2c9832b4267b5e85f397b442eaaCL">Notice to qualified beneficiaries of existence of trust--Written directions--Variation of right of a beneficiary to be informed--Confidentiality of trust information.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span xml:space="preserve" class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(1)    Except as otherwise provided by the terms of a trust instrument governing a revocable trust and subject to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-14" rel="noopener"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">55-2-14</span></a><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">, a trustee has no duty to notify the qualified beneficiaries of the trust's existence.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(2)    Except as otherwise provided by the terms of a trust instrument governing an irrevocable trust or otherwise directed in writing by the trustor, trust advisor, or trust protector, the trustee shall:</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(a)    Notify the qualified beneficiaries of the trust's existence and of the right of the qualified beneficiary to request a copy of the trust instrument pertaining to the qualified beneficiary's interest in the trust within sixty days after the trustee has accepted trusteeship of the trust, or within sixty days after the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable;</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(b)    Promptly furnish to the qualified beneficiary a copy of the trust instrument upon request by the qualified beneficiary; and</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(c)    Promptly respond to a qualified beneficiary's request for information related to the administration of the trust, unless the request is unreasonable under the circumstances.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(3)    The trustor, trust advisor, or trust protector, may, by the terms of the governing instrument, or by providing written directions to the trustee, expand, restrict, eliminate, or otherwise modify the rights of beneficiaries to information relating to a trust. Unless otherwise stated in the governing instrument, the direction of the trustor controls in the event of a conflict among written directions provided to the trustee pursuant to this section. The trustee incurs no liability for a loss or otherwise for relying upon the written directions, including an instance when the governing instrument of an irrevocable trust does not expressly authorize an expansion, restriction, or other modification of the rights of beneficiaries to information relating to a trust.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatute"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">The terms of a trust instrument governing an irrevocable trust or written directions provided pursuant to this section may expand, restrict, eliminate, or otherwise vary the right of a beneficiary to be informed of the beneficiary's interest in a trust indefinitely or for a period of time, for example:</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><a id="_pagenumber11" class="sa5dda2c9832b4267b5e85f397b442eaa000000" rel="noopener"></a><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(a)    A period of time related to the age of a beneficiary;</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(b)    A period of time related to the lifetime of either a trustor or spouse of a trustor, or both;</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(c)    A period of time related to a term of years or specific date; and</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(d)    A period of time related to a specific event that is certain to occur.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span xml:space="preserve" class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(4)    The terms of the governing instrument or written directions provided pursuant to this section may authorize either the trustor, trust advisor, or trust protector to appoint a representative as provided in subdivisions </span><a href="https://sdlegislature.gov/Statutes?Statute=55-18-9" rel="noopener"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">55-18-9</span></a><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(11) and (12) for the purpose of being informed, on behalf of the beneficiary, of the beneficiary's interest in a trust for the period of time that the right of a beneficiary to be informed about a beneficiary's interest is restricted or eliminated pursuant to this section.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(5)    The written directions of the trustor, whether made in the governing instrument or by separate written directions made pursuant to the governing instrument or this section, control and remain in effect upon the death of the trustor until or unless modified or revoked by a trust advisor or trust protector as permitted by the governing instrument or the trustor's written directions in effect at the time of the trustor's death. Subject to subsection (3), the written directions of a trust advisor or trust protector remain in effect until or unless a trust advisor or trust protector revokes the written directions by providing a writing to that effect to the trustee.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(6)    Any beneficiary may waive the right to the notice or information otherwise required to be furnished under this section and, with respect to future reports and other information, may withdraw a waiver previously given.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(7)    Before providing information to any qualified beneficiary, a fiduciary may require that any such qualified beneficiary or beneficiaries be bound by the same duty of confidentiality that binds the fiduciary. If trust information is sought through service of a subpoena on a fiduciary, the fiduciary may petition the court for an order that makes disclosure of trust information contingent upon the receiving party being bound by reasonable conditions to ensure the protection of confidentiality of trust information by the receiving party.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(8)    The change in the identity of a trustee, occurring as the result of a mere name change or a merger, consolidation, combination, or reorganization of a trustee, does not require notice.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(9)    For the purposes of this section, the term, qualified beneficiary, means a beneficiary that is an entity then in existence or an individual who is twenty-one years of age or older and who, on the date the beneficiary's qualification is determined:</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(a)    Is a distributee or permissible distributee of trust income or principal;</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(b)    Would be a distributee or permissible distributee of trust income or principal if the interests of the distributees terminated on that date; or</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber2"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(c)    Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatute"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">However, if the distributee is then unknown because a person holds a power to change the distributee, the trustee shall give notice only to the holder of the power.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span xml:space="preserve" class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(10)    For purposes of this section, the term, trust advisor, and the term, trust protector, are defined as provided in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-1" rel="noopener"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">55-1B-1</span></a><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaStatuteNumber1"><span class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont">(11)    The provisions of this section are effective for trusts created, amended, or restated after June 30, 2002, except as otherwise directed by the trustor, trust protector, trust advisor, or other fiduciary designated by the terms of the trust. For trusts created before July 1, 2002, a trustee has no duty at common law or otherwise to notify a qualified beneficiary of the trust's existence unless otherwise directed by the trustor. The provisions of this paragraph do not apply if otherwise directed by the trustor, trust protector, trust advisor, or other fiduciary designated by the terms of the trust.</span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaNormal"><span xml:space="preserve" class="sa5dda2c9832b4267b5e85f397b442eaa000001"> </span></p><p dir="ltr" class="sa5dda2c9832b4267b5e85f397b442eaaNoIndent"><span xml:space="preserve" class="sa5dda2c9832b4267b5e85f397b442eaaDefaultParagraphFont-000002">Source: </span><span class="sa5dda2c9832b4267b5e85f397b442eaaSCL">SL 2002, ch 100, § 15; SL 2007, ch 247, § 8; SL 2008, ch 257, § 10; SL 2009, ch 252, § 16; SL 2010, ch 232, § 1; SL 2011, ch 212, § 8; SL 2017, ch 204, § 17; SL 2017, ch 208, § 30; SL 2018, ch 275, § 25; SL 2020, ch 206, § 12; SL 2023, ch 161, § 7.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sfd15b10c32074c61a0127e0a5f79d9d4Normal { 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.sfd15b10c32074c61a0127e0a5f79d9d4SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sfd15b10c32074c61a0127e0a5f79d9d4CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sfd15b10c32074c61a0127e0a5f79d9d4Statute { 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.sfd15b10c32074c61a0127e0a5f79d9d4DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sfd15b10c32074c61a0127e0a5f79d9d4StatuteNumber1 { 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.sfd15b10c32074c61a0127e0a5f79d9d4000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sfd15b10c32074c61a0127e0a5f79d9d4NoIndent { 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.sfd15b10c32074c61a0127e0a5f79d9d4DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sfd15b10c32074c61a0127e0a5f79d9d4SCL { 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 55-2-13.1 - Information to be provided to excluded fiduciaries--Liability limits of trustee."><meta property="og:description" content="SDLRC Codified Law 55-2-13.1 - Information to be provided to excluded fiduciaries--Liability limits of trustee."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-2-13.1"><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="sfd15b10c32074c61a0127e0a5f79d9d4Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-13.1" rel="noopener"><span class="sfd15b10c32074c61a0127e0a5f79d9d4SENU">55-2-13.1</span></a><span xml:space="preserve" class="sfd15b10c32074c61a0127e0a5f79d9d4SENU">. </span><span class="sfd15b10c32074c61a0127e0a5f79d9d4CL">Information to be provided to excluded fiduciaries--Liability limits of trustee.</span></p><p dir="ltr" class="sfd15b10c32074c61a0127e0a5f79d9d4Statute"><span class="sfd15b10c32074c61a0127e0a5f79d9d4DefaultParagraphFont">A trust advisor, trust protector, or other fiduciary designated by the terms of the trust shall keep each excluded fiduciary designated by the terms of the trust reasonably informed about:</span></p><p dir="ltr" class="sfd15b10c32074c61a0127e0a5f79d9d4StatuteNumber1"><span class="sfd15b10c32074c61a0127e0a5f79d9d4DefaultParagraphFont">(1)    The administration of the trust with respect to any specific duty or function being performed by the trust advisor, trust protector, or other fiduciary to the extent that the duty or function would normally be performed by the excluded fiduciary or to the extent that providing such information to the excluded fiduciary is reasonably necessary for the excluded fiduciary to perform its duties; and</span></p><p dir="ltr" class="sfd15b10c32074c61a0127e0a5f79d9d4StatuteNumber1"><span xml:space="preserve" class="sfd15b10c32074c61a0127e0a5f79d9d4DefaultParagraphFont">(2)    Any other material information that the excluded fiduciary would be required to disclose to the qualified beneficiaries, regardless of whether the terms of the trust relieve the excluded fiduciary from providing such information to the qualified beneficiaries pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-13" rel="noopener"><span class="sfd15b10c32074c61a0127e0a5f79d9d4DefaultParagraphFont">55-2-13</span></a><span class="sfd15b10c32074c61a0127e0a5f79d9d4DefaultParagraphFont">.</span></p><p dir="ltr" class="sfd15b10c32074c61a0127e0a5f79d9d4Statute"><span class="sfd15b10c32074c61a0127e0a5f79d9d4DefaultParagraphFont">The limitation of the liability of the excluded fiduciary is not affected by the performance of the actions required above or the failure of a trust advisor, trust protector, or other fiduciary designated pursuant to the terms of the governing instrument, to perform any such actions.</span></p><p dir="ltr" class="sfd15b10c32074c61a0127e0a5f79d9d4Normal"><span xml:space="preserve" class="sfd15b10c32074c61a0127e0a5f79d9d4000000"> </span></p><p dir="ltr" class="sfd15b10c32074c61a0127e0a5f79d9d4NoIndent"><span xml:space="preserve" class="sfd15b10c32074c61a0127e0a5f79d9d4DefaultParagraphFont-000001">Source: </span><span class="sfd15b10c32074c61a0127e0a5f79d9d4SCL">SL 2023, ch 161, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072646Normal { 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.s2072646SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072646CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072646Normal-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.s2072646DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072646Normal-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.s2072646000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072646SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072646SCL-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="s2072646Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-14"><span class="s2072646SENU">55-2-14</span></a><span xml:space="preserve" class="s2072646SENU">. </span><span class="s2072646CL">Duty to provide information regarding revocable trust and its administration.</span></p><p dir="ltr" class="s2072646Normal-000000"><span class="s2072646DefaultParagraphFont">A trustee of a revocable trust:</span></p><p dir="ltr" class="s2072646Normal-000001"><span class="s2072646DefaultParagraphFont">(1)    Subject to subdivision 3 below, shall keep the settlor reasonably informed of the trust and its administration;</span></p><p dir="ltr" class="s2072646Normal-000001"><span class="s2072646DefaultParagraphFont">(2)    Unless otherwise provided in the trust instrument, does not have a duty to inform a trust beneficiary of the trust and its administration, other than the settlor or, if the trustor is an incapacitated person, the trustor's designated agent;</span></p><p dir="ltr" class="s2072646Normal-000001"><span class="s2072646DefaultParagraphFont">(3)    Unless otherwise provided in the trust instrument, if the trustee obtains actual knowledge that the settlor of a revocable trust is an incapacitated person and has no designated agent, the trustee may in its sole discretion keep each interested trust beneficiary, who, if the settlor were then deceased, would be a current trust beneficiary, reasonably informed of the trust and its administration. Notwithstanding the provisions of the trust instrument, upon good cause shown, the court may order the trustee to keep other beneficiaries reasonably informed of the trust and its administration.</span></p><p dir="ltr" class="s2072646Normal"><span xml:space="preserve" class="s2072646000002"> </span></p><p dir="ltr" class="s2072646Normal"><span class="s2072646SCL">Source:</span><span xml:space="preserve" class="s2072646SCL-000003"> SL 2007, ch 247, § 9.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sef0077e7a8ee4da58e0da518e218b0f1Normal { 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.sef0077e7a8ee4da58e0da518e218b0f1SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sef0077e7a8ee4da58e0da518e218b0f1CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sef0077e7a8ee4da58e0da518e218b0f1Statute { 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.sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1 { 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.sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber2 { 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.sef0077e7a8ee4da58e0da518e218b0f1000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sef0077e7a8ee4da58e0da518e218b0f1NoIndent { 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.sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sef0077e7a8ee4da58e0da518e218b0f1SCL { 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 55-2-15 - Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust--Restrictions--Power of appointment to beneficiary of second trust."><meta property="og:description" content="SDLRC Codified Law 55-2-15 - Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust--Restrictions--Power of appointment to beneficiary of second trust."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-2-15"><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="sef0077e7a8ee4da58e0da518e218b0f1Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-15" rel="noopener"><span class="sef0077e7a8ee4da58e0da518e218b0f1SENU">55-2-15</span></a><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1SENU">. </span><span class="sef0077e7a8ee4da58e0da518e218b0f1CL">Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust--Restrictions--Power of appointment to beneficiary of second trust.</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1Statute"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">Unless the terms of the governing instrument expressly provide otherwise, if a trustee has discretion under the terms of a governing instrument to make a distribution of income or principal to or for the benefit of one or more beneficiaries of a trust (the "first trust"), whether or not restricted by any standard, then the trustee, independently or with court approval, may exercise such discretion by appointing part or all of the income or principal subject to the discretion in favor of a trustee of a second trust (the "second trust") under a governing instrument separate from the governing instrument of the first trust. Before exercising the discretion to appoint and distribute assets to a second trust, the trustee of the first trust shall determine whether the appointment is necessary or desirable after taking into account the purposes of the first trust, the terms and conditions of the second trust, and the consequences of the distribution.</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1Statute"><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">For the purposes of this section, a trustee of the first trust is a restricted trustee if either the trustee is a beneficiary of the first trust or if a beneficiary of the first trust has a power to change the trustees within the meaning of § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-17" rel="noopener"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">55-2-17</span></a><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">.</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1Statute"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">In addition, the following apply to all appointments made under this section:</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(1)    The second trust may only have as beneficiaries one or more of the beneficiaries of the first trust:</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber2"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(a)    To or for whom a discretionary distribution of income or principal may be made from the first trust;</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber2"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(b)    To or for whom a distribution of income or principal may be made in the future from the first trust at a time or upon the happening of an event specified under the first trust; or</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber2"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(c)    Both subsections (a) and (b);</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(2)    No restricted trustee of the first trust may exercise such authority over the first trust to the extent that doing so could have the effect of:</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber2"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(a)    Benefiting the restricted trustee as a beneficiary of the first trust, unless the exercise of such authority is limited by an ascertainable standard based on or related to health, education, maintenance, or support; or</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber2"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(b)    Removing restrictions on discretionary distributions to a beneficiary imposed by the governing instrument under which the first trust was created, except that a provision in the second trust, which limits distributions by an ascertainable standard based on or related to the health, education, maintenance, or support of any such beneficiary, is permitted, or to a trust established pursuant to 42 U.S.C. § 1396p(d)(4) (January 1, 2025);</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(3)    No restricted trustee of the first trust may exercise such authority over the first trust to the extent that doing so would have the effect of increasing the distributions that can be made from the second trust to the restricted trustees of the first trust or to a beneficiary who may change the trustees of the first trust within the meaning of § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-17" rel="noopener"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">55-2-17</span></a><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont"> compared to the distributions that can be made to such trustee or beneficiary, as the case may be, under the first trust, unless the exercise of such authority is limited by an ascertainable standard based on or related to health, education, maintenance, or support;</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(4)    The provisions of subdivisions (2) and (3) only apply to restrict the authority of a trustee if either a trustee, or a beneficiary who may change the trustee, is a United States citizen or domiciliary under the Internal Revenue Code, or the trust owns property that would be subject to United States estate or gift taxes if owned directly by such a person;</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(5)    In the case of any trust contributions that have been treated as gifts qualifying for the exclusion from gift tax described in § 2503(b) of the Internal Revenue Code of 1986, by reason of the application of I.R.C. § 2503(c), the governing instrument for the second trust must provide that the beneficiary's remainder interest shall vest no later than the date upon which such interest would have vested under the terms of the governing instrument for the first trust;</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(6)    The exercise of such authority may not reduce any income interest of any income beneficiary of any of the following trusts:</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber2"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(a)    A trust for which a marital deduction has been taken for federal tax purposes under I.R.C. § 2056 or § 2523 or for state tax purposes under any comparable provision of applicable state law;</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber2"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(b)    A charitable remainder trust under I.R.C. § 664; or</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber2"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(c)    A grantor retained annuity or unitrust trust under I.R.C. § 2702;</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(7)    The exercise of such authority does not apply to trust property subject to a presently exercisable power of withdrawal held by a trust beneficiary to whom, or for the benefit of whom, the trustee has authority to make distributions, unless after the exercise of such authority, the beneficiary's power of withdrawal is unchanged with respect to the trust property;</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(8)    The exercise of such authority is not prohibited by a spendthrift clause or by a provision in the governing instrument that prohibits amendment or revocation of the trust;</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(9)    Any appointment made by a trustee is considered a distribution by the trustee pursuant to the trustee's distribution powers and authority; and</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(10)    If the trustee's distribution discretion is not subject to a standard, or if the trustee's distribution discretion is subject to a standard that does not create a support interest, then the court may review the trustee's determination or any related appointment only pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-43" rel="noopener"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">55-1-43</span></a><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">. Any other court review of the trustee's determination or any related appointment may be made only pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-42" rel="noopener"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">55-1-42</span></a><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">.</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1Statute"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">Notwithstanding the foregoing provisions of this section, the governing instrument of the second trust may grant a power of appointment to one or more of the beneficiaries of the second trust who are beneficiaries of the first trust. The power of appointment may include the power to appoint trust property to the holder of the power of appointment, the holder's creditors, the holder's estate, the creditors of the holder's estate, or any other person, whether or not the person is a trust beneficiary.</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1Statute"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">A trustee s power described in this section may be exercised by either an actual distribution of property to one or more second trusts or by modifying the terms of the first trust to create the second trust with or without an actual distribution. If the power is exercised by modifying the terms of the first trust, the trustee may:</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(1)    Treat the second trust created by such modification as a new trust, in which case property of the first trust would be transferred to the second trust; or</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1StatuteNumber1"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">(2)    Treat the second trust as a continuation of the first trust with respect for titling purposes, in which case property of the first trust would not need to be retitled.</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1Statute"><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">In the case of an exercise of the power that is structured as a trustee's modification of the first trust, however, notwithstanding § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-18" rel="noopener"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">55-2-18</span></a><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">, the trustee shall provide not less than twenty days advance written notice to the qualified beneficiaries, applying chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=55-18" rel="noopener"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">55-18</span></a><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">, unless the trustee receives written waivers of the notice from the qualified beneficiaries.</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1Statute"><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">The trustee's power, which is described in and constrained by this section, remains separate and distinct from trust reformation under §§ </span><a href="https://sdlegislature.gov/Statutes?Statute=55-3-24" rel="noopener"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">55-3-24</span></a><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes?Statute=55-3-26" rel="noopener"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">55-3-26</span></a><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">, inclusive, or other provisions of law allowing trust modifications.</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1Statute"><span class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont">This section applies to any trust administered under the laws of this state, including a trust whose governing jurisdiction is transferred to this state.</span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1Normal"><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1000000"> </span></p><p dir="ltr" class="sef0077e7a8ee4da58e0da518e218b0f1NoIndent"><span xml:space="preserve" class="sef0077e7a8ee4da58e0da518e218b0f1DefaultParagraphFont-000001">Source: </span><span class="sef0077e7a8ee4da58e0da518e218b0f1SCL">SL 2007, ch 281, § 1; SL 2008, ch 257, § 11; SL 2009, ch 252, § 17; SL 2011, ch 212, § 10; SL 2012, ch 233, § 4; SL 2013, ch 239, § 16; SL 2017, ch 204, § 18; SL 2021, ch 207, § 4; SL 2025, ch 196, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072648Normal { 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.s2072648SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072648CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072648Normal-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.s2072648DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072648000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072648SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072648SCL-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="s2072648Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-16"><span class="s2072648SENU">55-2-16</span></a><span xml:space="preserve" class="s2072648SENU">. </span><span class="s2072648CL">Action that may not be taken by restricted trustee may be taken by another unrestricted trustee.</span></p><p dir="ltr" class="s2072648Normal-000000"><span class="s2072648DefaultParagraphFont">Any action that may not be taken by a trustee of the first trust by reason of the restrictions in subdivision 55-2-15(2) may instead be taken by any other trustee of the first trust who is not so restricted, or, if none, by the next available party who can be a successor trustee and who is not so restricted. The second trust may be a trust created or administered under the laws of any jurisdiction, within or without the United States.</span></p><p dir="ltr" class="s2072648Normal"><span xml:space="preserve" class="s2072648000001"> </span></p><p dir="ltr" class="s2072648Normal"><span class="s2072648SCL">Source:</span><span xml:space="preserve" class="s2072648SCL-000002"> SL 2007, ch 281, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072649Normal { 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.s2072649SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072649CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072649Normal-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.s2072649DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072649000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072649SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072649SCL-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="s2072649Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-17"><span class="s2072649SENU">55-2-17</span></a><span xml:space="preserve" class="s2072649SENU">. </span><span class="s2072649CL">Conditions under which beneficiary has power to change trustees.</span></p><p dir="ltr" class="s2072649Normal-000000"><span xml:space="preserve" class="s2072649DefaultParagraphFont">For the purposes of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-15"><span class="s2072649DefaultParagraphFont">55-2-15</span></a><span class="s2072649DefaultParagraphFont">, a beneficiary shall be considered to have the power to "change the trustees" if he or she can, alone or with others, name himself or herself as a trustee or can remove a trustee and replace that trustee with a new trustee who is the beneficiary or who is related or subordinate (as defined in § 672 of the I.R.C.) to the beneficiary.</span></p><p dir="ltr" class="s2072649Normal"><span xml:space="preserve" class="s2072649000001"> </span></p><p dir="ltr" class="s2072649Normal"><span class="s2072649SCL">Source:</span><span xml:space="preserve" class="s2072649SCL-000002"> SL 2007, ch 281, § 3; SL 2009, ch 252, § 18.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072650Normal { 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.s2072650SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072650CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072650Normal-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.s2072650DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072650000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072650SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072650SCL-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="s2072650Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-18"><span class="s2072650SENU">55-2-18</span></a><span xml:space="preserve" class="s2072650SENU">. </span><span class="s2072650CL">Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust.</span></p><p dir="ltr" class="s2072650Normal-000000"><span xml:space="preserve" class="s2072650DefaultParagraphFont">The exercise of the power to distribute the income or principal of the trust under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-15"><span class="s2072650DefaultParagraphFont">55-2-15</span></a><span xml:space="preserve" class="s2072650DefaultParagraphFont"> shall be by an instrument in writing, signed and acknowledged by the trustee and filed with the records of the trust. The trustee of the first trust may notify the beneficiaries of the first trust, in writing, prior to the effective date of the trustee's exercise of the power under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-15"><span class="s2072650DefaultParagraphFont">55-2-15</span></a><span xml:space="preserve" class="s2072650DefaultParagraphFont"> (applying chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18"><span class="s2072650DefaultParagraphFont">55-18</span></a><span xml:space="preserve" class="s2072650DefaultParagraphFont">). A copy of the exercise of this authority and the second trust agreement shall satisfy this notice provision. For the purposes of this section, the term, beneficiaries, means those persons who would be entitled to notice and a copy of the first trust instrument under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-13"><span class="s2072650DefaultParagraphFont">55-2-13</span></a><span class="s2072650DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072650Normal"><span xml:space="preserve" class="s2072650000001"> </span></p><p dir="ltr" class="s2072650Normal"><span class="s2072650SCL">Source:</span><span xml:space="preserve" class="s2072650SCL-000002"> SL 2007, ch 281, § 4; SL 2009, ch 252, § 19; SL 2013, ch 239, § 17; SL 2017, ch 208, § 31.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072651Normal { 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.s2072651SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072651CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072651Normal-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.s2072651DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072651000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072651SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072651SCL-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="s2072651Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-19"><span class="s2072651SENU">55-2-19</span></a><span xml:space="preserve" class="s2072651SENU">. </span><span class="s2072651CL">Exercise of power to distribute income or principal considered exercise of power of appointment.</span></p><p dir="ltr" class="s2072651Normal-000000"><span xml:space="preserve" class="s2072651DefaultParagraphFont">The exercise of the power to distribute the income or principal of the trust under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-15"><span class="s2072651DefaultParagraphFont">55-2-15</span></a><span xml:space="preserve" class="s2072651DefaultParagraphFont"> shall be considered the exercise of a power of appointment (other than a power to appoint to the trustee, the trustee's creditors, the trustee's estate, or the creditors of the trustee's estate).</span></p><p dir="ltr" class="s2072651Normal"><span xml:space="preserve" class="s2072651000001"> </span></p><p dir="ltr" class="s2072651Normal"><span class="s2072651SCL">Source:</span><span xml:space="preserve" class="s2072651SCL-000002"> SL 2007, ch 281, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072652Normal { 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.s2072652SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072652CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072652Normal-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.s2072652DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072652000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072652SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072652SCL-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="s2072652Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-20"><span class="s2072652SENU">55-2-20</span></a><span xml:space="preserve" class="s2072652SENU">. </span><span class="s2072652CL">Impermissible use of power.</span></p><p dir="ltr" class="s2072652Normal-000000"><span xml:space="preserve" class="s2072652DefaultParagraphFont">The power under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-15"><span class="s2072652DefaultParagraphFont">55-2-15</span></a><span xml:space="preserve" class="s2072652DefaultParagraphFont"> may not be exercised to suspend the power to alienate trust property or extend the first trust beyond the permissible period of any rule against perpetuities applicable to the first trust.</span></p><p dir="ltr" class="s2072652Normal"><span xml:space="preserve" class="s2072652000001"> </span></p><p dir="ltr" class="s2072652Normal"><span class="s2072652SCL">Source:</span><span xml:space="preserve" class="s2072652SCL-000002"> SL 2007, ch 281, § 6; SL 2011, ch 212, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072653Normal { 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.s2072653SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072653CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072653Normal-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.s2072653DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072653000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072653SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072653SCL-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="s2072653Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-21"><span class="s2072653SENU">55-2-21</span></a><span xml:space="preserve" class="s2072653SENU">. </span><span class="s2072653CL">Trustee's right to distribute income or principal in trust arising under law or terms of first trust not abridged.</span></p><p dir="ltr" class="s2072653Normal-000000"><span xml:space="preserve" class="s2072653DefaultParagraphFont">No provision of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-15"><span class="s2072653DefaultParagraphFont">55-2-15</span></a><span xml:space="preserve" class="s2072653DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-20"><span class="s2072653DefaultParagraphFont">55-2-20</span></a><span class="s2072653DefaultParagraphFont">, inclusive, may be construed to abridge the right of any trustee who has power to distribute income or principal in further trust which arises under statute, common law, or the terms of the first trust.</span></p><p dir="ltr" class="s2072653Normal"><span xml:space="preserve" class="s2072653000001"> </span></p><p dir="ltr" class="s2072653Normal"><span class="s2072653SCL">Source:</span><span xml:space="preserve" class="s2072653SCL-000002"> SL 2007, ch 281, § 7; SL 2009, ch 252, § 20.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072654Normal { 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.s2072654SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072654CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072654Normal-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.s2072654DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072654000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072654SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072654SCL-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="s2072654Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-22"><span class="s2072654SENU">55-2-22</span></a><span xml:space="preserve" class="s2072654SENU">. </span><span class="s2072654CL">Fiduciary duty to determine that substituted property is of equivalent value.</span></p><p dir="ltr" class="s2072654Normal-000000"><span class="s2072654DefaultParagraphFont">Notwithstanding the terms of a trust instrument, if a settlor has a power to substitute property of equivalent value, a trustee has a fiduciary duty to determine that the substituted property is of equivalent value, prior to allowing the substitution.</span></p><p dir="ltr" class="s2072654Normal"><span xml:space="preserve" class="s2072654000001"> </span></p><p dir="ltr" class="s2072654Normal"><span class="s2072654SCL">Source:</span><span xml:space="preserve" class="s2072654SCL-000002"> SL 2009, ch 252, § 21.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sff5f909951f24d1ba048f1fe81b4c1bcNormal { 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.sff5f909951f24d1ba048f1fe81b4c1bcSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sff5f909951f24d1ba048f1fe81b4c1bcCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sff5f909951f24d1ba048f1fe81b4c1bcStatute { 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.sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sff5f909951f24d1ba048f1fe81b4c1bcStatuteNumber1 { 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.sff5f909951f24d1ba048f1fe81b4c1bc000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sff5f909951f24d1ba048f1fe81b4c1bcNoIndent { 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.sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sff5f909951f24d1ba048f1fe81b4c1bcSCL { 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 55-2-23 - Excluded fiduciaries and trustees--Reliance on tax information--Applicability."><meta property="og:description" content="SDLRC Codified Law 55-2-23 - Excluded fiduciaries and trustees--Reliance on tax information--Applicability."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-2-23"><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="sff5f909951f24d1ba048f1fe81b4c1bcNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-23" rel="noopener"><span class="sff5f909951f24d1ba048f1fe81b4c1bcSENU">55-2-23</span></a><span xml:space="preserve" class="sff5f909951f24d1ba048f1fe81b4c1bcSENU">. </span><span class="sff5f909951f24d1ba048f1fe81b4c1bcCL">Excluded fiduciaries and trustees--Reliance on tax information--Applicability.</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcStatute"><span xml:space="preserve" class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">An excluded fiduciary, as defined in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1B-1" rel="noopener"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">55-1B-1</span></a><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">, who receives tax information regarding an asset or entity owned by the trust, any trustee of a trust that holds an asset or entity owned by the trust but who does not manage the asset or entity, and any trustee who receives tax information from the settlor, the settlor's agents, a tax trust advisor, or other individuals regarding matters that have tax implications to the trust or trust beneficiaries, may rely, without liability, on tax information it receives in any of the above situations. By way of example, if a trustee holds in trust a limited liability company interest but does not manage the limited liability company, the trustee may rely, without limitation, on any tax information received from the manager of the limited liability company or its accountant or agents.</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcStatute"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">The tax information that a trustee may rely on in the above situations may include the following:</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcStatuteNumber1"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">(1)    The accuracy of any information reported on a tax return;</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcStatuteNumber1"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">(2)    A copy of a tax return provided by the tax return preparer or the taxpayer filing the return;</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcStatuteNumber1"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">(3)    The representation of another fiduciary or tax advisor who filed or prepared a tax return as to the amount of any item reported on that return;</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcStatuteNumber1"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">(4)    The settlor's representation regarding whether a gift or generation skipping transfer tax form has ever been filed, as well as how much of the respective exemptions have been utilized; or</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcStatuteNumber1"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">(5)    The direction from the grantor's or settlor's tax advisors based upon any contribution or distribution, or both, for the appropriate tax filings.</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcStatute"><span xml:space="preserve" class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">An entity, for purposes of this section, is defined as set out in subdivisions </span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-101" rel="noopener"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">47-34A-101</span></a><span xml:space="preserve" class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">(7) and </span><a href="https://sdlegislature.gov/Statutes?Statute=47-34A-101" rel="noopener"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">47-34A-101</span></a><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">(13).</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcStatute"><span class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont">This section applies to any trust in existence on or created on or after July 1, 2012.</span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcNormal"><span xml:space="preserve" class="sff5f909951f24d1ba048f1fe81b4c1bc000000"> </span></p><p dir="ltr" class="sff5f909951f24d1ba048f1fe81b4c1bcNoIndent"><span xml:space="preserve" class="sff5f909951f24d1ba048f1fe81b4c1bcDefaultParagraphFont-000001">Source: </span><span class="sff5f909951f24d1ba048f1fe81b4c1bcSCL">SL 2012, ch 233, § 21; SL 2025, ch 196, § 7.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s50820077d09241f0a2bd55bc68fd0b1aNormal { 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.s50820077d09241f0a2bd55bc68fd0b1aSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s50820077d09241f0a2bd55bc68fd0b1aCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s50820077d09241f0a2bd55bc68fd0b1aStatute { 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.s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s50820077d09241f0a2bd55bc68fd0b1aStatuteNumber1 { 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.s50820077d09241f0a2bd55bc68fd0b1a000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s50820077d09241f0a2bd55bc68fd0b1aNoIndent { 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.s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s50820077d09241f0a2bd55bc68fd0b1aSCL { 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 55-2-24 - Notice to beneficiaries and other interested parties."><meta property="og:description" content="SDLRC Codified Law 55-2-24 - Notice to beneficiaries and other interested parties."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-2-24"><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="s50820077d09241f0a2bd55bc68fd0b1aNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-2-24" rel="noopener"><span class="s50820077d09241f0a2bd55bc68fd0b1aSENU">55-2-24</span></a><span xml:space="preserve" class="s50820077d09241f0a2bd55bc68fd0b1aSENU">. </span><span class="s50820077d09241f0a2bd55bc68fd0b1aCL">Notice to beneficiaries and other interested parties.</span></p><p dir="ltr" class="s50820077d09241f0a2bd55bc68fd0b1aStatute"><span xml:space="preserve" class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">Except as otherwise provided by chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=21-22" rel="noopener"><span class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">21-22</span></a><span xml:space="preserve" class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">, § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-4-58" rel="noopener"><span class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">55-4-58</span></a><span xml:space="preserve" class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">, or by the terms of a governing instrument, and in addition to the methods of notice allowed or mandated by title 15, notice to beneficiaries and other persons interested in a trust pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-13" rel="noopener"><span class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">55-2-13</span></a><span xml:space="preserve" class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont"> or otherwise may be carried out by means of any of the following methods:</span></p><p dir="ltr" class="s50820077d09241f0a2bd55bc68fd0b1aStatuteNumber1"><span class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">(1)    By delivery to the person, to the person's last known address, or to an address supplied by the person;</span></p><p dir="ltr" class="s50820077d09241f0a2bd55bc68fd0b1aStatuteNumber1"><span class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">(2)    By U.S. mail, postage prepaid, addressed to the person at the person's last known address, or to an address supplied by the person;</span></p><p dir="ltr" class="s50820077d09241f0a2bd55bc68fd0b1aStatuteNumber1"><span class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">(3)    By facsimile to a facsimile number of such person;</span></p><p dir="ltr" class="s50820077d09241f0a2bd55bc68fd0b1aStatuteNumber1"><span xml:space="preserve" class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">(4)    By electronic communication, as defined by subdivision </span><a href="https://sdlegislature.gov/Statutes?Statute=55-19-1" rel="noopener"><span class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">55-19-1</span></a><span class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">(12); or</span></p><p dir="ltr" class="s50820077d09241f0a2bd55bc68fd0b1aStatuteNumber1"><span class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont">(5)    By posting on or sending to an electronic network or site accessible via the internet, mobile application, computer, mobile device, tablet, or any other electronic device, together with separate notice of the posting provided to the person in conformity with subdivisions (1), (2), (3), or (4) of this section.</span></p><p dir="ltr" class="s50820077d09241f0a2bd55bc68fd0b1aNormal"><span xml:space="preserve" class="s50820077d09241f0a2bd55bc68fd0b1a000000"> </span></p><p dir="ltr" class="s50820077d09241f0a2bd55bc68fd0b1aNoIndent"><span xml:space="preserve" class="s50820077d09241f0a2bd55bc68fd0b1aDefaultParagraphFont-000001">Source: </span><span class="s50820077d09241f0a2bd55bc68fd0b1aSCL">SL 2023, ch 161, § 9.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s9c398ad21e8d4a20bf310318e763f854Normal { 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.s9c398ad21e8d4a20bf310318e763f854HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9c398ad21e8d4a20bf310318e763f854HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s9c398ad21e8d4a20bf310318e763f854Normal-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.s9c398ad21e8d4a20bf310318e763f854000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s9c398ad21e8d4a20bf310318e763f854B { 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 55-3 - EXPRESS TRUSTS FOR THIRD-PARTY BENEFICIARIES"><meta property="og:description" content="SDLRC Codified Law 55-3 - EXPRESS TRUSTS FOR THIRD-PARTY BENEFICIARIES"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-3"><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="s9c398ad21e8d4a20bf310318e763f854Normal"><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=55-3" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3</span></a></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854Normal"><span class="s9c398ad21e8d4a20bf310318e763f854HG4C">EXPRESS TRUSTS FOR THIRD-PARTY BENEFICIARIES</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854Normal-000000"><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854000001"> </span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-1" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-1</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Application of chapter.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-2" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-2</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Creation of trust--Mutual consent of trustor and trustee.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-3" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-3</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Appointing court or public officer as trustor.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-4" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-4</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Declaration of trust--Declarations of trustor to trustee before acceptance.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-5" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-5</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Trustee to follow declaration of trust--Modifications.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-6" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-6</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Trust irrevocable in absence of express contrary provisions.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-7" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-7</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Trustee's power as agent.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-8" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-8</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-3-8" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-8</span></a><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">. Repealed by SL 1993, ch 355, § 3.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-9" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-9</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-3-9" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-9</span></a><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">. Repealed by SL 2007, ch 280, § 25.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-10" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-10</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Degree of care and diligence used in execution of trusts.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-11" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-11</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Investment of money by trustee--Interest, simple or compound, on omission to invest trust moneys.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-12" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-12</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Purchase by trustee of claims against trust property.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-13" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-13</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Expenses incurred by trustee in performance of trust--Reimbursement.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-14" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-14</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Compensation of trustee.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-15" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-15</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Implied trustee--No rights to compensation or repayment of expenses.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-16" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-16</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Vacation of office of trustee.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-17" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-17</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Discharge of trustee--Grounds.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-17.1" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-17.1</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Resignation of fiduciary.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-18" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-18</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Survivorship between cotrustees.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-19" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-19</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Discharge of trustee before trust executed--Duty to secure appointment of successor.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-20" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-20</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Removal of trustee by circuit court--Vacant trusteeship filled by court.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-20.1" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-20.1</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Grounds for removal of trustee.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-21" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-21</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Appointment of trustee by circuit court--Grounds.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-22" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-22</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-3-22" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-22</span></a><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">. Repealed by SL 1998, ch 282, § 10.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-23" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-23</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Termination of trust.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-24" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-24</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Modification or termination of trust--Notice to fiduciaries--Distribution of property.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-25" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-25</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Petition to court for affirmation--Non-consenting beneficiaries--Distribution of property.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-26" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-26</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Petition to modify terms of trust--Circumstances--Distribution of property.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-27" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-27</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Termination of noncharitable trusts valued under one hundred fifty thousand dollars--Distribution of property.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-28" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-28</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Terms of trust may be reformed by court.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-29" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-29</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition to court.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-29.1" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-29.1</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Defense of laches not available.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-29.2" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-29.2</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Statute of limitations defense not available.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-30" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-30</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Provisions not exclusive.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-31" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-31</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-3-31" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-31</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont"> to 55-3-38. Repealed by SL 2017, ch 208, § 36.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-39" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-39</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    When state law or jurisdiction provision valid, effective, and conclusive.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-40" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-40</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Validity, construction, and administration of trust with state jurisdiction provision.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-41" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-41</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Qualified person defined.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-42" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-42</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    State jurisdiction provision defined.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-43" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-43</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    South Dakota investments defined.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-44" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-44</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Trustor defined.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-45" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-45</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-46" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-46</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Effect of the laws, rules, or orders of foreign country on trust or disposition of property.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-46.1" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-46.1</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Effect of laws, rules, or orders of other states on a trust or disposition of property.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-47" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-47</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Cessation of trustee upon action of foreign court--Successor trustee.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-48" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-48</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    South Dakota law governs administration of trust.</span></p><p dir="ltr" class="s9c398ad21e8d4a20bf310318e763f854B"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-49" rel="noopener"><span class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">55-3-49</span></a><span xml:space="preserve" class="s9c398ad21e8d4a20bf310318e763f854DefaultParagraphFont">    Enforcement of foreign judgments.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072657Normal { 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.s2072657SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072657CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072657Normal-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.s2072657DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072657000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072657SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072657SCL-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="s2072657Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-1"><span class="s2072657SENU">55-3-1</span></a><span xml:space="preserve" class="s2072657SENU">. </span><span class="s2072657CL">Application of chapter.</span></p><p dir="ltr" class="s2072657Normal-000000"><span class="s2072657DefaultParagraphFont">The provisions of this chapter apply to all trusts.</span></p><p dir="ltr" class="s2072657Normal"><span xml:space="preserve" class="s2072657000001"> </span></p><p dir="ltr" class="s2072657Normal"><span class="s2072657SCL">Source:</span><span xml:space="preserve" class="s2072657SCL-000002"> SDC 1939, § 59.0201; SL 1993, ch 213, § 254; SL 1993, ch 355, § 1; SL 1998, ch 282, § 11; SL 2010, ch 232, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072658Normal { 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.s2072658SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072658CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072658Normal-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.s2072658DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072658000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072658SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072658SCL-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="s2072658Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-2"><span class="s2072658SENU">55-3-2</span></a><span xml:space="preserve" class="s2072658SENU">. </span><span class="s2072658CL">Creation of trust--Mutual consent of trustor and trustee.</span></p><p dir="ltr" class="s2072658Normal-000000"><span class="s2072658DefaultParagraphFont">The mutual consent of a trustor and trustee creates a trust of which the beneficiary may take advantage at any time prior to its rescission.</span></p><p dir="ltr" class="s2072658Normal"><span xml:space="preserve" class="s2072658000001"> </span></p><p dir="ltr" class="s2072658Normal"><span class="s2072658SCL">Source:</span><span xml:space="preserve" class="s2072658SCL-000002"> SDC 1939, § 59.0202.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072659Normal { 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.s2072659SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072659CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072659Normal-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.s2072659DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072659000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072659SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072659SCL-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="s2072659Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-3"><span class="s2072659SENU">55-3-3</span></a><span xml:space="preserve" class="s2072659SENU">. </span><span class="s2072659CL">Appointing court or public officer as trustor.</span></p><p dir="ltr" class="s2072659Normal-000000"><span class="s2072659DefaultParagraphFont">When a trustee is appointed by a court or public officer as a trustee, the court or officer is the trustor. A court may otherwise establish or create a trust and may act as the trustor of a trust.</span></p><p dir="ltr" class="s2072659Normal"><span xml:space="preserve" class="s2072659000001"> </span></p><p dir="ltr" class="s2072659Normal"><span class="s2072659SCL">Source:</span><span xml:space="preserve" class="s2072659SCL-000002"> SDC 1939, § 59.0202; SL 2016, ch 231, § 19.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072660Normal { 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.s2072660SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072660CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072660Normal-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.s2072660DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072660Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072660000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072660SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072660SCL-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="s2072660Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-4"><span class="s2072660SENU">55-3-4</span></a><span xml:space="preserve" class="s2072660SENU">. </span><span class="s2072660CL">Declaration of trust--Declarations of trustor to trustee before acceptance.</span></p><p dir="ltr" class="s2072660Normal-000000"><span class="s2072660DefaultParagraphFont">The nature, extent, and object of a trust are expressed in the declaration of trust.</span></p><p dir="ltr" class="s2072660Normal-000001"><span class="s2072660DefaultParagraphFont">All declarations of a trustor to his trustees in relation to the trust, before its acceptance by the trustees or any of them are to be deemed part of the declaration of the trust, except that when a declaration of trust is made in writing all previous declarations by the same trustor are merged therein.</span></p><p dir="ltr" class="s2072660Normal"><span xml:space="preserve" class="s2072660000002"> </span></p><p dir="ltr" class="s2072660Normal"><span class="s2072660SCL">Source:</span><span xml:space="preserve" class="s2072660SCL-000003"> SDC 1939, § 59.0203.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083041Normal { 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.s2083041SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083041CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083041Statute { 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.s2083041DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083041000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083041NoIndent { 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.s2083041DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083041SCL { 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 55-3-5 - Trustee to follow declaration of trust--Modifications."><meta property="og:description" content="SDLRC Codified Law 55-3-5 - Trustee to follow declaration of trust--Modifications."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-3-5"><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="s2083041Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-5" rel="noopener"><span class="s2083041SENU">55-3-5</span></a><span xml:space="preserve" class="s2083041SENU">. </span><span xml:space="preserve" class="s2083041CL">Trustee to follow declaration of trust--Modifications. </span></p><p dir="ltr" class="s2083041Statute"><span xml:space="preserve" class="s2083041DefaultParagraphFont">A trustee shall fulfill the purposes of the trust as declared at its creation, or as subsequently amended, and shall follow all the directions of the trustor given at that time, except as modified. For purposes of modifications by consent of all parties interested and modifications upon approval by the court, the provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18" rel="noopener"><span class="s2083041DefaultParagraphFont">55-18</span></a><span xml:space="preserve" class="s2083041DefaultParagraphFont"> apply to such modifications.</span></p><p dir="ltr" class="s2083041Normal"><span xml:space="preserve" class="s2083041000000"> </span></p><p dir="ltr" class="s2083041NoIndent"><span xml:space="preserve" class="s2083041DefaultParagraphFont-000001">Source: </span><span class="s2083041SCL">SDC 1939, § 59.0204; SL 1993, ch 355, § 5; SL 2017, ch 208, § 32; SL 2021, ch 207, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072662Normal { 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.s2072662SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072662CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072662Normal-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.s2072662DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072662000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072662SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072662SCL-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="s2072662Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-6"><span class="s2072662SENU">55-3-6</span></a><span xml:space="preserve" class="s2072662SENU">. </span><span class="s2072662CL">Trust irrevocable in absence of express contrary provisions.</span></p><p dir="ltr" class="s2072662Normal-000000"><span class="s2072662DefaultParagraphFont">Unless the terms of a trust expressly reserve a power to the settlor to revoke or modify a trust, a trust shall be irrevocable.</span></p><p dir="ltr" class="s2072662Normal"><span xml:space="preserve" class="s2072662000001"> </span></p><p dir="ltr" class="s2072662Normal"><span class="s2072662SCL">Source:</span><span xml:space="preserve" class="s2072662SCL-000002"> SDC 1939, § 59.0216; SL 1993, ch 355, § 2; SL 1998, ch 282, § 9; SL 2019, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072663Normal { 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.s2072663SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072663CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072663Normal-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.s2072663DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072663000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072663SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072663SCL-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="s2072663Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-7"><span class="s2072663SENU">55-3-7</span></a><span xml:space="preserve" class="s2072663SENU">. </span><span class="s2072663CL">Trustee's power as agent.</span></p><p dir="ltr" class="s2072663Normal-000000"><span class="s2072663DefaultParagraphFont">A trustee is a general agent for the trust and the trust property. The trustee's authority is the authority that is conferred upon the trustee by the declaration of trust and by this chapter and none other. The trustee's acts, within the scope of the trustee's authority, bind the trust and the trust property to the same extent as the acts of an agent bind the agent's principal.</span></p><p dir="ltr" class="s2072663Normal"><span xml:space="preserve" class="s2072663000001"> </span></p><p dir="ltr" class="s2072663Normal"><span class="s2072663SCL">Source:</span><span xml:space="preserve" class="s2072663SCL-000002"> SDC 1939, § 59.0209; SL 2016, ch 231, § 20.</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 - FIDUCIARIES AND TRUSTS 55-3-8 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-3-8 "> <META NAME="Description" Content="South Dakota Codified Laws 55-3-8"> </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 --> 55-3-8. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1993, ch 355, &#167;&nbsp;3<p> </BODY> </HTML> <br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55 - FIDUCIARIES AND TRUSTS 55-3-9 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-3-9 "> <META NAME="Description" Content="South Dakota Codified Laws 55-3-9"> </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 --> 55-3-9. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2007, ch 280, &#167;&nbsp;25.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072666Normal { 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.s2072666SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072666CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072666Normal-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.s2072666DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072666000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072666SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072666SCL-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="s2072666Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-10"><span class="s2072666SENU">55-3-10</span></a><span xml:space="preserve" class="s2072666SENU">. </span><span class="s2072666CL">Degree of care and diligence used in execution of trusts.</span></p><p dir="ltr" class="s2072666Normal-000000"><span class="s2072666DefaultParagraphFont">A trustee, whether he receives any compensation or not, must use at least ordinary care and diligence in the execution of his trust.</span></p><p dir="ltr" class="s2072666Normal"><span xml:space="preserve" class="s2072666000001"> </span></p><p dir="ltr" class="s2072666Normal"><span class="s2072666SCL">Source:</span><span xml:space="preserve" class="s2072666SCL-000002"> SDC 1939, § 59.0205.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072667Normal { 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.s2072667SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072667CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072667Normal-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.s2072667DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072667Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072667000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072667SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072667SCL-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="s2072667Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-11"><span class="s2072667SENU">55-3-11</span></a><span xml:space="preserve" class="s2072667SENU">. </span><span class="s2072667CL">Investment of money by trustee--Interest, simple or compound, on omission to invest trust moneys.</span></p><p dir="ltr" class="s2072667Normal-000000"><span class="s2072667DefaultParagraphFont">A trustee must invest money received by him under the trust, as fast as he collects a sufficient amount, in such manner as to afford reasonable security and interest for the same.</span></p><p dir="ltr" class="s2072667Normal-000001"><span class="s2072667DefaultParagraphFont">If he fails so to do, he must pay simple interest thereon if such omission is merely negligent, and compound interest thereon if it is willful.</span></p><p dir="ltr" class="s2072667Normal"><span xml:space="preserve" class="s2072667000002"> </span></p><p dir="ltr" class="s2072667Normal"><span class="s2072667SCL">Source:</span><span xml:space="preserve" class="s2072667SCL-000003"> SDC 1939, § 59.0207.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072668Normal { 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.s2072668SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072668CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072668Normal-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.s2072668DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072668000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072668SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072668SCL-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="s2072668Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-12"><span class="s2072668SENU">55-3-12</span></a><span xml:space="preserve" class="s2072668SENU">. </span><span class="s2072668CL">Purchase by trustee of claims against trust property.</span></p><p dir="ltr" class="s2072668Normal-000000"><span class="s2072668DefaultParagraphFont">A trustee cannot enforce any claim against the trust property which he purchases after or in contemplation of his appointment as trustee; but he may be allowed by any competent court to charge to the trust property what he has in good faith paid for the claim, upon discharging the same.</span></p><p dir="ltr" class="s2072668Normal"><span xml:space="preserve" class="s2072668000001"> </span></p><p dir="ltr" class="s2072668Normal"><span class="s2072668SCL">Source:</span><span xml:space="preserve" class="s2072668SCL-000002"> SDC 1939, § 59.0208.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079861Normal { 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.s2079861SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079861CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079861Statute { 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.s2079861DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079861000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079861DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079861SCL { 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="s2079861Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-13"><span class="s2079861SENU">55-3-13</span></a><span xml:space="preserve" class="s2079861SENU">. </span><span class="s2079861CL">Expenses incurred by trustee in performance of trust--Reimbursement.</span></p><p dir="ltr" class="s2079861Statute"><span xml:space="preserve" class="s2079861DefaultParagraphFont">A trustee, including a former trustee, is entitled to the repayment, out of the trust property, of all expenses actually and properly incurred by the trustee in the performance of the trustee's duties. The trustee is entitled to the repayment of even unlawful expenditures, if the expenditures were productive of actual benefit to the estate. Expenses in performance of the trust include those expenses actually and properly incurred in the exercise of the trustee's powers as described in the governing instrument, in any applicable court order, or in chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1A"><span class="s2079861DefaultParagraphFont">55-1A</span></a><span class="s2079861DefaultParagraphFont">. A former trustee is entitled to the repayment, out of trust property, of all expenses actually and properly incurred by the former trustee in the defense of proceedings relating to the performance of the trustee's duties to the same extent as the current trustee is entitled to repayment.</span></p><p dir="ltr" class="s2079861Normal"><span xml:space="preserve" class="s2079861000000"> </span></p><p dir="ltr" class="s2079861Normal"><span xml:space="preserve" class="s2079861DefaultParagraphFont-000001">Source: </span><span class="s2079861SCL">SDC 1939, § 59.0212; SL 2014, ch 226, § 18; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072670Normal { 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.s2072670SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072670CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072670Normal-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.s2072670DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072670000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072670SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072670SCL-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="s2072670Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-14"><span class="s2072670SENU">55-3-14</span></a><span xml:space="preserve" class="s2072670SENU">. </span><span class="s2072670CL">Compensation of trustee.</span></p><p dir="ltr" class="s2072670Normal-000000"><span class="s2072670DefaultParagraphFont">When a declaration of trust does not specify the rate or amount of the trustee's compensation the trustee is entitled to and shall receive reasonable compensation for the performance of his duties. If such declaration specifies the amount or rate of his compensation, he is entitled to the amount or rate thus specified and no more.</span></p><p dir="ltr" class="s2072670Normal"><span xml:space="preserve" class="s2072670000001"> </span></p><p dir="ltr" class="s2072670Normal"><span class="s2072670SCL">Source:</span><span xml:space="preserve" class="s2072670SCL-000002"> SDC 1939, § 59.0213; SL 1967, ch 337.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072671Normal { 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.s2072671SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072671CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072671Normal-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.s2072671DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072671000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072671SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072671SCL-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="s2072671Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-15"><span class="s2072671SENU">55-3-15</span></a><span xml:space="preserve" class="s2072671SENU">. </span><span class="s2072671CL">Implied trustee--No rights to compensation or repayment of expenses.</span></p><p dir="ltr" class="s2072671Normal-000000"><span xml:space="preserve" class="s2072671DefaultParagraphFont">The trustee of an implied trust who becomes such through his own fault has none of the rights to compensation or repayment of expense prescribed in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-13"><span class="s2072671DefaultParagraphFont">55-3-13</span></a><span xml:space="preserve" class="s2072671DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-14"><span class="s2072671DefaultParagraphFont">55-3-14</span></a><span class="s2072671DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072671Normal"><span xml:space="preserve" class="s2072671000001"> </span></p><p dir="ltr" class="s2072671Normal"><span class="s2072671SCL">Source:</span><span xml:space="preserve" class="s2072671SCL-000002"> SDC 1939, § 59.0214.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072672Normal { 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.s2072672SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072672CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072672Normal-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.s2072672DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072672Normal-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.s2072672000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072672SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072672SCL-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="s2072672Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-16"><span class="s2072672SENU">55-3-16</span></a><span xml:space="preserve" class="s2072672SENU">. </span><span class="s2072672CL">Vacation of office of trustee.</span></p><p dir="ltr" class="s2072672Normal-000000"><span class="s2072672DefaultParagraphFont">The office of a trustee is vacated:</span></p><p dir="ltr" class="s2072672Normal-000001"><span class="s2072672DefaultParagraphFont">(1)    By its death;</span></p><p dir="ltr" class="s2072672Normal-000001"><span class="s2072672DefaultParagraphFont">(2)    By its discharge; or</span></p><p dir="ltr" class="s2072672Normal-000001"><span class="s2072672DefaultParagraphFont">(3)    By its resignation.</span></p><p dir="ltr" class="s2072672Normal"><span xml:space="preserve" class="s2072672000002"> </span></p><p dir="ltr" class="s2072672Normal"><span class="s2072672SCL">Source:</span><span xml:space="preserve" class="s2072672SCL-000003"> SDC 1939, § 59.0217; SL 2019, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072673Normal { 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.s2072673SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072673CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072673Normal-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.s2072673DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072673Normal-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.s2072673000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072673SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072673SCL-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="s2072673Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-17"><span class="s2072673SENU">55-3-17</span></a><span xml:space="preserve" class="s2072673SENU">. </span><span class="s2072673CL">Discharge of trustee--Grounds.</span></p><p dir="ltr" class="s2072673Normal-000000"><span class="s2072673DefaultParagraphFont">A trustee can be discharged from his trust only as follows:</span></p><p dir="ltr" class="s2072673Normal-000001"><span class="s2072673DefaultParagraphFont">(1)    By the extinction of the trust;</span></p><p dir="ltr" class="s2072673Normal-000001"><span class="s2072673DefaultParagraphFont">(2)    By the completion of his duties under the trust;</span></p><p dir="ltr" class="s2072673Normal-000001"><span class="s2072673DefaultParagraphFont">(3)    By such means as may be prescribed by the declaration of trust;</span></p><p dir="ltr" class="s2072673Normal-000001"><span class="s2072673DefaultParagraphFont">(4)    By the consent of the beneficiary, if he has capacity to contract;</span></p><p dir="ltr" class="s2072673Normal-000001"><span class="s2072673DefaultParagraphFont">(5)    By the judgment of a competent tribunal in a direct proceeding for that purpose that he is of unsound mind; or</span></p><p dir="ltr" class="s2072673Normal-000001"><span class="s2072673DefaultParagraphFont">(6)    By the circuit court.</span></p><p dir="ltr" class="s2072673Normal"><span xml:space="preserve" class="s2072673000002"> </span></p><p dir="ltr" class="s2072673Normal"><span class="s2072673SCL">Source:</span><span xml:space="preserve" class="s2072673SCL-000003"> SDC 1939, § 59.0218.</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 - FIDUCIARIES AND TRUSTS </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'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072674Normal-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; } p.s2072674Normal-000002 { 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.s2072674Normal-000003 { text-indent: 0.25in; 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.s2072674000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072674SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072674SCL-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="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><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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072675Normal { 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.s2072675SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072675CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072675Normal-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.s2072675DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072675000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072675SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072675SCL-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="s2072675Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-18"><span class="s2072675SENU">55-3-18</span></a><span xml:space="preserve" class="s2072675SENU">. </span><span class="s2072675CL">Survivorship between cotrustees.</span></p><p dir="ltr" class="s2072675Normal-000000"><span class="s2072675DefaultParagraphFont">On the death, renunciation, or discharge of one of several cotrustees, the trust survives to the others.</span></p><p dir="ltr" class="s2072675Normal"><span xml:space="preserve" class="s2072675000001"> </span></p><p dir="ltr" class="s2072675Normal"><span class="s2072675SCL">Source:</span><span xml:space="preserve" class="s2072675SCL-000002"> SDC 1939, § 59.0219.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072676Normal { 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.s2072676SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072676CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072676Normal-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.s2072676DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072676000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072676SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072676SCL-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="s2072676Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-19"><span class="s2072676SENU">55-3-19</span></a><span xml:space="preserve" class="s2072676SENU">. </span><span class="s2072676CL">Discharge of trustee before trust executed--Duty to secure appointment of successor.</span></p><p dir="ltr" class="s2072676Normal-000000"><span class="s2072676DefaultParagraphFont">If a trustee procures or assents to his discharge from his office before his trust is fully executed, he must use at least ordinary care and diligence to secure the appointment of a trustworthy successor before accepting his own final discharge.</span></p><p dir="ltr" class="s2072676Normal"><span xml:space="preserve" class="s2072676000001"> </span></p><p dir="ltr" class="s2072676Normal"><span class="s2072676SCL">Source:</span><span xml:space="preserve" class="s2072676SCL-000002"> SDC 1939, § 59.0206.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072677Normal { 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.s2072677SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072677CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072677Normal-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.s2072677DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072677000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072677SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072677SCL-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="s2072677Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-20"><span class="s2072677SENU">55-3-20</span></a><span xml:space="preserve" class="s2072677SENU">. </span><span class="s2072677CL">Removal of trustee by circuit court--Vacant trusteeship filled by court.</span></p><p dir="ltr" class="s2072677Normal-000000"><span class="s2072677DefaultParagraphFont">The circuit court may remove any trustee who has violated, or is unfit to execute, his trust. It may appoint a trustee whenever there is a vacancy and the declaration of trust does not provide a practicable method of appointment.</span></p><p dir="ltr" class="s2072677Normal"><span xml:space="preserve" class="s2072677000001"> </span></p><p dir="ltr" class="s2072677Normal"><span class="s2072677SCL">Source:</span><span xml:space="preserve" class="s2072677SCL-000002"> SDC 1939, § 59.0220.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079860Normal { 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.s2079860SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079860CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079860Statute { 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.s2079860DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2079860Statute-000000 { text-indent: 0.25in; 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.s2079860StatuteNumber1 { 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; } a.s2079860000001 { text-decoration: none; } span.s2079860000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079860DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079860SCL { 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="s2079860Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-20.1"><span class="s2079860SENU">55-3-20.1</span></a><span xml:space="preserve" class="s2079860SENU">. </span><span class="s2079860CL">Grounds for removal of trustee.</span></p><p dir="ltr" class="s2079860Statute"><span xml:space="preserve" class="s2079860DefaultParagraphFont">In addition to other remedies available by law and procedures or powers set out in a trust instrument, the settlor, or the settlor's agent, a trust protector, a cotrustee, or a qualified beneficiary as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-13"><span class="s2079860DefaultParagraphFont">55-2-13</span></a><span xml:space="preserve" class="s2079860DefaultParagraphFont">, or an enforcer, as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-21.4"><span class="s2079860DefaultParagraphFont">55-1-21.4</span></a><span class="s2079860DefaultParagraphFont">, may request the court to remove a trustee, or a trustee may be removed by the court on the court's own initiative.</span></p><p dir="ltr" class="s2079860Statute-000000"><span class="s2079860DefaultParagraphFont">In addition to the powers otherwise granted the court, the court may remove a trustee if:</span></p><p dir="ltr" class="s2079860StatuteNumber1"><a id="_pagenumber13" class="s2079860000001"></a><span class="s2079860DefaultParagraphFont">(1)    The trustee commits a serious breach of trust;</span></p><p dir="ltr" class="s2079860StatuteNumber1"><span class="s2079860DefaultParagraphFont">(2)    Lack of cooperation among cotrustees substantially impairs the administration of the trust;</span></p><p dir="ltr" class="s2079860StatuteNumber1"><span class="s2079860DefaultParagraphFont">(3)    Because of unfitness, unwillingness, persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries;</span></p><p dir="ltr" class="s2079860StatuteNumber1"><span class="s2079860DefaultParagraphFont">(4)    There is a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available; or</span></p><p dir="ltr" class="s2079860StatuteNumber1"><span class="s2079860DefaultParagraphFont">(5)    If the trustee merges with another institution or the location or place of administration of the trust changes, and the court finds that removal of the trustee best serves the interests of all of the beneficiaries, and a suitable cotrustee or successor trustee is available.</span></p><p dir="ltr" class="s2079860Statute-000000"><span class="s2079860DefaultParagraphFont">Pending a final decision on a request to remove a trustee, the court may order such appropriate relief as may be necessary to protect the trust property or the interests of the beneficiaries.</span></p><p dir="ltr" class="s2079860Normal"><span xml:space="preserve" class="s2079860000002"> </span></p><p dir="ltr" class="s2079860Normal"><span xml:space="preserve" class="s2079860DefaultParagraphFont-000003">Source: </span><span class="s2079860SCL">SL 2009, ch 252, § 23; SL 2015, ch 240, § 17; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072679Normal { 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.s2072679SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072679CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072679Normal-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.s2072679DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072679000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072679SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072679SCL-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="s2072679Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-21"><span class="s2072679SENU">55-3-21</span></a><span xml:space="preserve" class="s2072679SENU">. </span><span class="s2072679CL">Appointment of trustee by circuit court--Grounds.</span></p><p dir="ltr" class="s2072679Normal-000000"><span class="s2072679DefaultParagraphFont">If a trust exists without any appointed trustees, or where all the trustees renounce, die, or are discharged, the circuit court for the county where the trust property or some portion thereof is situated must appoint another trustee and direct the execution of the trust. The court may in its discretion appoint the original number or any less number of trustees.</span></p><p dir="ltr" class="s2072679Normal"><span xml:space="preserve" class="s2072679000001"> </span></p><p dir="ltr" class="s2072679Normal"><span class="s2072679SCL">Source:</span><span xml:space="preserve" class="s2072679SCL-000002"> SDC 1939, § 59.0220.</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 - FIDUCIARIES AND TRUSTS 55-3-22 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-3-22 "> <META NAME="Description" Content="South Dakota Codified Laws 55-3-22"> </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 --> 55-3-22. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1998, ch 282, &#167;&nbsp;10<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072681Normal { 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.s2072681SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072681CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072681Normal-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.s2072681DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072681Normal-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.s2072681000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072681SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072681SCL-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="s2072681Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-23"><span class="s2072681SENU">55-3-23</span></a><span xml:space="preserve" class="s2072681SENU">. </span><span class="s2072681CL">Termination of trust.</span></p><p dir="ltr" class="s2072681Normal-000000"><span xml:space="preserve" class="s2072681DefaultParagraphFont">In addition to the methods specified in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-24"><span class="s2072681DefaultParagraphFont">55-3-24</span></a><span xml:space="preserve" class="s2072681DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-27"><span class="s2072681DefaultParagraphFont">55-3-27</span></a><span class="s2072681DefaultParagraphFont">, inclusive, a trust terminates if:</span></p><p dir="ltr" class="s2072681Normal-000001"><span class="s2072681DefaultParagraphFont">(1)    The term of the trust expires;</span></p><p dir="ltr" class="s2072681Normal-000001"><span class="s2072681DefaultParagraphFont">(2)    The trust purpose is fulfilled;</span></p><p dir="ltr" class="s2072681Normal-000001"><span class="s2072681DefaultParagraphFont">(3)    The trust purpose becomes unlawful or impossible to fulfill; or</span></p><p dir="ltr" class="s2072681Normal-000001"><span class="s2072681DefaultParagraphFont">(4)    The trust is revoked.</span></p><p dir="ltr" class="s2072681Normal"><span xml:space="preserve" class="s2072681000002"> </span></p><p dir="ltr" class="s2072681Normal"><span class="s2072681SCL">Source:</span><span xml:space="preserve" class="s2072681SCL-000003"> SL 1998, ch 282, § 1; SL 2016, ch 231, § 21.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sbb19af88f34b493ab26b452f70fd915dNormal { 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.sbb19af88f34b493ab26b452f70fd915dSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sbb19af88f34b493ab26b452f70fd915dCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.sbb19af88f34b493ab26b452f70fd915dStatute { 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.sbb19af88f34b493ab26b452f70fd915dDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sbb19af88f34b493ab26b452f70fd915d000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sbb19af88f34b493ab26b452f70fd915dNoIndent { 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.sbb19af88f34b493ab26b452f70fd915dDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sbb19af88f34b493ab26b452f70fd915dSCL { 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 55-3-24 - Modification or termination of trust--Notice to fiduciaries--Distribution of property."><meta property="og:description" content="SDLRC Codified Law 55-3-24 - Modification or termination of trust--Notice to fiduciaries--Distribution of property."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-3-24"><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="sbb19af88f34b493ab26b452f70fd915dNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-24" rel="noopener"><span class="sbb19af88f34b493ab26b452f70fd915dSENU">55-3-24</span></a><span xml:space="preserve" class="sbb19af88f34b493ab26b452f70fd915dSENU">. </span><span class="sbb19af88f34b493ab26b452f70fd915dCL">Modification or termination of trust--Notice to fiduciaries--Distribution of property.</span></p><p dir="ltr" class="sbb19af88f34b493ab26b452f70fd915dStatute"><span xml:space="preserve" class="sbb19af88f34b493ab26b452f70fd915dDefaultParagraphFont">An irrevocable trust may be modified or terminated by judicial action or by the written consent of all beneficiaries, if continuance of the trust on its existing terms is not necessary to carry out a material purpose. Whether or not continuance of the trust on its existing terms is necessary to carry out a material purpose, an irrevocable trust may be modified or terminated by the written consent of the trustor and all beneficiaries. Upon termination of a trust under this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention or in any other manner as agreed by all the beneficiaries. No person is required to seek court affirmation of a nonjudicial settlement agreement made pursuant to this section. The provisions of chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=55-18" rel="noopener"><span class="sbb19af88f34b493ab26b452f70fd915dDefaultParagraphFont">55-18</span></a><span xml:space="preserve" class="sbb19af88f34b493ab26b452f70fd915dDefaultParagraphFont"> apply to this section.</span></p><p dir="ltr" class="sbb19af88f34b493ab26b452f70fd915dStatute"><span xml:space="preserve" class="sbb19af88f34b493ab26b452f70fd915dDefaultParagraphFont">Thirty days prior to the effective date of a modification or termination of a trust under this section, the trustor or beneficiaries shall provide notice in writing of the modification or termination, including a copy of the modification or termination to all fiduciaries, as defined in subdivision </span><a href="https://sdlegislature.gov/Statutes?Statute=21-22-1" rel="noopener"><span class="sbb19af88f34b493ab26b452f70fd915dDefaultParagraphFont">21-22-1</span></a><span class="sbb19af88f34b493ab26b452f70fd915dDefaultParagraphFont">(3) serving as of the date of the notice. The modification or termination is effective no earlier than thirty days after the notice is given, unless the notice is waived.</span></p><p dir="ltr" class="sbb19af88f34b493ab26b452f70fd915dNormal"><span xml:space="preserve" class="sbb19af88f34b493ab26b452f70fd915d000000"> </span></p><p dir="ltr" class="sbb19af88f34b493ab26b452f70fd915dNoIndent"><span xml:space="preserve" class="sbb19af88f34b493ab26b452f70fd915dDefaultParagraphFont-000001">Source: </span><span class="sbb19af88f34b493ab26b452f70fd915dSCL">SL 1998, ch 282, § 2; SL 2004, ch 312, § 9; SL 2017, ch 208, § 33; SL 2019, ch 209, § 6; SL 2021, ch 207, § 1; SL 2025, ch 196, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072683Normal { 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.s2072683SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072683CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072683Normal-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.s2072683DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072683000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072683SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072683SCL-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="s2072683Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-25"><span class="s2072683SENU">55-3-25</span></a><span xml:space="preserve" class="s2072683SENU">. </span><span class="s2072683CL">Petition to court for affirmation--Non-consenting beneficiaries--Distribution of property.</span></p><p dir="ltr" class="s2072683Normal-000000"><span xml:space="preserve" class="s2072683DefaultParagraphFont">A trustor, trustee, or beneficiary may but is not required to seek court affirmation of a modification or termination of a trust made pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-24"><span class="s2072683DefaultParagraphFont">55-3-24</span></a><span xml:space="preserve" class="s2072683DefaultParagraphFont">. Upon petition by a trustor, trustee, or beneficiary, upon a finding that the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-24"><span class="s2072683DefaultParagraphFont">55-3-24</span></a><span xml:space="preserve" class="s2072683DefaultParagraphFont"> have been met, the court shall affirm the proposed modification or termination of the trust. If any beneficiary does not consent to a requested modification or termination of a trust by the other beneficiaries or by the trustor and other beneficiaries, the court, with the consent of the other beneficiaries, and of the trustor, if required, may approve a requested modification or partial termination if the rights or interests of the beneficiaries who do not consent are not significantly impaired or adversely affected. Upon modification or partial termination of the trust, the trustee shall distribute the trust property as ordered by the court.</span></p><p dir="ltr" class="s2072683Normal"><span xml:space="preserve" class="s2072683000001"> </span></p><p dir="ltr" class="s2072683Normal"><span class="s2072683SCL">Source:</span><span xml:space="preserve" class="s2072683SCL-000002"> SL 1998, ch 282, § 3; SL 2017, ch 204, § 19.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072684Normal { 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.s2072684SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072684CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072684Normal-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.s2072684DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072684000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072684SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072684SCL-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="s2072684Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-26"><span class="s2072684SENU">55-3-26</span></a><span xml:space="preserve" class="s2072684SENU">. </span><span class="s2072684CL">Petition to modify terms of trust--Circumstances--Distribution of property.</span></p><p dir="ltr" class="s2072684Normal-000000"><span class="s2072684DefaultParagraphFont">On petition by a trustee or beneficiary, the court may modify the administrative or dispositive terms of the trust or terminate the trust if, because of circumstances not anticipated by the trustor, modification or termination of the trust would substantially further the trustor's purposes in creating the trust. Upon termination of a trust under this section, the trust property shall be distributed in accordance with the trustor's probable intention.</span></p><p dir="ltr" class="s2072684Normal"><span xml:space="preserve" class="s2072684000001"> </span></p><p dir="ltr" class="s2072684Normal"><span class="s2072684SCL">Source:</span><span xml:space="preserve" class="s2072684SCL-000002"> SL 1998, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072685Normal { 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.s2072685SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072685CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072685Normal-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.s2072685DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072685000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072685SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072685SCL-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="s2072685Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-27"><span class="s2072685SENU">55-3-27</span></a><span xml:space="preserve" class="s2072685SENU">. </span><span class="s2072685CL">Termination of noncharitable trusts valued under one hundred fifty thousand dollars--Distribution of property.</span></p><p dir="ltr" class="s2072685Normal-000000"><span class="s2072685DefaultParagraphFont">Except as otherwise provided by the terms of the trust, if the value of the trust property of a noncharitable trust is less than one hundred fifty thousand dollars, the trustee may terminate the trust. On petition by a trustee or beneficiary, the court may modify or terminate a noncharitable trust or appoint a new trustee if it determines that the value of the trust property is insufficient to justify the cost of administration involved. Upon termination of a trust pursuant to this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention. The existence of spendthrift or similar protective provisions in a trust does not make this section inapplicable. The court, when considering the termination of a trust containing spendthrift or similar protective provisions, shall consider the feasibility of appointing a new trustee to continue the trust. This section does not apply to a purpose trust under subdivision 55-1-21(1).</span></p><p dir="ltr" class="s2072685Normal"><span xml:space="preserve" class="s2072685000001"> </span></p><p dir="ltr" class="s2072685Normal"><span class="s2072685SCL">Source:</span><span xml:space="preserve" class="s2072685SCL-000002"> SL 1998, ch 282, § 5; SL 2004, ch 312, § 12; SL 2015, ch 240, § 18; SL 2018, ch 275, § 26.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.seacd3af5c157490bb77d115ff4f1012dNormal { 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.seacd3af5c157490bb77d115ff4f1012dSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.seacd3af5c157490bb77d115ff4f1012dCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.seacd3af5c157490bb77d115ff4f1012dStatute { 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.seacd3af5c157490bb77d115ff4f1012dDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.seacd3af5c157490bb77d115ff4f1012d000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.seacd3af5c157490bb77d115ff4f1012dNoIndent { 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.seacd3af5c157490bb77d115ff4f1012dDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.seacd3af5c157490bb77d115ff4f1012dSCL { 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 55-3-28 - Terms of trust may be reformed by court."><meta property="og:description" content="SDLRC Codified Law 55-3-28 - Terms of trust may be reformed by court."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-3-28"><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="seacd3af5c157490bb77d115ff4f1012dNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-3-28" rel="noopener"><span class="seacd3af5c157490bb77d115ff4f1012dSENU">55-3-28</span></a><span xml:space="preserve" class="seacd3af5c157490bb77d115ff4f1012dSENU">. </span><span class="seacd3af5c157490bb77d115ff4f1012dCL">Terms of trust may be reformed by court.</span></p><p dir="ltr" class="seacd3af5c157490bb77d115ff4f1012dStatute"><span class="seacd3af5c157490bb77d115ff4f1012dDefaultParagraphFont">On petition by a trustee or beneficiary, the court may reform the terms of the trust, based upon a showing by the preponderance of the evidence and without any preliminary showing of an ambiguity, to conform to the trustor's intention if the failure to conform was due to a mistake of fact or law or a scrivener's error and the trustor's intent can be established. The terms of the trust may be construed or modified, in a manner that does not violate the trustor's probable intention, to achieve the trustor's tax objectives.</span></p><p dir="ltr" class="seacd3af5c157490bb77d115ff4f1012dNormal"><span xml:space="preserve" class="seacd3af5c157490bb77d115ff4f1012d000000"> </span></p><p dir="ltr" class="seacd3af5c157490bb77d115ff4f1012dNoIndent"><span xml:space="preserve" class="seacd3af5c157490bb77d115ff4f1012dDefaultParagraphFont-000001">Source: </span><span class="seacd3af5c157490bb77d115ff4f1012dSCL">SL 1998, ch 282, § 6; SL 2016, ch 231, § 22; SL 2023, ch 161, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072687Normal { 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.s2072687SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072687CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072687Normal-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.s2072687DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072687000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072687SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072687SCL-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="s2072687Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-29"><span class="s2072687SENU">55-3-29</span></a><span xml:space="preserve" class="s2072687SENU">. </span><span class="s2072687CL">Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition to court.</span></p><p dir="ltr" class="s2072687Normal-000000"><span class="s2072687DefaultParagraphFont">Without approval of court and except as otherwise provided by the terms of the trust, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the combination or division does not impair the rights of any of the beneficiaries or substantially affect the accomplishment of the trust purposes. On petition by a trustee or beneficiary, the court may affirm or prevent a proposed combination or division; and, if the terms of the trust instruments creating the trusts are inconsistent, the court shall resolve such inconsistencies in its order by establishing the terms of the trust that will survive the combination or division.</span></p><p dir="ltr" class="s2072687Normal"><span xml:space="preserve" class="s2072687000001"> </span></p><p dir="ltr" class="s2072687Normal"><span class="s2072687SCL">Source:</span><span xml:space="preserve" class="s2072687SCL-000002"> SL 1998, ch 282, § 7; SL 2004, ch 312, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072688Normal { 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.s2072688SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072688CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072688Normal-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.s2072688DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072688000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072688SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072688SCL-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="s2072688Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-29.1"><span class="s2072688SENU">55-3-29.1</span></a><span xml:space="preserve" class="s2072688SENU">. </span><span class="s2072688CL">Defense of laches not available.</span></p><p dir="ltr" class="s2072688Normal-000000"><span xml:space="preserve" class="s2072688DefaultParagraphFont">No beneficiary of a trust may assert the defense of laches in any proceeding to modify, reform, or terminate a trust pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-23"><span class="s2072688DefaultParagraphFont">55-3-23</span></a><span xml:space="preserve" class="s2072688DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-29"><span class="s2072688DefaultParagraphFont">55-3-29</span></a><span class="s2072688DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2072688Normal"><span xml:space="preserve" class="s2072688000001"> </span></p><p dir="ltr" class="s2072688Normal"><span class="s2072688SCL">Source:</span><span xml:space="preserve" class="s2072688SCL-000002"> SL 2009, ch 252, § 22.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072689Normal { 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.s2072689SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072689CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072689Normal-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.s2072689DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072689000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072689SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072689SCL-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="s2072689Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-29.2"><span class="s2072689SENU">55-3-29.2</span></a><span xml:space="preserve" class="s2072689SENU">. </span><span class="s2072689CL">Statute of limitations defense not available.</span></p><p dir="ltr" class="s2072689Normal-000000"><span xml:space="preserve" class="s2072689DefaultParagraphFont">No beneficiary of a trust may assert a statute of limitations defense in any proceeding to modify, reform, or terminate a trust pursuant to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-23"><span class="s2072689DefaultParagraphFont">55-3-23</span></a><span xml:space="preserve" class="s2072689DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-29"><span class="s2072689DefaultParagraphFont">55-3-29</span></a><span class="s2072689DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2072689Normal"><span xml:space="preserve" class="s2072689000001"> </span></p><p dir="ltr" class="s2072689Normal"><span class="s2072689SCL">Source:</span><span xml:space="preserve" class="s2072689SCL-000002"> SL 2011, ch 212, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072690Normal { 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.s2072690SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072690CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072690Normal-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.s2072690DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072690000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072690SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072690SCL-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="s2072690Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-30"><span class="s2072690SENU">55-3-30</span></a><span xml:space="preserve" class="s2072690SENU">. </span><span class="s2072690CL">Provisions not exclusive.</span></p><p dir="ltr" class="s2072690Normal-000000"><span xml:space="preserve" class="s2072690DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-23"><span class="s2072690DefaultParagraphFont">55-3-23</span></a><span xml:space="preserve" class="s2072690DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-29"><span class="s2072690DefaultParagraphFont">55-3-29</span></a><span class="s2072690DefaultParagraphFont">, inclusive, shall not be construed as exclusive methods of modifying or terminating irrevocable trusts.</span></p><p dir="ltr" class="s2072690Normal"><span xml:space="preserve" class="s2072690000001"> </span></p><p dir="ltr" class="s2072690Normal"><span class="s2072690SCL">Source:</span><span xml:space="preserve" class="s2072690SCL-000002"> SL 1998, ch 282, § 8.</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 - FIDUCIARIES AND TRUSTS 55-3-31 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-3-31 "> <META NAME="Description" Content="South Dakota Codified Laws 55-3-31"> </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 --> 55-3-31 to 55-3-38. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2017, ch 208, &#167;&nbsp;36.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072692Normal { 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.s2072692SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072692CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072692Normal-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.s2072692DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072692Normal-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; } p.s2072692Normal-000002 { text-indent: 0.25in; 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.s2072692000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072692SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072692SCL-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="s2072692Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-39"><span class="s2072692SENU">55-3-39</span></a><span xml:space="preserve" class="s2072692SENU">. </span><span class="s2072692CL">When state law or jurisdiction provision valid, effective, and conclusive.</span></p><p dir="ltr" class="s2072692Normal-000000"><span class="s2072692DefaultParagraphFont">Except as expressly provided by the terms of a governing instrument or by a court order, a general law or a state jurisdiction provision stating that the laws of this state govern is valid, effective, and conclusive for the trust if all of the following are true:</span></p><p dir="ltr" class="s2072692Normal-000001"><span class="s2072692DefaultParagraphFont">(1)    Some or all of the trust assets are deposited in this state or physical evidence of such assets is held in this state and the trust is being administered by a qualified person; in this subdivision, deposited in this state, includes being held in a checking account, time deposit, certificate of deposit, brokerage account, trust company fiduciary account, or other similar account or deposit that is located in this state including South Dakota investments;</span></p><p dir="ltr" class="s2072692Normal-000001"><span class="s2072692DefaultParagraphFont">(2)    A trustee is a qualified person who is designated as a trustee under the governing instrument, a successor trusteeship, or designated by a court having jurisdiction over the trust; and</span></p><p dir="ltr" class="s2072692Normal-000001"><span class="s2072692DefaultParagraphFont">(3)    The administration, for example, physically maintaining trust records in this state and preparing or arranging for the preparation of, on an exclusive basis or a nonexclusive basis, an income tax return that must be filed by the trust, occurs wholly or partly in this state.</span></p><p dir="ltr" class="s2072692Normal-000002"><span class="s2072692DefaultParagraphFont">The State of South Dakota and its courts have jurisdiction over a trust created in a foreign jurisdiction if the administration of the trust meets the three requirements set forth in this section.</span></p><p dir="ltr" class="s2072692Normal-000002"><span class="s2072692DefaultParagraphFont">Nothing in this section may be construed to be the exclusive means of providing a valid effective and conclusive state jurisdiction provision.</span></p><p dir="ltr" class="s2072692Normal"><span xml:space="preserve" class="s2072692000003"> </span></p><p dir="ltr" class="s2072692Normal"><span class="s2072692SCL">Source:</span><span xml:space="preserve" class="s2072692SCL-000004"> SL 1998, ch 282, § 20; SL 2004, ch 312, § 6; SL 2010, ch 232, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072693Normal { 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.s2072693SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072693CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072693Normal-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.s2072693DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072693Normal-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.s2072693000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072693SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072693SCL-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="s2072693Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-40"><span class="s2072693SENU">55-3-40</span></a><span xml:space="preserve" class="s2072693SENU">. </span><span class="s2072693CL">Validity, construction, and administration of trust with state jurisdiction provision.</span></p><p dir="ltr" class="s2072693Normal-000000"><span class="s2072693DefaultParagraphFont">The validity, construction, and administration of a trust with a state jurisdiction provision are determined by the laws of this state, including the:</span></p><p dir="ltr" class="s2072693Normal-000001"><span class="s2072693DefaultParagraphFont">(1)    Capacity of the trustor;</span></p><p dir="ltr" class="s2072693Normal-000001"><span class="s2072693DefaultParagraphFont">(2)    Powers, obligations, liabilities, and rights of the trustees and the appointment and removal of the trustees; and</span></p><p dir="ltr" class="s2072693Normal-000001"><span class="s2072693DefaultParagraphFont">(3)    Existence and extent of powers, conferred or retained, including a trustee's discretionary powers, and the validity of the exercise of a power.</span></p><p dir="ltr" class="s2072693Normal"><span xml:space="preserve" class="s2072693000002"> </span></p><p dir="ltr" class="s2072693Normal"><span class="s2072693SCL">Source:</span><span xml:space="preserve" class="s2072693SCL-000003"> SL 1998, ch 282, § 21.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072694Normal { 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.s2072694SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072694CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072694Normal-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.s2072694DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072694Normal-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.s2072694000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072694SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072694SCL-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="s2072694Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-41"><span class="s2072694SENU">55-3-41</span></a><span xml:space="preserve" class="s2072694SENU">. </span><span class="s2072694CL">Qualified person defined.</span></p><p dir="ltr" class="s2072694Normal-000000"><span xml:space="preserve" class="s2072694DefaultParagraphFont">For the purposes of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-39"><span class="s2072694DefaultParagraphFont">55-3-39</span></a><span class="s2072694DefaultParagraphFont">, the term, qualified person, means:</span></p><p dir="ltr" class="s2072694Normal-000001"><span class="s2072694DefaultParagraphFont">(1)    An individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does not have a present intention of moving from this state, and who has the intention of returning to this state when away;</span></p><p dir="ltr" class="s2072694Normal-000001"><span class="s2072694DefaultParagraphFont">(2)    A trust company that is organized under Title 51A or under federal law and that has its principal place of business in this state; or</span></p><p dir="ltr" class="s2072694Normal-000001"><span class="s2072694DefaultParagraphFont">(3)    A bank or savings association that possesses and exercises trust powers, has its principal place of business in this state, and the deposits of which are insured by the Federal Deposit Insurance Corporation.</span></p><p dir="ltr" class="s2072694Normal"><span xml:space="preserve" class="s2072694000002"> </span></p><p dir="ltr" class="s2072694Normal"><span class="s2072694SCL">Source:</span><span xml:space="preserve" class="s2072694SCL-000003"> SL 1998, ch 282, § 22.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072695Normal { 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.s2072695SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072695CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072695Normal-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.s2072695DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072695000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072695SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072695SCL-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="s2072695Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-42"><span class="s2072695SENU">55-3-42</span></a><span xml:space="preserve" class="s2072695SENU">. </span><span class="s2072695CL">State jurisdiction provision defined.</span></p><p dir="ltr" class="s2072695Normal-000000"><span xml:space="preserve" class="s2072695DefaultParagraphFont">For the purposes of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-39"><span class="s2072695DefaultParagraphFont">55-3-39</span></a><span xml:space="preserve" class="s2072695DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-40"><span class="s2072695DefaultParagraphFont">55-3-40</span></a><span class="s2072695DefaultParagraphFont">, the term, state jurisdiction provision, means a provision within the trust instrument that the laws of this state govern the validity, construction, or administration of a trust or that the trust is subject to the jurisdiction of this state.</span></p><p dir="ltr" class="s2072695Normal"><span xml:space="preserve" class="s2072695000001"> </span></p><p dir="ltr" class="s2072695Normal"><span class="s2072695SCL">Source:</span><span xml:space="preserve" class="s2072695SCL-000002"> SL 1998, ch 282, § 23; SL 2013, ch 239, § 22.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072696Normal { 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.s2072696SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072696CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072696Normal-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.s2072696DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072696000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072696SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072696SCL-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="s2072696Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-43"><span class="s2072696SENU">55-3-43</span></a><span xml:space="preserve" class="s2072696SENU">. </span><span class="s2072696CL">South Dakota investments defined.</span></p><p dir="ltr" class="s2072696Normal-000000"><span xml:space="preserve" class="s2072696DefaultParagraphFont">For the purposes of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-39"><span class="s2072696DefaultParagraphFont">55-3-39</span></a><span class="s2072696DefaultParagraphFont">, the term, South Dakota investments, means real property located in South Dakota, any equity or debt securities of a corporation, partnership, or limited liability company organized under the laws of South Dakota or having its headquarters in South Dakota, debt securities of the State of South Dakota or any of its subdivisions, or any of its instrumentalities.</span></p><p dir="ltr" class="s2072696Normal"><span xml:space="preserve" class="s2072696000001"> </span></p><p dir="ltr" class="s2072696Normal"><span class="s2072696SCL">Source:</span><span xml:space="preserve" class="s2072696SCL-000002"> SL 1998, ch 282, § 24.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072697Normal { 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.s2072697SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072697CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072697Normal-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.s2072697DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072697000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072697SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072697SCL-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="s2072697Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-44"><span class="s2072697SENU">55-3-44</span></a><span xml:space="preserve" class="s2072697SENU">. </span><span class="s2072697CL">Trustor defined.</span></p><p dir="ltr" class="s2072697Normal-000000"><span xml:space="preserve" class="s2072697DefaultParagraphFont">For the purposes of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-40"><span class="s2072697DefaultParagraphFont">55-3-40</span></a><span class="s2072697DefaultParagraphFont">, the term, trustor, means a person who transfers property in trust, and includes a person who furnishes the property transferred to a trust even if the trust is created by another person.</span></p><p dir="ltr" class="s2072697Normal"><span xml:space="preserve" class="s2072697000001"> </span></p><p dir="ltr" class="s2072697Normal"><span class="s2072697SCL">Source:</span><span xml:space="preserve" class="s2072697SCL-000002"> SL 1998, ch 282, § 25.</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 - FIDUCIARIES AND TRUSTS </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; } </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><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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072699Normal { 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.s2072699SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072699CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072699Normal-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.s2072699DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072699Normal-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; } p.s2072699Normal-000002 { 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; } span.s2072699000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072699SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072699SCL-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="s2072699Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-46"><span class="s2072699SENU">55-3-46</span></a><span xml:space="preserve" class="s2072699SENU">. </span><span class="s2072699CL">Effect of the laws, rules, or orders of foreign country on trust or disposition of property.</span></p><p dir="ltr" class="s2072699Normal-000000"><span class="s2072699DefaultParagraphFont">No trust with South Dakota situs or governed by the laws of the State of South Dakota and no disposition of property to be held upon the terms of such trust is void, voidable, liable to be set aside, or defective in any manner by reason that:</span></p><p dir="ltr" class="s2072699Normal-000001"><span class="s2072699DefaultParagraphFont">(1)    The law of any foreign country, as defined in subdivision 10-43-1(6), prohibits or does not recognize the concept of a trust; or</span></p><p dir="ltr" class="s2072699Normal-000001"><span class="s2072699DefaultParagraphFont">(2)    The trust or disposition:</span></p><p dir="ltr" class="s2072699Normal-000002"><span class="s2072699DefaultParagraphFont">(a)    Avoids or defeats any right, claim, or interest conferred by the law of a foreign country upon any person by reason of a personal relationship to the trustor or by way of heirship rights; or</span></p><p dir="ltr" class="s2072699Normal-000002"><span class="s2072699DefaultParagraphFont">(b)    Contravenes any rule or law of a foreign country or any foreign country's judicial or administrative order or action intended to recognize, protect, enforce, or give effect to such a right, claim, or interest.</span></p><p dir="ltr" class="s2072699Normal"><span xml:space="preserve" class="s2072699000003"> </span></p><p dir="ltr" class="s2072699Normal"><span class="s2072699SCL">Source:</span><span xml:space="preserve" class="s2072699SCL-000004"> SL 2005, ch 260, § 8.</span></p><p dir="ltr" class="s2072699Normal"><span xml:space="preserve" class="s2072699000003"> </span></p><p dir="ltr" class="s2072699Normal"><span xml:space="preserve" class="s2072699000003"> </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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083045Normal { 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.s2083045SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083045CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083045Statute { 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.s2083045DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083045000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083045NoIndent { 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.s2083045DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083045SCL { 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 55-3-46.1 - Effect of laws, rules, or orders of other states on a trust or disposition of property."><meta property="og:description" content="SDLRC Codified Law 55-3-46.1 - Effect of laws, rules, or orders of other states on a trust or disposition of property."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-3-46.1"><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="s2083045Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-46.1" rel="noopener"><span class="s2083045SENU">55-3-46.1</span></a><span xml:space="preserve" class="s2083045SENU">. </span><span xml:space="preserve" class="s2083045CL">Effect of laws, rules, or orders of other states on a trust or disposition of property. </span></p><p dir="ltr" class="s2083045Statute"><span class="s2083045DefaultParagraphFont">No trust governed by the laws of this state and no disposition of property to be held upon the terms of such trust is void, voidable, liable to be set aside, or defective in any manner by reason that the law or public policy of any other state does not recognize or limits the validity of the trust or the validity or enforceability of any or all of the terms of the trust, so long as such terms are valid and enforceable under the laws and public policy of this state.</span></p><p dir="ltr" class="s2083045Normal"><span xml:space="preserve" class="s2083045000000"> </span></p><p dir="ltr" class="s2083045NoIndent"><span xml:space="preserve" class="s2083045DefaultParagraphFont-000001">Source: </span><span class="s2083045SCL">SL 2021, ch 207, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072700Normal { 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.s2072700SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072700CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072700Normal-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.s2072700DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072700000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072700SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072700SCL-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="s2072700Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-47"><span class="s2072700SENU">55-3-47</span></a><span xml:space="preserve" class="s2072700SENU">. </span><span class="s2072700CL">Cessation of trustee upon action of foreign court--Successor trustee.</span></p><p dir="ltr" class="s2072700Normal-000000"><span class="s2072700DefaultParagraphFont">If, in any action brought against a trustee of a trust, a foreign court takes any action whereby such court declines to apply the law of this state in determining the validity, construction, or administration of such trust, or the effect of a spendthrift provision thereof, the trustee shall immediately upon the foreign court's action and without the further order of any court of this state, cease in all respects to be trustee of the trust and a successor trustee shall thereupon succeed as trustee in accordance with the terms of the trust instrument or, if the trust instrument does not provide for a successor trustee and the trust would otherwise be without a trustee, the court, upon the application of any beneficiary of the trust, shall appoint a successor trustee upon such terms and conditions as it determines to be consistent with the purposes of the trust and this section. Upon the trustee's ceasing to be trustee, the trustee has no power or authority other than to convey the trust property to the successor trustee named in the trust instrument in accordance with this section.</span></p><p dir="ltr" class="s2072700Normal"><span xml:space="preserve" class="s2072700000001"> </span></p><p dir="ltr" class="s2072700Normal"><span class="s2072700SCL">Source:</span><span xml:space="preserve" class="s2072700SCL-000002"> SL 2006, ch 243, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072701Normal { 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.s2072701SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072701CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072701Normal-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.s2072701DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072701000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072701SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072701SCL-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="s2072701Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-48"><span class="s2072701SENU">55-3-48</span></a><span xml:space="preserve" class="s2072701SENU">. </span><span class="s2072701CL">South Dakota law governs administration of trust.</span></p><p dir="ltr" class="s2072701Normal-000000"><span class="s2072701DefaultParagraphFont">Unless the governing instrument or a court order expressly prohibits the change of the law of another jurisdiction to govern the administration of the trust, the laws of South Dakota shall govern the administration of a trust while the trust is administered in South Dakota.</span></p><p dir="ltr" class="s2072701Normal"><span xml:space="preserve" class="s2072701000001"> </span></p><p dir="ltr" class="s2072701Normal"><span class="s2072701SCL">Source:</span><span xml:space="preserve" class="s2072701SCL-000002"> SL 2012, ch 233, § 25; SL 2016, ch 231, § 23.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083046Normal { 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.s2083046SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083046CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083046Statute { 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.s2083046DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083046000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083046NoIndent { 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.s2083046DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083046SCL { 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 55-3-49 - Enforcement of foreign judgments."><meta property="og:description" content="SDLRC Codified Law 55-3-49 - Enforcement of foreign judgments."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-3-49"><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="s2083046Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-49" rel="noopener"><span class="s2083046SENU">55-3-49</span></a><span xml:space="preserve" class="s2083046SENU">. </span><span xml:space="preserve" class="s2083046CL">Enforcement of foreign judgments. </span></p><p dir="ltr" class="s2083046Statute"><span xml:space="preserve" class="s2083046DefaultParagraphFont">Notwithstanding any other provision of law, no judgment, decree, or order of a court of the United States, a court of a state other than this state, or any other court, shall be enforced against any trust governed by the laws of this state, or any disposition of property to be held upon the terms of any such trust, unless a court in this state first determines that the time, manner, and mechanism for enforcing the judgment is consistent with the restrictions and limitations imposed under the terms of the trust and by the laws of this state on the enforcement of the claims of any creditor, including the restrictions and limitations imposed under this chapter, chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1" rel="noopener"><span class="s2083046DefaultParagraphFont">55-1</span></a><span xml:space="preserve" class="s2083046DefaultParagraphFont">, and chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1" rel="noopener"><span class="s2083046DefaultParagraphFont">55-1</span></a><span class="s2083046DefaultParagraphFont">6.</span></p><p dir="ltr" class="s2083046Normal"><span xml:space="preserve" class="s2083046000000"> </span></p><p dir="ltr" class="s2083046NoIndent"><span xml:space="preserve" class="s2083046DefaultParagraphFont-000001">Source: </span><span class="s2083046SCL">SL 2021, ch 207, § 7.</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 - FIDUCIARIES AND TRUSTS 55-4 UNIFORM TRUSTS ACT </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-4 UNIFORM TRUSTS ACT "> <META NAME="Description" Content="South Dakota Codified Laws 55-4"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-4 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> UNIFORM TRUSTS ACT <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-1">55-4-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Definition of terms. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-2">55-4-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Powers attached to the office of trustee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-3">55-4-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Number of trustees for exercise of powers. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-4">55-4-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability of trustee not joining in exercise of power. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-5">55-4-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Cotrustee--Liability for maladministration of trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-6">55-4-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Voting of corporate stock owned by trustee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-7">55-4-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Creation of trust--Bank account to pay special debts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-8">55-4-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-9">55-4-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Holding stock in name of nominee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-10">55-4-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Loan of trust funds. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-11">55-4-11</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Corporate trustee depositing trust funds with self--Interest. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-12">55-4-12</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Corporate trustee depositing trust funds with self--Maintenance of required value--Ownership of income--Items specified in statements of financial condition to Division of Banking. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-13">55-4-13</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Trustee not to buy from or sell to self--Exception. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-14">55-4-14</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Permitted sales between trusts held by same corporate trustee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-15">55-4-15</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Corporate trustee buying its own stock. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-16">55-4-16</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Withdrawals from mingled trust funds. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-17">55-4-17</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Unenforceable oral trust created by deed--Duties of intended trustee--Conveyance of real property interest under oral trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-18">55-4-18</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Unenforceable oral trust created by deed--Liability of trustee to settlor for transfer of real property. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-19">55-4-19</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Action on contract against trustee in representative capacity--Execution against trust property--Intervention by beneficiary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-20">55-4-20</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Action on contract against trustee--Notice to beneficiaries. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-21">55-4-21</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Action on contract against trustee--Personal liability of trustee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-22">55-4-22</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Exoneration or reimbursement of trustee for tort committed in administration of trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-23">55-4-23</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Exoneration or reimbursement of trustee for tort--Increase in value of trust property. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-24">55-4-24</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability of trustees of charitable trust for torts not changed by provisions of law as to exoneration or reimbursement of trustee for tort. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-25">55-4-25</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tort liability of trust estate--Action against trustee, amount of recovery, intervention by beneficiary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-26">55-4-26</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tort liability of trust estate--Action against trustee, proof as to reimbursement unnecessary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-27">55-4-27</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tort liability of trust estate--Action against trustee, notice to beneficiaries. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-28">55-4-28</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Personal liability for tort committed by trustee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-29">55-4-29</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Existing law as to charitable immunity not changed by law as to tort liability of trust estate. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-30">55-4-30</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Power of settlor of trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-31">55-4-31</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Trustee not liable if beneficiary consents to conduct or releases trustee from liability or ratifies transaction. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-32">55-4-32</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Relieving trustee of duties--Power of the court. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-33">55-4-33</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liabilities for violations of chapter. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-34">55-4-34</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Application of chapter to testamentary trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <hr> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-35">55-4-35</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Uniformity of interpretation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-36">55-4-36</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Citation of chapter. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-37">55-4-37</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability for fiduciary's partnership interest limited. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-38">55-4-38</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Limitation on trustee's power to make distributions to his or her benefit. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-39">55-4-39</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> &quot;Trustee&quot; construed broadly. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-40">55-4-40</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Applicability of &#167;&#167;&nbsp;55-4-38 and 55-4-39. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-41">55-4-41</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Certain trustees exempted from &#167;&#167;&nbsp;55-4-38 to 55-4-40, inclusive. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-42">55-4-42</A> to 55-4-47. Repealed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-48">55-4-48</A>, 55-4-49. Repealed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-50">55-4-50</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Co-trustee's inability or failure to perform. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-51">55-4-51</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Certificate of trust furnished in lieu of copy of trust instrument or will that creates testamentary trust--Contents. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-51.1">55-4-51.1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Recording of certificate of trust--Reliance upon content. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-51.2">55-4-51.2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Applicability of &#167;&#167;&nbsp;55-4-51 and 55-4-51.1. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-51.3">55-4-51.3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Form of certificate of trust in support of a real property transaction. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-52">55-4-52</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Request for excerpts from trust instrument. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-53">55-4-53</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Limitation of liability for acting in reliance on certificate of trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-54">55-4-54</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Enforcement of transaction entered into in reliance on certificate of trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-55">55-4-55</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability for bad faith demand for trust instrument. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-56">55-4-56</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Right to obtain copy of trust instrument in judicial proceeding. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-57">55-4-57</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Time for commencing judicial proceeding to contest validity of trust--Distribution of trust property--Recovery of improper distribution--Notice. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-4-58">55-4-58</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Presentation of claims against property of trust revocable at settlor's death. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072703Normal { 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.s2072703SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072703CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072703Normal-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.s2072703DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072703Normal-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.s2072703000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072703SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072703SCL-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="s2072703Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-1"><span class="s2072703SENU">55-4-1</span></a><span xml:space="preserve" class="s2072703SENU">. </span><span class="s2072703CL">Definition of terms.</span></p><p dir="ltr" class="s2072703Normal-000000"><span class="s2072703DefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="s2072703Normal-000001"><span class="s2072703DefaultParagraphFont">(1)    "Affiliate," any person directly or indirectly controlling or controlled by another person, or any person under direct or indirect common control with another person. It includes any person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by each from the other, directly or indirectly, except a broker or stock exchange;</span></p><p dir="ltr" class="s2072703Normal-000001"><span class="s2072703DefaultParagraphFont">(2)    "Person," an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a business trust, a trust, an unincorporated organization, or two or more persons having a joint or common interest;</span></p><p dir="ltr" class="s2072703Normal-000001"><span class="s2072703DefaultParagraphFont">(3)    "Relative," a spouse, ancestor, descendant, brother, or sister;</span></p><p dir="ltr" class="s2072703Normal-000001"><span class="s2072703DefaultParagraphFont">(4)    "Trust," an express trust only;</span></p><p dir="ltr" class="s2072703Normal-000001"><span class="s2072703DefaultParagraphFont">(5)    "Trustee," includes trustees, a corporate as well as a natural person and a successor or substitute trustee.</span></p><p dir="ltr" class="s2072703Normal"><span xml:space="preserve" class="s2072703000002"> </span></p><p dir="ltr" class="s2072703Normal"><span class="s2072703SCL">Source:</span><span xml:space="preserve" class="s2072703SCL-000003"> SL 1943, ch 308, § 1; SDC Supp 1960, § 59.0501; SL 1998, ch 282, § 41; SL 2015, ch 240, § 19.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072704Normal { 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.s2072704SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072704CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072704Normal-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.s2072704DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072704000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072704SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072704SCL-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="s2072704Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-2"><span class="s2072704SENU">55-4-2</span></a><span xml:space="preserve" class="s2072704SENU">. </span><span class="s2072704CL">Powers attached to the office of trustee.</span></p><p dir="ltr" class="s2072704Normal-000000"><span class="s2072704DefaultParagraphFont">Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, all powers of a trustee shall be attached to the office and shall not be personal.</span></p><p dir="ltr" class="s2072704Normal"><span xml:space="preserve" class="s2072704000001"> </span></p><p dir="ltr" class="s2072704Normal"><span class="s2072704SCL">Source:</span><span xml:space="preserve" class="s2072704SCL-000002"> SL 1943, ch 308, § 10; SDC Supp 1960, § 59.0510.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072705Normal { 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.s2072705SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072705CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072705Normal-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.s2072705DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072705000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072705SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072705SCL-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="s2072705Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-3"><span class="s2072705SENU">55-4-3</span></a><span xml:space="preserve" class="s2072705SENU">. </span><span class="s2072705CL">Number of trustees for exercise of powers.</span></p><p dir="ltr" class="s2072705Normal-000000"><span class="s2072705DefaultParagraphFont">Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, any power vested in three or more trustees may be exercised by a majority of such trustees and any power vested in two trustees shall be exercised by both of such trustees.</span></p><p dir="ltr" class="s2072705Normal"><span xml:space="preserve" class="s2072705000001"> </span></p><p dir="ltr" class="s2072705Normal"><span class="s2072705SCL">Source:</span><span xml:space="preserve" class="s2072705SCL-000002"> SL 1943, ch 308, § 11; SDC Supp 1960, § 59.0511 (1); SL 2011, ch 212, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072706Normal { 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.s2072706SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072706CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072706Normal-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.s2072706DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072706000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072706SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072706SCL-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="s2072706Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-4"><span class="s2072706SENU">55-4-4</span></a><span xml:space="preserve" class="s2072706SENU">. </span><span class="s2072706CL">Liability of trustee not joining in exercise of power.</span></p><p dir="ltr" class="s2072706Normal-000000"><span class="s2072706DefaultParagraphFont">No trustee who has not joined in exercising a power shall be liable to the beneficiaries or to others for the consequences of such exercise, nor shall a dissenting trustee be liable for the consequences of an act in which he joins at the direction of the majority trustees, if he expressed his dissent in writing to any of his cotrustees at or before the time of such joinder.</span></p><p dir="ltr" class="s2072706Normal"><span xml:space="preserve" class="s2072706000001"> </span></p><p dir="ltr" class="s2072706Normal"><span class="s2072706SCL">Source:</span><span xml:space="preserve" class="s2072706SCL-000002"> SL 1943, ch 308, § 11; SDC Supp 1960, § 59.0511 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072707Normal { 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.s2072707SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072707CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072707Normal-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.s2072707DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072707000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072707SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072707SCL-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="s2072707Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-5"><span class="s2072707SENU">55-4-5</span></a><span xml:space="preserve" class="s2072707SENU">. </span><span class="s2072707CL">Cotrustee--Liability for maladministration of trust.</span></p><p dir="ltr" class="s2072707Normal-000000"><span xml:space="preserve" class="s2072707DefaultParagraphFont">Nothing in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-3"><span class="s2072707DefaultParagraphFont">55-4-3</span></a><span xml:space="preserve" class="s2072707DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-4"><span class="s2072707DefaultParagraphFont">55-4-4</span></a><span xml:space="preserve" class="s2072707DefaultParagraphFont"> shall excuse a cotrustee from liability for inactivity in the administration of the trust nor for failure to attempt to prevent a breach of trust.</span></p><p dir="ltr" class="s2072707Normal"><span xml:space="preserve" class="s2072707000001"> </span></p><p dir="ltr" class="s2072707Normal"><span class="s2072707SCL">Source:</span><span xml:space="preserve" class="s2072707SCL-000002"> SL 1943, ch 308, § 11; SDC Supp 1960, § 59.0511 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072708Normal { 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.s2072708SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072708CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072708Normal-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.s2072708DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072708000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072708SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072708SCL-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="s2072708Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-6"><span class="s2072708SENU">55-4-6</span></a><span xml:space="preserve" class="s2072708SENU">. </span><span class="s2072708CL">Voting of corporate stock owned by trustee.</span></p><p dir="ltr" class="s2072708Normal-000000"><span class="s2072708DefaultParagraphFont">A trustee owning corporate stock may vote it by proxy, but shall be liable for any loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock and in voting it.</span></p><p dir="ltr" class="s2072708Normal"><span xml:space="preserve" class="s2072708000001"> </span></p><p dir="ltr" class="s2072708Normal"><span class="s2072708SCL">Source:</span><span xml:space="preserve" class="s2072708SCL-000002"> SL 1943, ch 308, § 8; SDC Supp 1960, § 59.0508.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072709Normal { 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.s2072709SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072709CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072709Normal-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.s2072709DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072709000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072709SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072709SCL-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="s2072709Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-7"><span class="s2072709SENU">55-4-7</span></a><span xml:space="preserve" class="s2072709SENU">. </span><span class="s2072709CL">Creation of trust--Bank account to pay special debts.</span></p><p dir="ltr" class="s2072709Normal-000000"><span class="s2072709DefaultParagraphFont">Whenever a bank account shall, by entries made on the books of the depositor and the bank at the time of the deposit, be created exclusively for the purpose of paying dividends, interest or interest coupons, salaries, wages, or pensions or other benefits to employees, and the depositor at the time of opening such account does not expressly otherwise declare, the depositor shall be deemed a trustee of such account for the creditors to be paid therefrom, subject to such power of revocation as the depositor may have reserved by agreement with the bank.</span></p><p dir="ltr" class="s2072709Normal"><span xml:space="preserve" class="s2072709000001"> </span></p><p dir="ltr" class="s2072709Normal"><span class="s2072709SCL">Source:</span><span xml:space="preserve" class="s2072709SCL-000002"> SL 1943, ch 308, § 2; SDC Supp 1960, § 59.0502 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072710Normal { 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.s2072710SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072710CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072710Normal-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.s2072710DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072710000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072710SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072710SCL-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="s2072710Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-8"><span class="s2072710SENU">55-4-8</span></a><span xml:space="preserve" class="s2072710SENU">. </span><span class="s2072710CL">Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor.</span></p><p dir="ltr" class="s2072710Normal-000000"><span xml:space="preserve" class="s2072710DefaultParagraphFont">If any beneficiary for whom a trust is created pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-7"><span class="s2072710DefaultParagraphFont">55-4-7</span></a><span xml:space="preserve" class="s2072710DefaultParagraphFont"> does not present his claim to the bank for payment within one year after it is due, the depositor who created such trust may revoke it as to such creditor.</span></p><p dir="ltr" class="s2072710Normal"><span xml:space="preserve" class="s2072710000001"> </span></p><p dir="ltr" class="s2072710Normal"><span class="s2072710SCL">Source:</span><span xml:space="preserve" class="s2072710SCL-000002"> SL 1943, ch 308, § 2; SDC Supp 1960, § 59.0502 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072711Normal { 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.s2072711SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072711CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072711Normal-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.s2072711DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072711Normal-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; } p.s2072711Normal-000002 { text-indent: 0.25in; 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.s2072711000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072711SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072711SCL-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="s2072711Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-9"><span class="s2072711SENU">55-4-9</span></a><span xml:space="preserve" class="s2072711SENU">. </span><span class="s2072711CL">Holding stock in name of nominee.</span></p><p dir="ltr" class="s2072711Normal-000000"><span class="s2072711DefaultParagraphFont">A trustee owning any stocks, bonds, notes, debentures, or other written obligations of any public or private corporation may hold the same in the name of a nominee, without mention of the trust in the records of such corporation or in the stock certificate or stock registration book of such corporation; provided that</span></p><p dir="ltr" class="s2072711Normal-000001"><span class="s2072711DefaultParagraphFont">(1)    The trust records and all reports or accounts rendered by the trustee clearly show the ownership of such stocks, bonds, notes, debentures, or other written obligations of such public or private corporation by the trustee and the facts regarding its holding; and</span></p><p dir="ltr" class="s2072711Normal-000001"><span class="s2072711DefaultParagraphFont">(2)    The nominee shall deposit with the trustee a signed statement showing the trust ownership, shall endorse the stock certificate or other said instrument in blank, and shall not have possession of the stock certificate or other said instrument or access thereto except under the immediate supervision of the trustee.</span></p><p dir="ltr" class="s2072711Normal-000002"><span class="s2072711DefaultParagraphFont">The trustee shall be personally liable for any loss to the trust resulting from any act of such nominee in connection with stocks, bonds, notes, debentures, or other written obligations of any public or private corporation so held.</span></p><p dir="ltr" class="s2072711Normal"><span xml:space="preserve" class="s2072711000003"> </span></p><p dir="ltr" class="s2072711Normal"><span class="s2072711SCL">Source:</span><span xml:space="preserve" class="s2072711SCL-000004"> SL 1943, ch 308, § 9; SDC Supp 1960, § 59.0509; SL 1967, ch 338.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072712Normal { 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.s2072712SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072712CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072712Normal-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.s2072712DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072712Normal-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.s2072712000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072712SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072712SCL-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="s2072712Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-10"><span class="s2072712SENU">55-4-10</span></a><span xml:space="preserve" class="s2072712SENU">. </span><span class="s2072712CL">Loan of trust funds.</span></p><p dir="ltr" class="s2072712Normal-000000"><span xml:space="preserve" class="s2072712DefaultParagraphFont">Except as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-11"><span class="s2072712DefaultParagraphFont">55-4-11</span></a><span xml:space="preserve" class="s2072712DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-12"><span class="s2072712DefaultParagraphFont">55-4-12</span></a><span xml:space="preserve" class="s2072712DefaultParagraphFont">, or except as may be expressly authorized by a court order, by the written consent of all qualified beneficiaries which may be given notwithstanding the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-31"><span class="s2072712DefaultParagraphFont">55-4-31</span></a><span xml:space="preserve" class="s2072712DefaultParagraphFont">, by the written authorization from or direction by a trust protector, or by the terms of the governing instrument, which may be given by the settlor notwithstanding the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-30"><span class="s2072712DefaultParagraphFont">55-4-30</span></a><span class="s2072712DefaultParagraphFont">:</span></p><p dir="ltr" class="s2072712Normal-000001"><span class="s2072712DefaultParagraphFont">(1)    No corporate trustee may lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate;</span></p><p dir="ltr" class="s2072712Normal-000001"><span class="s2072712DefaultParagraphFont">(2)    No noncorporate trustee may lend trust funds to himself or herself, or to any relative, employer, employee, partner, or other business associate.</span></p><p dir="ltr" class="s2072712Normal"><span xml:space="preserve" class="s2072712000002"> </span></p><p dir="ltr" class="s2072712Normal"><span class="s2072712SCL">Source:</span><span xml:space="preserve" class="s2072712SCL-000003"> SL 1943, ch 308, § 3; SDC Supp 1960, § 59.0503; SL 2017, ch 204, § 20.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072713Normal { 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.s2072713SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072713CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072713Normal-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.s2072713DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072713000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072713SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072713SCL-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="s2072713Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-11"><span class="s2072713SENU">55-4-11</span></a><span xml:space="preserve" class="s2072713SENU">. </span><span class="s2072713CL">Corporate trustee depositing trust funds with self--Interest.</span></p><p dir="ltr" class="s2072713Normal-000000"><span class="s2072713DefaultParagraphFont">A corporate trustee which is subject to regulation and supervision by state or federal authorities may deposit with itself trust funds which are being held necessarily pending investment, distribution, or the payment of debts, provided it pays into the trust for such deposit such interest as it is required by statute to pay on uninvested trust funds, or, if there be no such statute, the same rate of interest it pays upon similar nontrust deposits, and maintains in its trust department as security for all such deposits a separate fund consisting of securities legal for trust investments and at all times equal in total market value to the amount of the deposits. But no such security shall be required to the extent that the deposit is insured or given a preference by any state or federal law.</span></p><p dir="ltr" class="s2072713Normal"><span xml:space="preserve" class="s2072713000001"> </span></p><p dir="ltr" class="s2072713Normal"><span class="s2072713SCL">Source:</span><span xml:space="preserve" class="s2072713SCL-000002"> SL 1943, ch 308, § 4; SDC Supp 1960, § 59.0504 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072714Normal { 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.s2072714SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072714CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072714Normal-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.s2072714DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072714000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072714SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072714SCL-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="s2072714Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-12"><span class="s2072714SENU">55-4-12</span></a><span xml:space="preserve" class="s2072714SENU">. </span><span class="s2072714CL">Corporate trustee depositing trust funds with self--Maintenance of required value--Ownership of income--Items specified in statements of financial condition to Division of Banking.</span></p><p dir="ltr" class="s2072714Normal-000000"><span xml:space="preserve" class="s2072714DefaultParagraphFont">The separate fund of securities required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-11"><span class="s2072714DefaultParagraphFont">55-4-11</span></a><span xml:space="preserve" class="s2072714DefaultParagraphFont"> shall be marked as such. Withdrawals from or additions to it may be made from time to time, as long as the required value is maintained. The income of such securities shall belong to the corporate trustee. In all statements of its financial condition published, or delivered to the Division of Banking, such corporate trustee shall show as separate items the amount of trust funds which it has deposited with itself and the amount of securities which it holds as security for the payment of such deposits.</span></p><p dir="ltr" class="s2072714Normal"><span xml:space="preserve" class="s2072714000001"> </span></p><p dir="ltr" class="s2072714Normal"><span class="s2072714SCL">Source:</span><span xml:space="preserve" class="s2072714SCL-000002"> SL 1943, ch 308, § 4; SDC Supp 1960, § 59.0504 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072715Normal { 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.s2072715SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072715CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072715Normal-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.s2072715DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072715000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072715SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072715SCL-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="s2072715Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-13"><span class="s2072715SENU">55-4-13</span></a><span xml:space="preserve" class="s2072715SENU">. </span><span class="s2072715CL">Trustee not to buy from or sell to self--Exception.</span></p><p dir="ltr" class="s2072715Normal-000000"><span xml:space="preserve" class="s2072715DefaultParagraphFont">No trustee, unless expressly authorized by the trust instrument, shall directly or indirectly lease, buy or sell any property for the trust from or to itself or an affiliate; or from or to a director, officer, or employee of such trustee or of an affiliate; or from or to a relative, employer, partner, or other business associate. Notwithstanding this provision or any statute to the contrary, a trustee may lease, purchase or sell property from or to the trust he represents as trustee if specifically authorized to do so in a decedent's will or the instrument creating the trustee relationship, including the establishment of a trust service office as provided by chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=51A-5"><span class="s2072715DefaultParagraphFont">51A-5</span></a><span class="s2072715DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072715Normal"><span xml:space="preserve" class="s2072715000001"> </span></p><p dir="ltr" class="s2072715Normal"><span class="s2072715SCL">Source:</span><span xml:space="preserve" class="s2072715SCL-000002"> SL 1943, ch 308, § 5; SDC Supp 1960, § 59.0505; SL 1980, ch 343; SL 1981, ch 354, § 2; SL 1984, ch 314, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072716Normal { 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.s2072716SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072716CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072716Normal-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.s2072716DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072716000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072716SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072716SCL-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="s2072716Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-14"><span class="s2072716SENU">55-4-14</span></a><span xml:space="preserve" class="s2072716SENU">. </span><span class="s2072716CL">Permitted sales between trusts held by same corporate trustee.</span></p><p dir="ltr" class="s2072716Normal-000000"><span class="s2072716DefaultParagraphFont">A corporate trustee may sell stocks, bonds and other securities listed on all exchange supervised by the securities and exchange commission as well as obligations of the U.S. treasury and obligations of U.S. government agencies held by it in one account to itself as trustee of another account if the transaction is fair to both accounts and if such transaction is not prohibited by the instruments creating the trustee relationships.</span></p><p dir="ltr" class="s2072716Normal"><span xml:space="preserve" class="s2072716000001"> </span></p><p dir="ltr" class="s2072716Normal"><span class="s2072716SCL">Source:</span><span xml:space="preserve" class="s2072716SCL-000002"> SL 1943, ch 308, § 6; SDC Supp 1960, § 59.0506; SL 1979, ch 337.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072717Normal { 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.s2072717SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072717CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072717Normal-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.s2072717DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072717000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072717SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072717SCL-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="s2072717Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-15"><span class="s2072717SENU">55-4-15</span></a><span xml:space="preserve" class="s2072717SENU">. </span><span class="s2072717CL">Corporate trustee buying its own stock.</span></p><p dir="ltr" class="s2072717Normal-000000"><span class="s2072717DefaultParagraphFont">No corporate trustee, unless expressly authorized by the trust instrument, may purchase for a trust shares of its own stock, or its bonds, or other securities, or the stock, bonds, or other securities of an affiliate.</span></p><p dir="ltr" class="s2072717Normal"><span xml:space="preserve" class="s2072717000001"> </span></p><p dir="ltr" class="s2072717Normal"><span class="s2072717SCL">Source:</span><span xml:space="preserve" class="s2072717SCL-000002"> SL 1943, ch 308, § 7; SDC Supp 1960, § 59.0507; SL 2006, ch 243, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072718Normal { 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.s2072718SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072718CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072718Normal-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.s2072718DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072718000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072718SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072718SCL-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="s2072718Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-16"><span class="s2072718SENU">55-4-16</span></a><span xml:space="preserve" class="s2072718SENU">. </span><span class="s2072718CL">Withdrawals from mingled trust funds.</span></p><p dir="ltr" class="s2072718Normal-000000"><span class="s2072718DefaultParagraphFont">Where a person who is a trustee of two or more trusts has mingled the funds of two or more trusts in the same aggregate of cash, or in the same bank or brokerage account or other investment, and a withdrawal is made therefrom by the trustee for his own benefit, or for the benefit of a third person not a beneficiary or creditor of one or more of the trusts, or for an unknown purpose, such a withdrawal shall be charged first to the amount of cash, credit, or other property of the trustee in the mingled fund, if any, and after the exhaustion of the trustee's cash, credit, or other property, then to the several trusts in proportion to their several interests in the cash, credit, or other property at the time of the withdrawal.</span></p><p dir="ltr" class="s2072718Normal"><span xml:space="preserve" class="s2072718000001"> </span></p><p dir="ltr" class="s2072718Normal"><span class="s2072718SCL">Source:</span><span xml:space="preserve" class="s2072718SCL-000002"> SL 1943, ch 308, § 15; SDC Supp 1960, § 59.0515.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072719Normal { 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.s2072719SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072719CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072719Normal-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.s2072719DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072719000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072719SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072719SCL-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="s2072719Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-17"><span class="s2072719SENU">55-4-17</span></a><span xml:space="preserve" class="s2072719SENU">. </span><span class="s2072719CL">Unenforceable oral trust created by deed--Duties of intended trustee--Conveyance of real property interest under oral trust.</span></p><p dir="ltr" class="s2072719Normal-000000"><span class="s2072719DefaultParagraphFont">When an interest in real property is conveyed by deed to a person on a trust which is unenforceable on account of the statute of frauds and the intended trustee or his successor in interest still holds title but refuses to carry out the trust on account of the statute of frauds, the intended trustee or his successor in interest, except to the extent that the successor in interest is a bona fide purchaser of a legal interest in the real property in question, shall be under a duty to convey the interest in real property to the settlor or his successor in interest. A court having jurisdiction may prescribe the conditions upon which the interest shall be conveyed to the settlor or his successor in interest.</span></p><p dir="ltr" class="s2072719Normal"><span xml:space="preserve" class="s2072719000001"> </span></p><p dir="ltr" class="s2072719Normal"><span class="s2072719SCL">Source:</span><span xml:space="preserve" class="s2072719SCL-000002"> SL 1943, ch 308, § 16; SDC Supp 1960, § 59.0516 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072720Normal { 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.s2072720SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072720CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072720Normal-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.s2072720DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072720000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072720SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072720SCL-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="s2072720Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-18"><span class="s2072720SENU">55-4-18</span></a><span xml:space="preserve" class="s2072720SENU">. </span><span class="s2072720CL">Unenforceable oral trust created by deed--Liability of trustee to settlor for transfer of real property.</span></p><p dir="ltr" class="s2072720Normal-000000"><span class="s2072720DefaultParagraphFont">Where the intended trustee has transferred part or all of his interest and it has come into the hands of a bona fide purchaser, the intended trustee shall be liable to the settlor or his successor in interest for the value of the interest thus transferred at the time of its transfer, less such offsets as the court may deem equitable.</span></p><p dir="ltr" class="s2072720Normal"><span xml:space="preserve" class="s2072720000001"> </span></p><p dir="ltr" class="s2072720Normal"><span class="s2072720SCL">Source:</span><span xml:space="preserve" class="s2072720SCL-000002"> SL 1943, ch 308, § 16; SDC Supp 1960, § 59.0516 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072721Normal { 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.s2072721SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072721CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072721Normal-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.s2072721DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072721000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072721SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072721SCL-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="s2072721Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-19"><span class="s2072721SENU">55-4-19</span></a><span xml:space="preserve" class="s2072721SENU">. </span><span class="s2072721CL">Action on contract against trustee in representative capacity--Execution against trust property--Intervention by beneficiary.</span></p><p dir="ltr" class="s2072721Normal-000000"><span class="s2072721DefaultParagraphFont">Whenever a trustee shall make a contract which is within his powers as trustee, or a predecessor trustee shall have made such a contract, and a cause of action shall arise thereon, the party in whose favor the cause of action has accrued may sue the trustee in his representative capacity, and any judgment rendered in such action in favor of the plaintiff shall be collectible by execution out of the trust property. In such an action the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if he had paid the plaintiff's claim. Any beneficiary, or in the case of charitable trusts the attorney general and any corporation which is a beneficiary or agency in the performance of such charitable trust, may intervene in such action and contest the right of the plaintiff to recover.</span></p><p dir="ltr" class="s2072721Normal"><span xml:space="preserve" class="s2072721000001"> </span></p><p dir="ltr" class="s2072721Normal"><span class="s2072721SCL">Source:</span><span xml:space="preserve" class="s2072721SCL-000002"> SL 1943, ch 308, § 12; SDC Supp 1960, § 59.0512 (1), (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072722Normal { 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.s2072722SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072722CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072722Normal-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.s2072722DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072722000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072722SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072722SCL-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="s2072722Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-20"><span class="s2072722SENU">55-4-20</span></a><span xml:space="preserve" class="s2072722SENU">. </span><span class="s2072722CL">Action on contract against trustee--Notice to beneficiaries.</span></p><p dir="ltr" class="s2072722Normal-000000"><span xml:space="preserve" class="s2072722DefaultParagraphFont">No judgment shall be rendered in favor of the plaintiff in an action pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-19"><span class="s2072722DefaultParagraphFont">55-4-19</span></a><span xml:space="preserve" class="s2072722DefaultParagraphFont"> unless he proves that within thirty days after the beginning of such action, or within such other time as the court may fix, and more than thirty days prior to obtaining the judgment, he notified each of the beneficiaries known to the trustee who then had a present interest, or in the case of a charitable trust the attorney general and any corporation which is a beneficiary or agency in the performance of such charitable trust, of the existence and nature of the action. Such notice shall be given by mailing copies thereof in postpaid envelopes addressed to the parties to be notified at their last known addresses. The trustee shall furnish the plaintiff a list of the parties to be notified, and their addresses, within ten days after written demand therefor, and notification of the persons on such list shall constitute compliance with the duty placed on the plaintiff by this section.</span></p><p dir="ltr" class="s2072722Normal"><span xml:space="preserve" class="s2072722000001"> </span></p><p dir="ltr" class="s2072722Normal"><span class="s2072722SCL">Source:</span><span xml:space="preserve" class="s2072722SCL-000002"> SL 1943, ch 308, § 12; SDC Supp 1960, § 59.0512 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072723Normal { 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.s2072723SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072723CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072723Normal-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.s2072723DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072723000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072723SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072723SCL-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="s2072723Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-21"><span class="s2072723SENU">55-4-21</span></a><span xml:space="preserve" class="s2072723SENU">. </span><span class="s2072723CL">Action on contract against trustee--Personal liability of trustee.</span></p><p dir="ltr" class="s2072723Normal-000000"><span xml:space="preserve" class="s2072723DefaultParagraphFont">The plaintiff in an action pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-19"><span class="s2072723DefaultParagraphFont">55-4-19</span></a><span xml:space="preserve" class="s2072723DefaultParagraphFont"> may also hold the trustee who made the contract personally liable on such contract, if the contract does not exclude such personal liability. The addition of the word "trustee" or the words "as trustee" after the signature of a trustee to a contract shall be deemed prima facie evidence of an intent to exclude the trustee from personal liability.</span></p><p dir="ltr" class="s2072723Normal"><span xml:space="preserve" class="s2072723000001"> </span></p><p dir="ltr" class="s2072723Normal"><span class="s2072723SCL">Source:</span><span xml:space="preserve" class="s2072723SCL-000002"> SL 1943, ch 308, § 12; SDC Supp 1960, § 59.0512 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072724Normal { 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.s2072724SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072724CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072724Normal-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.s2072724DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072724Normal-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.s2072724000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072724SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072724SCL-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="s2072724Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-22"><span class="s2072724SENU">55-4-22</span></a><span xml:space="preserve" class="s2072724SENU">. </span><span class="s2072724CL">Exoneration or reimbursement of trustee for tort committed in administration of trust.</span></p><p dir="ltr" class="s2072724Normal-000000"><span class="s2072724DefaultParagraphFont">A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration therefor from the trust property if he has not discharged the claim, or to be reimbursed therefor out of trust funds if he has paid the claim, if:</span></p><p dir="ltr" class="s2072724Normal-000001"><span class="s2072724DefaultParagraphFont">(1)    the tort was a common incident of the kind of business activity in which the trustee was properly engaged for the trust, or</span></p><p dir="ltr" class="s2072724Normal-000001"><span class="s2072724DefaultParagraphFont">(2)    although the tort was not a common incident of such activity, neither the trustee nor any officer or employee of the trustee was guilty of personal fault in incurring the liability.</span></p><p dir="ltr" class="s2072724Normal"><span xml:space="preserve" class="s2072724000002"> </span></p><p dir="ltr" class="s2072724Normal"><span class="s2072724SCL">Source:</span><span xml:space="preserve" class="s2072724SCL-000003"> SL 1943, ch 308, § 13; SDC Supp 1960, § 59.0513 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072725Normal { 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.s2072725SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072725CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072725Normal-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.s2072725DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072725000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072725SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072725SCL-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="s2072725Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-23"><span class="s2072725SENU">55-4-23</span></a><span xml:space="preserve" class="s2072725SENU">. </span><span class="s2072725CL">Exoneration or reimbursement of trustee for tort--Increase in value of trust property.</span></p><p dir="ltr" class="s2072725Normal-000000"><span class="s2072725DefaultParagraphFont">If a trustee commits a tort which increases the value of the trust property, he shall be entitled to exoneration or reimbursement with respect thereto to the extent of such increase in value, even though he would not otherwise be entitled to exoneration or reimbursement.</span></p><p dir="ltr" class="s2072725Normal"><span xml:space="preserve" class="s2072725000001"> </span></p><p dir="ltr" class="s2072725Normal"><span class="s2072725SCL">Source:</span><span xml:space="preserve" class="s2072725SCL-000002"> SL 1943, ch 308, § 13; SDC Supp 1960, § 59.0513 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072726Normal { 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.s2072726SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072726CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072726Normal-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.s2072726DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072726000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072726SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072726SCL-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="s2072726Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-24"><span class="s2072726SENU">55-4-24</span></a><span xml:space="preserve" class="s2072726SENU">. </span><span class="s2072726CL">Liability of trustees of charitable trust for torts not changed by provisions of law as to exoneration or reimbursement of trustee for tort.</span></p><p dir="ltr" class="s2072726Normal-000000"><span xml:space="preserve" class="s2072726DefaultParagraphFont">Nothing in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-22"><span class="s2072726DefaultParagraphFont">55-4-22</span></a><span xml:space="preserve" class="s2072726DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-23"><span class="s2072726DefaultParagraphFont">55-4-23</span></a><span xml:space="preserve" class="s2072726DefaultParagraphFont"> shall be construed to change the existing law with regard to the liability of trustees of charitable trusts for torts of themselves or their employees.</span></p><p dir="ltr" class="s2072726Normal"><span xml:space="preserve" class="s2072726000001"> </span></p><p dir="ltr" class="s2072726Normal"><span class="s2072726SCL">Source:</span><span xml:space="preserve" class="s2072726SCL-000002"> SL 1943, ch 308, § 13; SDC Supp 1960, § 59.0513 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072727Normal { 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.s2072727SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072727CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072727Normal-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.s2072727DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072727Normal-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; } p.s2072727Normal-000002 { text-indent: 0.25in; 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.s2072727000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072727SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072727SCL-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="s2072727Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-25"><span class="s2072727SENU">55-4-25</span></a><span xml:space="preserve" class="s2072727SENU">. </span><span class="s2072727CL">Tort liability of trust estate--Action against trustee, amount of recovery, intervention by beneficiary.</span></p><p dir="ltr" class="s2072727Normal-000000"><span class="s2072727DefaultParagraphFont">Where a trustee or his predecessor has incurred personal liability for a tort committed in the course of his administration, the trustee in his representative capacity may be sued and collection had from the trust property, if the court shall determine in such action:</span></p><p dir="ltr" class="s2072727Normal-000001"><span class="s2072727DefaultParagraphFont">(1)    that the tort was a common incident of the kind of business activity in which the trustee or his predecessor was properly engaged for the trust; or</span></p><p dir="ltr" class="s2072727Normal-000001"><span class="s2072727DefaultParagraphFont">(2)    that, although the tort was not a common incident of such activity, neither the trustee nor his predecessor, nor any officer or employee of the trustee or his predecessor, was guilty of personal fault in incurring the liability; or</span></p><p dir="ltr" class="s2072727Normal-000001"><span class="s2072727DefaultParagraphFont">(3)    that, although the tort did not fall within classes (1) or (2) above, it increased the value of the trust property.</span></p><p dir="ltr" class="s2072727Normal-000002"><span class="s2072727DefaultParagraphFont">If the tort is within classes (1) or (2) above, collection may be had of the full amount of damage proved; and if the tort is within class (3) above, collection may be had only to the extent of the increase in the value of the trust property.</span></p><p dir="ltr" class="s2072727Normal-000002"><span class="s2072727DefaultParagraphFont">Any beneficiary may intervene in such action and contest the right of the plaintiff to recover.</span></p><p dir="ltr" class="s2072727Normal"><span xml:space="preserve" class="s2072727000003"> </span></p><p dir="ltr" class="s2072727Normal"><span class="s2072727SCL">Source:</span><span xml:space="preserve" class="s2072727SCL-000004"> SL 1943, ch 308, § 14; SDC Supp 1960, § 59.0514 (1), (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072728Normal { 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.s2072728SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072728CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072728Normal-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.s2072728DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072728000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072728SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072728SCL-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="s2072728Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-26"><span class="s2072728SENU">55-4-26</span></a><span xml:space="preserve" class="s2072728SENU">. </span><span class="s2072728CL">Tort liability of trust estate--Action against trustee, proof as to reimbursement unnecessary.</span></p><p dir="ltr" class="s2072728Normal-000000"><span xml:space="preserve" class="s2072728DefaultParagraphFont">In an action against the trustee in his representative capacity under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-25"><span class="s2072728DefaultParagraphFont">55-4-25</span></a><span xml:space="preserve" class="s2072728DefaultParagraphFont"> the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if he had paid the plaintiff's claim.</span></p><p dir="ltr" class="s2072728Normal"><span xml:space="preserve" class="s2072728000001"> </span></p><p dir="ltr" class="s2072728Normal"><span class="s2072728SCL">Source:</span><span xml:space="preserve" class="s2072728SCL-000002"> SL 1943, ch 308, § 14; SDC Supp 1960, § 59.0514 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072729Normal { 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.s2072729SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072729CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072729Normal-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.s2072729DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072729000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072729SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072729SCL-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="s2072729Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-27"><span class="s2072729SENU">55-4-27</span></a><span xml:space="preserve" class="s2072729SENU">. </span><span class="s2072729CL">Tort liability of trust estate--Action against trustee, notice to beneficiaries.</span></p><p dir="ltr" class="s2072729Normal-000000"><span xml:space="preserve" class="s2072729DefaultParagraphFont">No judgment shall be rendered in favor of the plaintiff in an action pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-25"><span class="s2072729DefaultParagraphFont">55-4-25</span></a><span xml:space="preserve" class="s2072729DefaultParagraphFont"> unless he proves that within thirty days after the beginning of the action, or within such other period as the court may fix and more than thirty days prior to obtaining the judgment, he notified each of the beneficiaries known to the trustee who then had a present interest of the existence and nature of the action. Such notice shall be given by mailing copies thereof in postpaid envelopes addressed to such beneficiaries at their last known addresses. The trustee shall furnish the plaintiff a list of such beneficiaries and their addresses, within ten days after written demand therefor, and notification of the persons on such list shall constitute compliance with the duty placed on the plaintiff by this section.</span></p><p dir="ltr" class="s2072729Normal"><span xml:space="preserve" class="s2072729000001"> </span></p><p dir="ltr" class="s2072729Normal"><span class="s2072729SCL">Source:</span><span xml:space="preserve" class="s2072729SCL-000002"> SL 1943, ch 308, § 14; SDC Supp 1960, § 59.0514 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072730Normal { 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.s2072730SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072730CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072730Normal-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.s2072730DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072730000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072730SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072730SCL-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="s2072730Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-28"><span class="s2072730SENU">55-4-28</span></a><span xml:space="preserve" class="s2072730SENU">. </span><span class="s2072730CL">Personal liability for tort committed by trustee.</span></p><p dir="ltr" class="s2072730Normal-000000"><span xml:space="preserve" class="s2072730DefaultParagraphFont">The trustee may also be held personally liable for any tort committed by him, or by his agents or employees in the course of their employments, subject to the rights of exoneration or reimbursement provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-22"><span class="s2072730DefaultParagraphFont">55-4-22</span></a><span xml:space="preserve" class="s2072730DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-23"><span class="s2072730DefaultParagraphFont">55-4-23</span></a><span class="s2072730DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072730Normal"><span xml:space="preserve" class="s2072730000001"> </span></p><p dir="ltr" class="s2072730Normal"><span class="s2072730SCL">Source:</span><span xml:space="preserve" class="s2072730SCL-000002"> SL 1943, ch 308, § 14; SDC Supp 1960, § 59.0514 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072731Normal { 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.s2072731SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072731CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072731Normal-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.s2072731DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072731000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072731SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072731SCL-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="s2072731Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-29"><span class="s2072731SENU">55-4-29</span></a><span xml:space="preserve" class="s2072731SENU">. </span><span class="s2072731CL">Existing law as to charitable immunity not changed by law as to tort liability of trust estate.</span></p><p dir="ltr" class="s2072731Normal-000000"><span xml:space="preserve" class="s2072731DefaultParagraphFont">Nothing in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-25"><span class="s2072731DefaultParagraphFont">55-4-25</span></a><span xml:space="preserve" class="s2072731DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-28"><span class="s2072731DefaultParagraphFont">55-4-28</span></a><span class="s2072731DefaultParagraphFont">, inclusive, shall be construed to change the existing law with regard to the liability of trustees of charitable trusts for torts of themselves or their employees.</span></p><p dir="ltr" class="s2072731Normal"><span xml:space="preserve" class="s2072731000001"> </span></p><p dir="ltr" class="s2072731Normal"><span class="s2072731SCL">Source:</span><span xml:space="preserve" class="s2072731SCL-000002"> SL 1943, ch 308, § 14; SDC Supp 1960, § 59.0514.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072732Normal { 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.s2072732SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072732CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072732Normal-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.s2072732DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072732Normal-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; } p.s2072732Normal-000002 { text-indent: 0.25in; 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.s2072732000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072732SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072732SCL-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="s2072732Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-30"><span class="s2072732SENU">55-4-30</span></a><span xml:space="preserve" class="s2072732SENU">. </span><span class="s2072732CL">Power of settlor of trust.</span></p><p dir="ltr" class="s2072732Normal-000000"><span class="s2072732DefaultParagraphFont">Subject to the final paragraph below, the settlor of any trust affected by this chapter may:</span></p><p dir="ltr" class="s2072732Normal-000001"><span class="s2072732DefaultParagraphFont">(1)    By provision in the instrument creating the trust if the trust was created by a writing;</span></p><p dir="ltr" class="s2072732Normal-000001"><span class="s2072732DefaultParagraphFont">(2)    By oral statement to the trustee at the time of the creation of the trust if the trust was created orally; or</span></p><p dir="ltr" class="s2072732Normal-000001"><span xml:space="preserve" class="s2072732DefaultParagraphFont">(3)    By an amendment of the trust, if the settlor reserved the power to amend the trust, relieve the trustee from any or all of the duties, restrictions, and liabilities which would otherwise be imposed upon the trustee by this chapter; or alter or deny to the trustee any or all of the privileges and powers conferred upon the trustee by this chapter; or add duties, restrictions, liabilities, privileges, or powers, to those imposed or granted by this chapter. However, no act of the settlor relieves a trustee from the duties, restrictions, and liabilities imposed upon the trustee by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-10"><span class="s2072732DefaultParagraphFont">55-4-10</span></a><span xml:space="preserve" class="s2072732DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-12"><span class="s2072732DefaultParagraphFont">55-4-12</span></a><span class="s2072732DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2072732Normal-000002"><span class="s2072732DefaultParagraphFont">A provision of a trust instrument relieving a trustee of liability for breach of trust is unenforceable to the extent that it relieves the trustee of liability for breach of trust committed in bad faith or as a result of gross negligence.</span></p><p dir="ltr" class="s2072732Normal"><span xml:space="preserve" class="s2072732000003"> </span></p><p dir="ltr" class="s2072732Normal"><span class="s2072732SCL">Source:</span><span xml:space="preserve" class="s2072732SCL-000004"> SL 1943, ch 308, § 17; SDC Supp 1960, § 59.0517; SL 2000, ch 229, § 1; SL 2007, ch 247, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072733Normal { 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.s2072733SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072733CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072733Normal-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.s2072733DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072733Normal-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; } p.s2072733Normal-000002 { text-indent: 0.25in; 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.s2072733000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072733SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072733SCL-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="s2072733Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-31"><span class="s2072733SENU">55-4-31</span></a><span xml:space="preserve" class="s2072733SENU">. </span><span class="s2072733CL">Trustee not liable if beneficiary consents to conduct or releases trustee from liability or ratifies transaction.</span></p><p dir="ltr" class="s2072733Normal-000000"><span xml:space="preserve" class="s2072733DefaultParagraphFont">A trustee is not liable to a beneficiary, as defined under this title or Title 29A, for breach of trust from any or all of the duties, restrictions, and liabilities which would otherwise be imposed on the trustee, except as to the duties, restrictions, and liabilities imposed by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-10"><span class="s2072733DefaultParagraphFont">55-4-10</span></a><span xml:space="preserve" class="s2072733DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-12"><span class="s2072733DefaultParagraphFont">55-4-12</span></a><span class="s2072733DefaultParagraphFont">, inclusive, if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:</span></p><p dir="ltr" class="s2072733Normal-000001"><span class="s2072733DefaultParagraphFont">(1)    The consent, release, or ratifications of the beneficiary were induced by improper conduct of the trustee; or</span></p><p dir="ltr" class="s2072733Normal-000001"><span class="s2072733DefaultParagraphFont">(2)    At the time of the consent, release, or ratification, the beneficiary did not have knowledge of the beneficiary's rights or of the material facts relating to the breach.</span></p><p dir="ltr" class="s2072733Normal-000002"><span class="s2072733DefaultParagraphFont">Any such beneficiary may release the trustee from liability to such beneficiary for past violations of any of the provisions of this chapter. No consideration is required for the consent, release, or ratification to be valid.</span></p><p dir="ltr" class="s2072733Normal"><span xml:space="preserve" class="s2072733000003"> </span></p><p dir="ltr" class="s2072733Normal"><span class="s2072733SCL">Source:</span><span xml:space="preserve" class="s2072733SCL-000004"> SL 1943, ch 308, § 18; SDC Supp 1960, § 59.0518; SL 2000, ch 229, § 2; SL 2012, ch 233, § 14; SL 2014, ch 226, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072734Normal { 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.s2072734SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072734CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072734Normal-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.s2072734DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072734000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072734SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072734SCL-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="s2072734Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-32"><span class="s2072734SENU">55-4-32</span></a><span xml:space="preserve" class="s2072734SENU">. </span><span class="s2072734CL">Relieving trustee of duties--Power of the court.</span></p><p dir="ltr" class="s2072734Normal-000000"><span class="s2072734DefaultParagraphFont">A court of competent jurisdiction may, for cause shown and upon notice to the beneficiaries, relieve a trustee from any or all of the duties and restrictions which would otherwise be placed upon him by this chapter, or wholly or partly excuse a trustee who has acted honestly and reasonably from liability for violations of the provisions of this chapter.</span></p><p dir="ltr" class="s2072734Normal"><span xml:space="preserve" class="s2072734000001"> </span></p><p dir="ltr" class="s2072734Normal"><span class="s2072734SCL">Source:</span><span xml:space="preserve" class="s2072734SCL-000002"> SL 1943, ch 308, § 19; SDC Supp 1960, § 59.0519.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072735Normal { 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.s2072735SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072735CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072735Normal-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.s2072735DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072735000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072735SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072735SCL-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="s2072735Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-33"><span class="s2072735SENU">55-4-33</span></a><span xml:space="preserve" class="s2072735SENU">. </span><span class="s2072735CL">Liabilities for violations of chapter.</span></p><p dir="ltr" class="s2072735Normal-000000"><span class="s2072735DefaultParagraphFont">If a trustee violates any of the provisions of this chapter, he may be removed and denied compensation in whole or in part; and any beneficiary, cotrustee, or successor trustee may treat the violation as a breach of trust.</span></p><p dir="ltr" class="s2072735Normal"><span xml:space="preserve" class="s2072735000001"> </span></p><p dir="ltr" class="s2072735Normal"><span class="s2072735SCL">Source:</span><span xml:space="preserve" class="s2072735SCL-000002"> SL 1943, ch 308, § 20; SDC Supp 1960, § 59.0520.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072736Normal { 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.s2072736SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072736CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072736Normal-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.s2072736DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072736000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072736SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072736SCL-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="s2072736Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-34"><span class="s2072736SENU">55-4-34</span></a><span xml:space="preserve" class="s2072736SENU">. </span><span class="s2072736CL">Application of chapter to testamentary trust.</span></p><p dir="ltr" class="s2072736Normal-000000"><span class="s2072736DefaultParagraphFont">This chapter shall apply only to testamentary trusts created by wills or codicils executed after July 1, 1943 and to nontestamentary trusts created after July 1, 1943.</span></p><p dir="ltr" class="s2072736Normal"><span xml:space="preserve" class="s2072736000001"> </span></p><p dir="ltr" class="s2072736Normal"><span class="s2072736SCL">Source:</span><span xml:space="preserve" class="s2072736SCL-000002"> SL 1943, ch 308, § 25; SDC Supp 1960, § 59.0523.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072737Normal { 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.s2072737SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072737CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072737Normal-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.s2072737DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072737000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072737SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072737SCL-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="s2072737Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-35"><span class="s2072737SENU">55-4-35</span></a><span xml:space="preserve" class="s2072737SENU">. </span><span class="s2072737CL">Uniformity of interpretation.</span></p><p dir="ltr" class="s2072737Normal-000000"><span class="s2072737DefaultParagraphFont">This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.</span></p><p dir="ltr" class="s2072737Normal"><span xml:space="preserve" class="s2072737000001"> </span></p><p dir="ltr" class="s2072737Normal"><span class="s2072737SCL">Source:</span><span xml:space="preserve" class="s2072737SCL-000002"> SL 1943, ch 308, § 21; SDC Supp 1960, § 59.0521.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072738Normal { 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.s2072738SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072738CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072738Normal-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.s2072738DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072738000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072738SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072738SCL-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="s2072738Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-36"><span class="s2072738SENU">55-4-36</span></a><span xml:space="preserve" class="s2072738SENU">. </span><span class="s2072738CL">Citation of chapter.</span></p><p dir="ltr" class="s2072738Normal-000000"><span class="s2072738DefaultParagraphFont">This chapter may be cited as the Uniform Trusts Act.</span></p><p dir="ltr" class="s2072738Normal"><span xml:space="preserve" class="s2072738000001"> </span></p><p dir="ltr" class="s2072738Normal"><span class="s2072738SCL">Source:</span><span xml:space="preserve" class="s2072738SCL-000002"> SL 1943, ch 308, § 22; SDC Supp 1960, § 59.0522.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072739Normal { 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.s2072739SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072739CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072739Normal-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.s2072739DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072739000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072739SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072739SCL-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="s2072739Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-37"><span class="s2072739SENU">55-4-37</span></a><span xml:space="preserve" class="s2072739SENU">. </span><span class="s2072739CL">Liability for fiduciary's partnership interest limited.</span></p><p dir="ltr" class="s2072739Normal-000000"><span class="s2072739DefaultParagraphFont">If permitted by the trust instrument or will under which a fiduciary serves, or by order of a court having jurisdiction of the estate or trust, a fiduciary may enter into a partnership agreement or arrangement with others or accept the assignment of, or otherwise acquire, hold, and dispose, of an interest in a partnership, and in so doing may become either a general or a limited partner. If the fiduciary becomes a partner, as to creditors of, or claimants against, the partnership and as to the other members of the partnership, the liability, if any, of the fiduciary for the debts and other liabilities of the partnership, whether arising under contract, tort, or otherwise, are limited to the assets of the trust or estate, or so much thereof as may be necessary to discharge such debts and liabilities.</span></p><p dir="ltr" class="s2072739Normal"><span xml:space="preserve" class="s2072739000001"> </span></p><p dir="ltr" class="s2072739Normal"><span class="s2072739SCL">Source:</span><span xml:space="preserve" class="s2072739SCL-000002"> SL 1996, ch 285.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072740Normal { 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.s2072740SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072740CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072740Normal-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.s2072740DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072740Normal-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.s2072740000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072740SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072740SCL-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="s2072740Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-38"><span class="s2072740SENU">55-4-38</span></a><span xml:space="preserve" class="s2072740SENU">. </span><span class="s2072740CL">Limitation on trustee's power to make distributions to his or her benefit.</span></p><p dir="ltr" class="s2072740Normal-000000"><span xml:space="preserve" class="s2072740DefaultParagraphFont">Unless the terms of the trust refer to this section and provide otherwise, a power, including the power to make a distribution to another trust under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-2-15"><span class="s2072740DefaultParagraphFont">55-2-15</span></a><span class="s2072740DefaultParagraphFont">, that is exercisable by or attributable to a person, other than the settlor, in such person's capacity as a trustee to make discretionary distribution of either principal or income:</span></p><p dir="ltr" class="s2072740Normal-000001"><span class="s2072740DefaultParagraphFont">(1)    To or for the benefit of himself or herself is exercisable by the person only for the person's health, education, maintenance, and support in the person's accustomed manner of living; or</span></p><p dir="ltr" class="s2072740Normal-000001"><span class="s2072740DefaultParagraphFont">(2)    To or for the benefit of others, is not exercisable to discharge any of the person's own legal obligations.</span></p><p dir="ltr" class="s2072740Normal"><span xml:space="preserve" class="s2072740000002"> </span></p><p dir="ltr" class="s2072740Normal"><span class="s2072740SCL">Source:</span><span xml:space="preserve" class="s2072740SCL-000003"> SL 2000, ch 229, § 4; SL 2007, ch 281, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072741Normal { 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.s2072741SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072741CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072741Normal-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.s2072741DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072741000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072741SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072741SCL-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="s2072741Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-39"><span class="s2072741SENU">55-4-39</span></a><span xml:space="preserve" class="s2072741SENU">. </span><span class="s2072741CL">"Trustee" construed broadly.</span></p><p dir="ltr" class="s2072741Normal-000000"><span xml:space="preserve" class="s2072741DefaultParagraphFont">The reference to trustee in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-38"><span class="s2072741DefaultParagraphFont">55-4-38</span></a><span xml:space="preserve" class="s2072741DefaultParagraphFont"> includes any person who is deemed to have any power of a trustee, whether because such person has the right to remove or replace any trustee, or because a reciprocal trust or power doctrine applies, or otherwise.</span></p><p dir="ltr" class="s2072741Normal"><span xml:space="preserve" class="s2072741000001"> </span></p><p dir="ltr" class="s2072741Normal"><span class="s2072741SCL">Source:</span><span xml:space="preserve" class="s2072741SCL-000002"> SL 2000, ch 229, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072742Normal { 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.s2072742SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072742CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072742Normal-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.s2072742DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072742000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072742SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072742SCL-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="s2072742Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-40"><span class="s2072742SENU">55-4-40</span></a><span xml:space="preserve" class="s2072742SENU">. </span><span xml:space="preserve" class="s2072742CL">Applicability of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-38"><span class="s2072742CL">55-4-38</span></a><span xml:space="preserve" class="s2072742CL"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-39"><span class="s2072742CL">55-4-39</span></a><span class="s2072742CL">.</span></p><p dir="ltr" class="s2072742Normal-000000"><span xml:space="preserve" class="s2072742DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-38"><span class="s2072742DefaultParagraphFont">55-4-38</span></a><span xml:space="preserve" class="s2072742DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-39"><span class="s2072742DefaultParagraphFont">55-4-39</span></a><span xml:space="preserve" class="s2072742DefaultParagraphFont"> apply to any trust established before or after July 1, 2000.</span></p><p dir="ltr" class="s2072742Normal"><span xml:space="preserve" class="s2072742000001"> </span></p><p dir="ltr" class="s2072742Normal"><span class="s2072742SCL">Source:</span><span xml:space="preserve" class="s2072742SCL-000002"> SL 2000, ch 229, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072743Normal { 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.s2072743SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072743CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072743Normal-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.s2072743DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072743000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072743SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072743SCL-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="s2072743Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-41"><span class="s2072743SENU">55-4-41</span></a><span xml:space="preserve" class="s2072743SENU">. </span><span xml:space="preserve" class="s2072743CL">Certain trustees exempted from §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-38"><span class="s2072743CL">55-4-38</span></a><span xml:space="preserve" class="s2072743CL"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-40"><span class="s2072743CL">55-4-40</span></a><span class="s2072743CL">, inclusive.</span></p><p dir="ltr" class="s2072743Normal-000000"><span xml:space="preserve" class="s2072743DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-38"><span class="s2072743DefaultParagraphFont">55-4-38</span></a><span xml:space="preserve" class="s2072743DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-40"><span class="s2072743DefaultParagraphFont">55-4-40</span></a><span class="s2072743DefaultParagraphFont">, inclusive, do not apply to a decedent's or settlor's spouse who is the trustee of a testamentary trust or an inter vivos trust for which a marital deduction is allowable.</span></p><p dir="ltr" class="s2072743Normal"><span xml:space="preserve" class="s2072743000001"> </span></p><p dir="ltr" class="s2072743Normal"><span class="s2072743SCL">Source:</span><span xml:space="preserve" class="s2072743SCL-000002"> SL 2000, ch 229, § 7.</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 - FIDUCIARIES AND TRUSTS 55-4-42 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-4-42 "> <META NAME="Description" Content="South Dakota Codified Laws 55-4-42"> </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 --> 55-4-42 to 55-4-47. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2010, ch 232, &#167;&nbsp;6.<p> </BODY> </HTML> <br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55 - FIDUCIARIES AND TRUSTS 55-4-48 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-4-48 "> <META NAME="Description" Content="South Dakota Codified Laws 55-4-48"> </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 --> 55-4-48, 55-4-49. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2002, ch 100, &#167;&#167;&nbsp;23, 24<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072746Normal { 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.s2072746SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072746CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072746Normal-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.s2072746DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072746000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072746SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072746SCL-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="s2072746Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-50"><span class="s2072746SENU">55-4-50</span></a><span xml:space="preserve" class="s2072746SENU">. </span><span class="s2072746CL">Co-trustee's inability or failure to perform.</span></p><p dir="ltr" class="s2072746Normal-000000"><span class="s2072746DefaultParagraphFont">If a co-trustee is unable to perform duties because of absence, illness, disqualification under other law, or other incapacity, or fails to perform duties due to inaction or neglect, and action is necessary or appropriate under the circumstances to achieve the purposes of the trust or to avoid injury to the trust property, the remaining co-trustee or a majority of the remaining co-trustees may act for the trust.</span></p><p dir="ltr" class="s2072746Normal"><span xml:space="preserve" class="s2072746000001"> </span></p><p dir="ltr" class="s2072746Normal"><span class="s2072746SCL">Source:</span><span xml:space="preserve" class="s2072746SCL-000002"> SL 2008, ch 257, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072747Normal { 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.s2072747SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072747CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072747Normal-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.s2072747DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072747Normal-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; } p.s2072747Normal-000002 { text-indent: 0.25in; 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.s2072747000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072747SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072747SCL-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="s2072747Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51"><span class="s2072747SENU">55-4-51</span></a><span xml:space="preserve" class="s2072747SENU">. </span><span class="s2072747CL">Certificate of trust furnished in lieu of copy of trust instrument or will that creates testamentary trust--Contents.</span></p><p dir="ltr" class="s2072747Normal-000000"><span class="s2072747DefaultParagraphFont">Instead of furnishing a copy of the trust instrument or a copy of a will that creates a testamentary trust to a person other than a beneficiary, one or more trustees may furnish to the person a certificate of trust signed by a trustee, settlor, grantor, or trustor containing the following:</span></p><p dir="ltr" class="s2072747Normal-000001"><span class="s2072747DefaultParagraphFont">(1)    A statement that the trust exists, the current name of the trust if one has been given, any previous name of the trust if the name of the trust was changed, and the date the trust instrument or will was executed;</span></p><p dir="ltr" class="s2072747Normal-000001"><span class="s2072747DefaultParagraphFont">(2)    The name of the settlor, grantor, trustor, testator, or testatrix;</span></p><p dir="ltr" class="s2072747Normal-000001"><span class="s2072747DefaultParagraphFont">(3)    The name of each original trustee and the name and address of each trustee currently empowered to act under the trust instrument or will on the date of the execution of the certificate of trust;</span></p><p dir="ltr" class="s2072747Normal-000001"><span class="s2072747DefaultParagraphFont">(4)    The applicable powers of the trustee and other provisions set forth in the trust instrument or will as are selected by the person signing the certificate of trust, including those powers authorizing the trustee to sell, convey, pledge, mortgage, lease, or transfer title to any interest in property held in the trust, together with a statement setting forth the number of trustees required by the provisions of the trust instrument or will to act;</span></p><p dir="ltr" class="s2072747Normal-000001"><span class="s2072747DefaultParagraphFont">(5)    A statement that the trust is irrevocable or, if the trust is revocable, a statement to that effect and that the trust has not been revoked;</span></p><p dir="ltr" class="s2072747Normal-000001"><span class="s2072747DefaultParagraphFont">(6)    A statement that the trust is not supervised by a court, or, if applicable, a statement that the trust is supervised by a court, and which statement also sets forth any restrictions imposed by the court on the trustee's ability to act as otherwise permitted by statute or the terms of the trust instrument or will;</span></p><p dir="ltr" class="s2072747Normal-000001"><span class="s2072747DefaultParagraphFont">(7)    If applicable, a description of any property to be conveyed by the trustee;</span></p><p dir="ltr" class="s2072747Normal-000001"><span class="s2072747DefaultParagraphFont">(8)    A statement that the trust has not been modified or amended in any manner that would cause the representations contained in the certificate of trust to be incorrect.</span></p><p dir="ltr" class="s2072747Normal-000002"><span class="s2072747DefaultParagraphFont">The person signing the certificate shall certify that the statements contained in the certificate are true and correct. The signature of the person signing the certificate shall be acknowledged or verified under oath before a notary public or other official authorized to administer oaths. A certificate of trust need not contain the dispositive terms of a trust.</span></p><p dir="ltr" class="s2072747Normal"><span xml:space="preserve" class="s2072747000003"> </span></p><p dir="ltr" class="s2072747Normal"><span class="s2072747SCL">Source:</span><span xml:space="preserve" class="s2072747SCL-000004"> SL 2009, ch 252, § 24; SL 2010, ch 232, § 7; SL 2011, ch 212, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072748Normal { 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.s2072748SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072748CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072748Normal-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.s2072748DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072748000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072748SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072748SCL-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="s2072748Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51.1"><span class="s2072748SENU">55-4-51.1</span></a><span xml:space="preserve" class="s2072748SENU">. </span><span class="s2072748CL">Recording of certificate of trust--Reliance upon content.</span></p><p dir="ltr" class="s2072748Normal-000000"><span xml:space="preserve" class="s2072748DefaultParagraphFont">A certificate of trust executed under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51"><span class="s2072748DefaultParagraphFont">55-4-51</span></a><span xml:space="preserve" class="s2072748DefaultParagraphFont"> may be recorded in the office of the register of deeds with respect to land described in the certificate of trust or any attachment to it. If it is recorded or filed in any county where real property is situated, or in the case of personal property, if it is presented to a third party, the certificate of trust serves to document the existence of the trust, the identity of the trustees, the powers of the trustees, and any limitations on those powers, and other matters the certificate of trust sets out, as though the full trust instrument had been recorded, filed, or presented. Until amended or revoked, or until the full trust instrument or will is recorded, filed, or presented, a certificate of trust is conclusive proof as to the matters contained in it and any party may rely upon the certificate, except a party who has actual knowledge of the facts to the contrary.</span></p><p dir="ltr" class="s2072748Normal"><span xml:space="preserve" class="s2072748000001"> </span></p><p dir="ltr" class="s2072748Normal"><span class="s2072748SCL">Source:</span><span xml:space="preserve" class="s2072748SCL-000002"> SL 2010, ch 232, § 8; SL 2019, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072749Normal { 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.s2072749SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072749CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072749Normal-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.s2072749DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072749000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072749SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072749SCL-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="s2072749Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51.2"><span class="s2072749SENU">55-4-51.2</span></a><span xml:space="preserve" class="s2072749SENU">. </span><span xml:space="preserve" class="s2072749CL">Applicability of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51"><span class="s2072749CL">55-4-51</span></a><span xml:space="preserve" class="s2072749CL"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51.1"><span class="s2072749CL">55-4-51.1</span></a><span class="s2072749CL">.</span></p><p dir="ltr" class="s2072749Normal-000000"><span xml:space="preserve" class="s2072749DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51"><span class="s2072749DefaultParagraphFont">55-4-51</span></a><span xml:space="preserve" class="s2072749DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51.1"><span class="s2072749DefaultParagraphFont">55-4-51.1</span></a><span xml:space="preserve" class="s2072749DefaultParagraphFont"> are effective July 1, 2010, but apply to trust instruments and wills whenever created or executed.</span></p><p dir="ltr" class="s2072749Normal"><span xml:space="preserve" class="s2072749000001"> </span></p><p dir="ltr" class="s2072749Normal"><span class="s2072749SCL">Source:</span><span xml:space="preserve" class="s2072749SCL-000002"> SL 2010, ch 232, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072750Normal { 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.s2072750SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072750CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072750Normal-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.s2072750DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072750DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: italic; font-weight: normal; margin: 0; padding: 0; } span.s2072750CLP { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072750000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072750Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 2.50in; text-indent: -2.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2072750Normal-000004 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072750SL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072750DefaultParagraphFont-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072750Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51.3"><span class="s2072750SENU">55-4-51.3</span></a><span xml:space="preserve" class="s2072750SENU">. </span><span class="s2072750CL">Form of certificate of trust in support of a real property transaction.</span></p><p dir="ltr" class="s2072750Normal-000000"><span class="s2072750DefaultParagraphFont">A certificate of a trustee or of trustees of a trust in support of a real property transaction may be substantially in the following form:</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont-000001">This instrument was prepared by:</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">____________________</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">____________________</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">____________________</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont-000001">(insert name, address and phone number)</span></p><p dir="ltr" class="s2072750Normal"><span xml:space="preserve" class="s2072750CLP">    CERTIFICATE</span></p><p dir="ltr" class="s2072750Normal"><span xml:space="preserve" class="s2072750CLP">    OF TRUST</span></p><p dir="ltr" class="s2072750Normal"><span xml:space="preserve" class="s2072750000002"> </span></p><p dir="ltr" class="s2072750Normal-000003"><span class="s2072750DefaultParagraphFont">STATE OF SOUTH DAKOTA    )</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">: SS</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">COUNTY OF)</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">______________________, being duly sworn under oath, does hereby state as follows:</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">1. A trust instrument or Will executed on __________ established a trust which is still in existence on the date this Certificate is signed. The current name of the trust, if it has been named, is ___________________________. (Insert n/a if the Trust does not have a name). The name of the trust was/was not changed. If the name of the trust was changed, it was previously known as ___________________________.</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">2. The name of the settlor, grantor, trustor, testator or testatrix, as the case may be, is</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">______________________________________________________________________.</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">3. The name of each original trustee and the name and address of each trustee and each trust protector currently empowered to act under the trust instrument or Will on the date of the execution of this Certificate of Trust is as follows:</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">______________________________________________________________________</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">______________________________________________________________________.</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">4. The person who signs this certificate below certifies that the trust instrument or Will contains the following powers which are given to the trustee, which may or may not be inclusive of all of the powers given to the trustee:</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">______________________________________________________________________,</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">______________________________________________________________________,</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">and further contains the following provisions (optional):</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">______________________________________________________________________.</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">The number of trustees required to join in an action by the provisions of the trust instrument or Will is __________.</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">5. The trust is revocable/irrevocable. ____________________.</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">If revocable, the trust has not been revoked.</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">6. The trust is/is not supervised by a court. The following restrictions are currently imposed by the court on the trustee(s) ability to act even though actions so restricted may be permitted by statute or the terms of the trust instrument or Will:</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">______________________________________________________________________.</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">7. The Trustee intends to convey the following property owned by the Trust:</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">______________________________________________________________________.</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">8. The trust has not been modified or amended in any manner that would cause the representations contained in this Certificate of Trust to be incorrect. The statements contained in this Certificate of Trust are true and correct.</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750SL">__________</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">STATE OF SOUTH DAKOTA)</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">: SS</span></p><p dir="ltr" class="s2072750Normal"><span xml:space="preserve" class="s2072750000002"> </span></p></div><div><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont">COUNTY OF)</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">On this, the _____ day of __________, 20_____, before me, the undersigned officer, personally appeared, known to me or satisfactorily proven to be the person whose name is subscribed to the within instrument and acknowledged that she/he executed the same for the purposes therein contained.</span></p><p dir="ltr" class="s2072750Normal-000004"><span class="s2072750DefaultParagraphFont">IN WITNESS WHEREOF, I hereunto set my hand and official seal.</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750SL">__________</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750SL">Notary Public, South Dakota</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750SL">My Commission expires: __________</span></p><p dir="ltr" class="s2072750Normal"><span class="s2072750DefaultParagraphFont-000005">Source:</span><span xml:space="preserve" class="s2072750DefaultParagraphFont"> SL 2010, ch 232, § 10; SL 2011, ch 212, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072751Normal { 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.s2072751SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072751CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072751Normal-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.s2072751DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072751000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072751SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072751SCL-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="s2072751Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-52"><span class="s2072751SENU">55-4-52</span></a><span xml:space="preserve" class="s2072751SENU">. </span><span class="s2072751CL">Request for excerpts from trust instrument.</span></p><p dir="ltr" class="s2072751Normal-000000"><span class="s2072751DefaultParagraphFont">A recipient of a certificate of trust may require the trustee to furnish copies of those excerpts from the original trust instrument and later amendments that designate the trustee and confer on the trustee the power to act in the pending transaction.</span></p><p dir="ltr" class="s2072751Normal"><span xml:space="preserve" class="s2072751000001"> </span></p><p dir="ltr" class="s2072751Normal"><span class="s2072751SCL">Source:</span><span xml:space="preserve" class="s2072751SCL-000002"> SL 2009, ch 252, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072752Normal { 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.s2072752SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072752CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072752Normal-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.s2072752DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072752000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072752SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072752SCL-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="s2072752Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-53"><span class="s2072752SENU">55-4-53</span></a><span xml:space="preserve" class="s2072752SENU">. </span><span class="s2072752CL">Limitation of liability for acting in reliance on certificate of trust.</span></p><p dir="ltr" class="s2072752Normal-000000"><span class="s2072752DefaultParagraphFont">Any person who acts in reliance on a certificate of trust without knowledge that the representations contained in the certification are incorrect is not liable to any person for so acting and may assume without inquiry the existence of the facts contained in the certification. Knowledge of the terms of the trust may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying on the certification.</span></p><p dir="ltr" class="s2072752Normal"><span xml:space="preserve" class="s2072752000001"> </span></p><p dir="ltr" class="s2072752Normal"><span class="s2072752SCL">Source:</span><span xml:space="preserve" class="s2072752SCL-000002"> SL 2009, ch 252, § 26.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072753Normal { 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.s2072753SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072753CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072753Normal-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.s2072753DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072753000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072753SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072753SCL-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="s2072753Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-54"><span class="s2072753SENU">55-4-54</span></a><span xml:space="preserve" class="s2072753SENU">. </span><span class="s2072753CL">Enforcement of transaction entered into in reliance on certificate of trust.</span></p><p dir="ltr" class="s2072753Normal-000000"><span class="s2072753DefaultParagraphFont">Any person who in good faith enters into a transaction in reliance on a certificate of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct.</span></p><p dir="ltr" class="s2072753Normal"><span xml:space="preserve" class="s2072753000001"> </span></p><p dir="ltr" class="s2072753Normal"><span class="s2072753SCL">Source:</span><span xml:space="preserve" class="s2072753SCL-000002"> SL 2009, ch 252, § 27.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072754Normal { 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.s2072754SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072754CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072754Normal-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.s2072754DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072754000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072754SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072754SCL-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="s2072754Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-55"><span class="s2072754SENU">55-4-55</span></a><span xml:space="preserve" class="s2072754SENU">. </span><span class="s2072754CL">Liability for bad faith demand for trust instrument.</span></p><p dir="ltr" class="s2072754Normal-000000"><span class="s2072754DefaultParagraphFont">Any person making a demand for the trust instrument in addition to a certificate of trust or excerpts is liable for damages if the court determines that the person did not act in good faith in demanding the trust instrument.</span></p><p dir="ltr" class="s2072754Normal"><span xml:space="preserve" class="s2072754000001"> </span></p><p dir="ltr" class="s2072754Normal"><span class="s2072754SCL">Source:</span><span xml:space="preserve" class="s2072754SCL-000002"> SL 2009, ch 252, § 28.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072755Normal { 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.s2072755SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072755CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072755Normal-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.s2072755DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072755000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072755SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072755SCL-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="s2072755Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-56"><span class="s2072755SENU">55-4-56</span></a><span xml:space="preserve" class="s2072755SENU">. </span><span class="s2072755CL">Right to obtain copy of trust instrument in judicial proceeding.</span></p><p dir="ltr" class="s2072755Normal-000000"><span xml:space="preserve" class="s2072755DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51"><span class="s2072755DefaultParagraphFont">55-4-51</span></a><span xml:space="preserve" class="s2072755DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-55"><span class="s2072755DefaultParagraphFont">55-4-55</span></a><span class="s2072755DefaultParagraphFont">, inclusive, do not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust.</span></p><p dir="ltr" class="s2072755Normal"><span xml:space="preserve" class="s2072755000001"> </span></p><p dir="ltr" class="s2072755Normal"><span class="s2072755SCL">Source:</span><span xml:space="preserve" class="s2072755SCL-000002"> SL 2009, ch 252, § 29.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072756Normal { 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.s2072756SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072756CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072756Normal-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.s2072756DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072756Normal-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.s2072756Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072756000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072756SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072756SCL-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="s2072756Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-57"><span class="s2072756SENU">55-4-57</span></a><span xml:space="preserve" class="s2072756SENU">. </span><span class="s2072756CL">Time for commencing judicial proceeding to contest validity of trust--Distribution of trust property--Recovery of improper distribution--Notice.</span></p><p dir="ltr" class="s2072756Normal-000000"><span class="s2072756DefaultParagraphFont">(a) A judicial proceeding to contest whether a revocable trust or any amendment thereto, or an irrevocable trust was validly created may not be commenced later than the first to occur of:</span></p><p dir="ltr" class="s2072756Normal-000001"><span class="s2072756DefaultParagraphFont">(1)    One year after the settlor's death;</span></p><p dir="ltr" class="s2072756Normal-000001"><span class="s2072756DefaultParagraphFont">(2)    Sixty days after the trustee, trust advisor, trust protector, or the settlor sent the person who is contesting the trust a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address, and of the time allowed for commencing a proceeding;</span></p><p dir="ltr" class="s2072756Normal-000001"><span class="s2072756DefaultParagraphFont">(3)    Upon notice of entry of an order of adjudication of the trust's validity as a result of a petition filed before the settlor's death by any fiduciary of the trust or the settlor of a trust;</span></p><p dir="ltr" class="s2072756Normal-000001"><span class="s2072756DefaultParagraphFont">(4)    Upon notice of entry of an order of any other adjudication of the trust's validity or the date the person's right to contest was precluded by consent or other limitation;</span></p><p dir="ltr" class="s2072756Normal-000001"><span class="s2072756DefaultParagraphFont">(5)    The last date a petition for review of a will could be filed under South Dakota law, if the trust was revocable at the settlor's death and the trust was specifically referred to in the settlor's last will; or</span></p><p dir="ltr" class="s2072756Normal-000001"><span xml:space="preserve" class="s2072756DefaultParagraphFont">(6)    Upon notice of entry of a court's order approving a conservator's proposal to create a trust or amendment thereto if the trust or trust amendment was created pursuant to and in conformity with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=29A-5-419"><span class="s2072756DefaultParagraphFont">29A-5-419</span></a><span xml:space="preserve" class="s2072756DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=29A-5-420"><span class="s2072756DefaultParagraphFont">29A-5-420</span></a><span class="s2072756DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072756Normal-000002"><span class="s2072756DefaultParagraphFont">(b) Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for doing so unless:</span></p><p dir="ltr" class="s2072756Normal-000001"><span class="s2072756DefaultParagraphFont">(1)    The trustee knows of a pending proceeding contesting the validity of the trust; or</span></p><p dir="ltr" class="s2072756Normal-000001"><span class="s2072756DefaultParagraphFont">(2)    A potential contestant has notified the trustee of a possible proceeding to contest the trust and a proceeding is commenced within sixty days after the contestant sent the notification.</span></p><p dir="ltr" class="s2072756Normal-000002"><span class="s2072756DefaultParagraphFont">(c) A beneficiary of a trust that is determined to have been invalid is liable to return any distribution received for proper distribution. If the beneficiary refuses to return the distribution, the beneficiary may be liable for all costs, including attorney fees, incurred for the recovery of the distribution.</span></p><p dir="ltr" class="s2072756Normal-000002"><span class="s2072756DefaultParagraphFont">(d) Notice given by the trustee, trust protector, trust advisor or settlor under this section shall be given to all beneficiaries of a trust and all heirs at law of the trust settlor.</span></p><p dir="ltr" class="s2072756Normal-000002"><span class="s2072756DefaultParagraphFont">(e) With respect to notices to beneficiaries and potential contestants under this section, if personal service is not made, then the notice shall be mailed certified or registered mail, postage prepaid, to the last known address of the person, and absent evidence to the contrary, notice to the person is presumed to have been made on the date of delivery to the last known address of the person, when there is proof of delivery.</span></p><p dir="ltr" class="s2072756Normal-000002"><span class="s2072756DefaultParagraphFont">(f) No trustee, trust advisor, or trust protector may incur any liability to any person or otherwise for failure to provide any written notice discussed above.</span></p><p dir="ltr" class="s2072756Normal-000002"><span xml:space="preserve" class="s2072756DefaultParagraphFont">(g) Any trustee, trust advisor, trust protector, or the settlor may petition the court for a judicial order confirming that a trust is valid and enforceable under its current terms, pursuant to the procedures as set forth in chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=21-22"><span class="s2072756DefaultParagraphFont">21-22</span></a><span class="s2072756DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072756Normal-000002"><span class="s2072756DefaultParagraphFont">(h) The provisions of chapter 55--18 apply to this section.</span></p><p dir="ltr" class="s2072756Normal"><span xml:space="preserve" class="s2072756000003"> </span></p><p dir="ltr" class="s2072756Normal"><span class="s2072756SCL">Source:</span><span xml:space="preserve" class="s2072756SCL-000004"> SL 2010, ch 232, § 11; SL 2013, ch 239, § 24; SL 2017, ch 204, § 21; SL 2017, ch 208, § 35.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072757Normal { 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.s2072757SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072757CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072757Normal-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.s2072757DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072757Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2072757Normal-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; } p.s2072757Normal-000003 { 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.s2072757Normal-000004 { margin-top: 0; margin-bottom: 0; margin-left: 1.14in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072757000005 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072757Normal-000006 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2072757SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072757SCL-000007 { 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="s2072757Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-58"><span class="s2072757SENU">55-4-58</span></a><span xml:space="preserve" class="s2072757SENU">. </span><span class="s2072757CL">Presentation of claims against property of trust revocable at settlor's death.</span></p><p dir="ltr" class="s2072757Normal-000000"><span class="s2072757DefaultParagraphFont">(a) After the death of a settlor, and subject to the settlor's right to direct the source from which liabilities will be paid, the property of a trust that was revocable at the settlor's death is subject to claims of the settlor's creditors, costs of administration of the settlor's estate, the expenses of the settlor's funeral and disposal of remains, and statutory allowances to a surviving spouse and children to the extent the settlor's probate estate is inadequate to satisfy those claims, costs, and expenses.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(b) A trustee may:</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(1)    If the trustee has knowledge of a creditor or potential creditor, provide written notice to the creditor or potential creditor at their last known address, advising the creditor that a claim may not be paid if the creditor fails to present a claim within sixty days of the date of such notice; and</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(2)    For all unknown creditors and all creditors which the trustee, in good faith, is unable to locate, publish notice to such creditors once a week for three successive weeks in a legal newspaper in the county:</span></p><p dir="ltr" class="s2072757Normal-000003"><span class="s2072757DefaultParagraphFont">(A)    Where the settlor was last a resident if the deceased settlor was a resident of South Dakota; or</span></p><p dir="ltr" class="s2072757Normal-000003"><span class="s2072757DefaultParagraphFont">(B)    Where the principal administration of the trust takes place if the deceased settlor was a nonresident of South Dakota.</span></p><p dir="ltr" class="s2072757Normal-000004"><span class="s2072757DefaultParagraphFont">The published notice shall state that creditors of a deceased settlor must present their claim within four months after the date of the first publication of the notice or any claim or collection efforts which otherwise could have been asserted or enforced against the trust or assets thereof may be barred.</span></p><p dir="ltr" class="s2072757Normal-000004"><span class="s2072757DefaultParagraphFont">For purposes of this section, a trustee has knowledge of a creditor or potential creditor if the trustee is aware that the creditor has demanded payment from the settlor or the settlor's estate.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(c) Creditors of the deceased settlor who are given written notice or receive notice by publication are barred if no claim is filed within the applicable period.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(d) Claims by a creditor of a deceased settlor may be presented to the trustee by any of the following three methods:</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(1)    The creditor may deliver or mail to the trustee a written statement of the claim indicating its basis, the name and address of the creditor, and the amount claimed;</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(2)    If the trust is court-supervised, the creditor may file a written statement of the claim with the clerk of courts and mail or deliver a copy thereof to the trustee. The claim is deemed presented on the first to occur of the receipt of the written statement of claim by the trustee, or the filing of the claim with the clerk of courts; or</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(3)    The creditor may commence a proceeding against the trust in any court where the trustee may be subject to jurisdiction, to obtain payment of the claim. Such a claim is deemed presented on the date the proceeding is commended.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(e) If a claim is not yet due, the date when it will become due shall be stated in the written statement of the claim. If the claim is contingent or unliquidated, the nature of the uncertainty shall be described. If the claim is secured, the nature of the security shall be described. Failure to describe correctly the nature of the security or uncertainty, or the due date of a claim not yet due, does not invalidate the presentation.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(f) No presentation of claim is required in regard to matters claimed in proceedings against a settlor which were pending at the time of the death of the settlor in any court.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(g) No trustee may incur liability for a nonnegligent or nonwillful failure to give notice to a particular creditor.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(h) If the applicable assets of the trust that are otherwise subject to the claim of an unbarred creditor are insufficient to pay the claim in full, the trustee shall make payment in the following order:</span></p><p dir="ltr" class="s2072757Normal-000001"><span xml:space="preserve" class="s2072757000005"> </span></p></div><div><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(1)    Costs and expenses relating to administration of the trust or estate;</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(2)    Reasonable funeral expenses of the settlor;</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(3)    Debts and taxes with preference under federal law;</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(4)    Debts and taxes with preference under other laws of this state;</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(5)    All other claims.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(i) In paying claims of a deceased settlor, the trustee shall give no preference in the payment of any claim over any other claim of the same class, and a claim due and payable is not entitled to a preference over claims not yet due except as to claims which are compromised in part or in full.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(j) Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to pay creditor claims with the trust property in accordance with the terms of the trust and this section. The trustee is not subject to liability for doing so unless:</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(1)    The trustee knows of a pending proceeding contesting the validity of the trust or regarding a creditor's claim; or</span></p><p dir="ltr" class="s2072757Normal-000002"><span class="s2072757DefaultParagraphFont">(2)    A potential contestant or creditor has notified the trustee of a possible proceeding to contest the trust or regarding a creditor's claim, and a proceeding is commenced within sixty days after the contestant sent the notification.</span></p><p dir="ltr" class="s2072757Normal-000006"><span class="s2072757DefaultParagraphFont">However, the trustee may pay creditor claims without liability so long as the trustee determines that, at the time of the determination, the assets of the trust are reasonably adequate to allow for payment of the claim in view of the type of proceeding, the amount at issue, and the likelihood of its probable success.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(k) A creditor who has received a payment from the trustee, if it is later determined to have been invalid, or wrongfully paid under this section, is liable to return any payment received to the trustee. If the creditor refuses to return the payment, the creditor may be liable for all costs, including attorney's fees, incurred for the recovery of the payment.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(l) Except as to creditors barred by publication or by written notice, the statute of limitations provisions of §§ 29A-3-802(b) and 29A-3-803(a)(3) apply.</span></p><p dir="ltr" class="s2072757Normal-000001"><span class="s2072757DefaultParagraphFont">(m) Nothing in this section requires a trustee to give notice to a secured creditor of a settlor, nor diminish the rights of a secured creditor under applicable law.</span></p><p dir="ltr" class="s2072757Normal"><span xml:space="preserve" class="s2072757000005"> </span></p><p dir="ltr" class="s2072757Normal"><span class="s2072757SCL">Source:</span><span xml:space="preserve" class="s2072757SCL-000007"> SL 2010, ch 232, § 12.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083769Normal { 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.s2083769HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083769DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083769HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083769Normal-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.s2083769B { 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 55-5 - INVESTMENT AND MANAGEMENT POWERS OF FIDUCIARIES"><meta property="og:description" content="SDLRC Codified Law 55-5 - INVESTMENT AND MANAGEMENT POWERS OF FIDUCIARIES"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-5"><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="s2083769Normal"><span xml:space="preserve" class="s2083769HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5</span></a></p><p dir="ltr" class="s2083769Normal"><span xml:space="preserve" class="s2083769HG4C">INVESTMENT AND MANAGEMENT POWERS OF FIDUCIARIES </span></p><p dir="ltr" class="s2083769Normal-000000"><span xml:space="preserve" class="s2083769DefaultParagraphFont"> </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-1" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-1</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-1" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-1</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont"> to 55-5-5. Repealed by SL 1995, ch 271, §§ 1 to 5</span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-6" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-6</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Standards for investing and managing assets. </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-7" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-7</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Prudent investor rule. </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-8" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-8</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Diversification of investments. </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-9" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-9</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity.</span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-10" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-10</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Investment strategy--Productivity judged by whole portfolio. </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-11" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-11</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Circumstances considered in investment decisions. </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-12" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-12</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Precedence of express provisions of trust instrument. </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-13" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-13</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Court authority over trustee. </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-14" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-14</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Authorization language. </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-15" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-15</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Applicability of chapter. </span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-16" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-16</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Delegation of responsibilities to others.</span></p><p dir="ltr" class="s2083769B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-17" rel="noopener"><span class="s2083769DefaultParagraphFont">55-5-17</span></a><span xml:space="preserve" class="s2083769DefaultParagraphFont">    Duties of trustee with respect to life insurance--Notice to settlor. </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 - FIDUCIARIES AND TRUSTS 55-5-1 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-5-1 "> <META NAME="Description" Content="South Dakota Codified Laws 55-5-1"> </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 --> 55-5-1 to 55-5-5. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1995, ch 271, &#167;&#167;&nbsp;1 to 5<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072760Normal { 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.s2072760SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072760CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072760Normal-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.s2072760DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072760000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072760SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072760SCL-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="s2072760Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-6"><span class="s2072760SENU">55-5-6</span></a><span xml:space="preserve" class="s2072760SENU">. </span><span class="s2072760CL">Standards for investing and managing assets.</span></p><p dir="ltr" class="s2072760Normal-000000"><span class="s2072760DefaultParagraphFont">The trustee shall invest and manage trust assets as a prudent investor would considering the purposes, terms, distribution requirements, and other circumstances of the trust. This standard requires the exercise of reasonable care, skill, and caution and shall be applied to investments not in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy that should incorporate risk and return objectives reasonably suitable to the trust.</span></p><p dir="ltr" class="s2072760Normal"><span xml:space="preserve" class="s2072760000001"> </span></p><p dir="ltr" class="s2072760Normal"><span class="s2072760SCL">Source:</span><span xml:space="preserve" class="s2072760SCL-000002"> SL 1995, ch 271, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072761Normal { 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.s2072761SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072761CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072761Normal-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.s2072761DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072761000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072761SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072761SCL-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="s2072761Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-7"><span class="s2072761SENU">55-5-7</span></a><span xml:space="preserve" class="s2072761SENU">. </span><span class="s2072761CL">Prudent investor rule.</span></p><p dir="ltr" class="s2072761Normal-000000"><span class="s2072761DefaultParagraphFont">No specific investment or course of action is, taken alone, prudent or imprudent. The trustee may invest in every kind of property and type of investment, subject to this chapter. The prudent investor rule is a test of conduct and not of resulting performance. The prudent investor rule may be expanded, restricted, eliminated, or otherwise altered by the terms of the trust instrument or court order. Unless expanded, restricted, eliminated, or otherwise altered by the terms of the trust instrument or a court order, the trustee's investment decisions and actions shall be judged in terms of the trustee's reasonable judgment regarding the anticipated effect on the trust portfolio as a whole under the facts and circumstances prevailing at the time of the decision or action. No trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust instrument or court order.</span></p><p dir="ltr" class="s2072761Normal"><span xml:space="preserve" class="s2072761000001"> </span></p><p dir="ltr" class="s2072761Normal"><span class="s2072761SCL">Source:</span><span xml:space="preserve" class="s2072761SCL-000002"> SL 1995, ch 271, § 7; SL 2009, ch 252, § 30; SL 2010, ch 232, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072762Normal { 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.s2072762SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072762CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072762Normal-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.s2072762DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072762000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072762SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072762SCL-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="s2072762Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-8"><span class="s2072762SENU">55-5-8</span></a><span xml:space="preserve" class="s2072762SENU">. </span><span class="s2072762CL">Diversification of investments.</span></p><p dir="ltr" class="s2072762Normal-000000"><span class="s2072762DefaultParagraphFont">The trustee shall diversify the investments of the trust unless, under the circumstances, the trustee reasonably believes it is in the interests of the beneficiaries and furthers the purposes of the trust not to diversify. Regardless of concentration or lack of diversification, the trustee need not diversify if the trust instrument or court order allows or directs retention of assets forming part of the trust corpus and no trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust instrument or court order. If a trust instrument or court order allows or directs a fiduciary to invest in a specific investment, type of investment, or investment concentration, no trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust instrument or court order.</span></p><p dir="ltr" class="s2072762Normal"><span xml:space="preserve" class="s2072762000001"> </span></p><p dir="ltr" class="s2072762Normal"><span class="s2072762SCL">Source:</span><span xml:space="preserve" class="s2072762SCL-000002"> SL 1995, ch 271, § 8; SL 2006, ch 243, § 9; SL 2009, ch 252, § 31; SL 2010, ch 232, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083052Normal { 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.s2083052SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083052CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083052Statute { 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.s2083052DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083052Statute-000000 { text-indent: 0.25in; 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.s2083052StatuteNumber1 { 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.s2083052000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083052NoIndent { 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.s2083052DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083052SCL { 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 55-5-9 - Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity."><meta property="og:description" content="SDLRC Codified Law 55-5-9 - Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-5-9"><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="s2083052Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-9" rel="noopener"><span class="s2083052SENU">55-5-9</span></a><span xml:space="preserve" class="s2083052SENU">. </span><span xml:space="preserve" class="s2083052CL">Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity. </span></p><p dir="ltr" class="s2083052Statute"><span class="s2083052DefaultParagraphFont">The trustee shall, within a reasonable time after the acceptance of the trusteeship, review trust assets and make and implement decisions concerning the retention and disposition of original pre-existing investments in order to conform to the provisions of this section. The trustee's decision to retain or dispose of an asset may properly be influenced by the asset's special relationship or value to the purposes of the trust or to some or all of the beneficiaries, consistent with the trustee's duty of impartiality.</span></p><p dir="ltr" class="s2083052Statute-000000"><span class="s2083052DefaultParagraphFont">If a trust owns an interest in a closely held entity, and the trust agreement, or other document signed by the settlor, trust protector, or signed by a majority of the current income or principal beneficiaries, if the settlor is deceased, provides that the trustee has no duty to inquire or review the activities of the closely held entity, no trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust or court order.</span></p><p dir="ltr" class="s2083052Statute-000000"><span class="s2083052DefaultParagraphFont">For purposes of this section, the term, closely held entity, means any entity in which the following persons in aggregate own at least twenty percent of the entity:</span></p><p dir="ltr" class="s2083052StatuteNumber1"><span class="s2083052DefaultParagraphFont">(1)    The settlor;</span></p><p dir="ltr" class="s2083052StatuteNumber1"><span class="s2083052DefaultParagraphFont">(2)    The settlor's grandparents or their descendants;</span></p><p dir="ltr" class="s2083052StatuteNumber1"><span class="s2083052DefaultParagraphFont">(3)    The settlor's spouse; or</span></p><p dir="ltr" class="s2083052StatuteNumber1"><span class="s2083052DefaultParagraphFont">(4)    Any trust created by anyone of the aforementioned persons.</span></p><p dir="ltr" class="s2083052Statute-000000"><span class="s2083052DefaultParagraphFont">If a trust was in existence on or before July 1, 2012, and a collateral document relieved the trustee of the duty to inquire or review the activities of a closely held entity as provided in this section, then the trustee may elect to have this section apply upon providing sixty days written notice of the election to the settlor or to the current income or principal beneficiaries if the settlor is deceased.</span></p><p dir="ltr" class="s2083052Normal"><span xml:space="preserve" class="s2083052000001"> </span></p><p dir="ltr" class="s2083052NoIndent"><span xml:space="preserve" class="s2083052DefaultParagraphFont-000002">Source: </span><span class="s2083052SCL">SL 1995, ch 271, § 9; SL 2009, ch 252, § 32; SL 2012, ch 233, § 22; SL 2021, ch 207, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072764Normal { 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.s2072764SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072764CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072764Normal-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.s2072764DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072764000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072764SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072764SCL-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="s2072764Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-10"><span class="s2072764SENU">55-5-10</span></a><span xml:space="preserve" class="s2072764SENU">. </span><span class="s2072764CL">Investment strategy--Productivity judged by whole portfolio.</span></p><p dir="ltr" class="s2072764Normal-000000"><span class="s2072764DefaultParagraphFont">The trustee shall pursue an investment strategy that considers both the reasonable production of income and safety of capital, consistent with the trustee's duty of impartiality and the purpose of the trust. Whether investments are underproductive or overproductive of income shall be judged by the portfolio as a whole and not as to any particular asset.</span></p><p dir="ltr" class="s2072764Normal"><span xml:space="preserve" class="s2072764000001"> </span></p><p dir="ltr" class="s2072764Normal"><span class="s2072764SCL">Source:</span><span xml:space="preserve" class="s2072764SCL-000002"> SL 1995, ch 271, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072765Normal { 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.s2072765SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072765CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072765Normal-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.s2072765DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072765000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072765SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072765SCL-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="s2072765Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-11"><span class="s2072765SENU">55-5-11</span></a><span xml:space="preserve" class="s2072765SENU">. </span><span class="s2072765CL">Circumstances considered in investment decisions.</span></p><p dir="ltr" class="s2072765Normal-000000"><span class="s2072765DefaultParagraphFont">The circumstances that the trustee may consider in making investment decisions include, without limitation, the general economic conditions, the possible effect of inflation, the expected tax consequences of investment decisions or strategies, the role each investment or course of action plays within the overall portfolio, the expected total return, including both income yield and appreciation of capital, and the duty to incur only reasonable and appropriate costs. The trustee may consider related trusts and the assets of beneficiaries when making investment decisions.</span></p><p dir="ltr" class="s2072765Normal"><span xml:space="preserve" class="s2072765000001"> </span></p><p dir="ltr" class="s2072765Normal"><span class="s2072765SCL">Source:</span><span xml:space="preserve" class="s2072765SCL-000002"> SL 1995, ch 271, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072766Normal { 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.s2072766SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072766CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072766Normal-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.s2072766DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072766000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072766SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072766SCL-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="s2072766Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-12"><span class="s2072766SENU">55-5-12</span></a><span xml:space="preserve" class="s2072766SENU">. </span><span class="s2072766CL">Precedence of express provisions of trust instrument.</span></p><p dir="ltr" class="s2072766Normal-000000"><span class="s2072766DefaultParagraphFont">The provisions of this chapter may be expanded, restricted, eliminated, or otherwise altered by express provisions of the trust instrument. The trustee is not liable to a beneficiary for the trustee's reasonable and good faith reliance on those express provisions.</span></p><p dir="ltr" class="s2072766Normal"><span xml:space="preserve" class="s2072766000001"> </span></p><p dir="ltr" class="s2072766Normal"><span class="s2072766SCL">Source:</span><span xml:space="preserve" class="s2072766SCL-000002"> SL 1995, ch 271, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072767Normal { 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.s2072767SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072767CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072767Normal-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.s2072767DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072767000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072767SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072767SCL-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="s2072767Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-13"><span class="s2072767SENU">55-5-13</span></a><span xml:space="preserve" class="s2072767SENU">. </span><span class="s2072767CL">Court authority over trustee.</span></p><p dir="ltr" class="s2072767Normal-000000"><span class="s2072767DefaultParagraphFont">Nothing in this chapter abrogates or restricts the power of an appropriate court in proper cases to direct or permit the trustee to deviate from the terms of the trust instrument or to direct or permit the trustee to take, or to restrain the trustee from taking, any action regarding the making or retention of investments.</span></p><p dir="ltr" class="s2072767Normal"><span xml:space="preserve" class="s2072767000001"> </span></p><p dir="ltr" class="s2072767Normal"><span class="s2072767SCL">Source:</span><span xml:space="preserve" class="s2072767SCL-000002"> SL 1995, ch 271, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072768Normal { 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.s2072768SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072768CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072768Normal-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.s2072768DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072768000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072768SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072768SCL-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="s2072768Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-14"><span class="s2072768SENU">55-5-14</span></a><span xml:space="preserve" class="s2072768SENU">. </span><span class="s2072768CL">Authorization language.</span></p><p dir="ltr" class="s2072768Normal-000000"><span class="s2072768DefaultParagraphFont">The following terms or comparable language in the investment powers and related provisions of a trust instrument, unless otherwise limited or modified by that instrument, authorize any investment or strategy permitted under this chapter: "investments permissible by law for investment of trust funds," "legal investment," "authorized investments," "using the judgment and care under the circumstances then prevailing that men of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to the speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent person rule."</span></p><p dir="ltr" class="s2072768Normal"><span xml:space="preserve" class="s2072768000001"> </span></p><p dir="ltr" class="s2072768Normal"><span class="s2072768SCL">Source:</span><span xml:space="preserve" class="s2072768SCL-000002"> SL 1995, ch 271, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072769Normal { 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.s2072769SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072769CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072769Normal-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.s2072769DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072769000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072769SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072769SCL-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="s2072769Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-15"><span class="s2072769SENU">55-5-15</span></a><span xml:space="preserve" class="s2072769SENU">. </span><span class="s2072769CL">Applicability of chapter.</span></p><p dir="ltr" class="s2072769Normal-000000"><span class="s2072769DefaultParagraphFont">This chapter applies to all existing and future trusts, but only as to actions or inactions occurring after July 1, 1995.</span></p><p dir="ltr" class="s2072769Normal"><span xml:space="preserve" class="s2072769000001"> </span></p><p dir="ltr" class="s2072769Normal"><span class="s2072769SCL">Source:</span><span xml:space="preserve" class="s2072769SCL-000002"> SL 1995, ch 271, § 15.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083053Normal { 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.s2083053SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083053CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083053Statute { 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.s2083053DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083053000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083053NoIndent { 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.s2083053DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083053SCL { 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 55-5-16 - Delegation of responsibilities to others."><meta property="og:description" content="SDLRC Codified Law 55-5-16 - Delegation of responsibilities to others."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-5-16"><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="s2083053Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-16" rel="noopener"><span class="s2083053SENU">55-5-16</span></a><span xml:space="preserve" class="s2083053SENU">. </span><span xml:space="preserve" class="s2083053CL">Delegation of responsibilities to others. </span></p><p dir="ltr" class="s2083053Statute"><span class="s2083053DefaultParagraphFont">A trustee has a duty to personally perform the responsibilities of the trusteeship except as a prudent person might delegate those responsibilities to others. In deciding whether, to whom, and in what manner to delegate fiduciary authority in the administration of a trust, and thereafter in monitoring agents, the trustee may seek the prior approval for the delegation from the settlor, a trust protector, or if the settlor is deceased, the majority of the current income or principal beneficiaries, or from the court. If such approval is given in writing by either the settlor, a trust protector, or if the settlor is deceased, the majority of the current income or principal beneficiaries, or by the court, the trustee is not liable for the acts of the person to whom the authority is delegated except in the cases of willful misconduct or gross negligence by the delegating trustee in the selection or monitoring of the agent.</span></p><p dir="ltr" class="s2083053Normal"><span xml:space="preserve" class="s2083053000000"> </span></p><p dir="ltr" class="s2083053NoIndent"><span xml:space="preserve" class="s2083053DefaultParagraphFont-000001">Source: </span><span class="s2083053SCL">SL 1996, ch 284, § 3; SL 1998, ch 282, § 42; SL 2011, ch 212, § 2; SL 2018, ch 275, § 27; SL 2021, ch 207, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072771Normal { 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.s2072771SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072771CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072771Normal-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.s2072771DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072771Normal-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; } p.s2072771Normal-000002 { margin-left: 0.70in; 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.s2072771Normal-000003 { text-indent: 0.25in; 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.s2072771000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072771SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072771SCL-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="s2072771Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-17"><span class="s2072771SENU">55-5-17</span></a><span xml:space="preserve" class="s2072771SENU">. </span><span class="s2072771CL">Duties of trustee with respect to life insurance--Notice to settlor.</span></p><p dir="ltr" class="s2072771Normal-000000"><span class="s2072771DefaultParagraphFont">(a) Unless otherwise required by the terms of the trust instrument or court order, no trustee of a trust, with respect to acquiring, retaining, or disposing of a contract of insurance or holding one or more insurance contracts upon the life of the settlor, or the lives of the settlor and the settlor's spouse, has the following duties:</span></p><p dir="ltr" class="s2072771Normal-000001"><span class="s2072771DefaultParagraphFont">(1)    To determine whether any such contract is or remains a proper investment;</span></p><p dir="ltr" class="s2072771Normal-000001"><span class="s2072771DefaultParagraphFont">(2)    To investigate the financial strength or changes in the financial strength of the life insurance company;</span></p><p dir="ltr" class="s2072771Normal-000001"><span class="s2072771DefaultParagraphFont">(3)    To make a determination of whether to exercise any policy options available under any such contract;</span></p><p dir="ltr" class="s2072771Normal-000001"><span xml:space="preserve" class="s2072771DefaultParagraphFont">(4)    To make a determination of whether to diversify any such contract relative to one another or to other assets, if any, administered by the trustee; </span></p><p dir="ltr" class="s2072771Normal-000001"><span class="s2072771DefaultParagraphFont">(5)    To inquire about changes in the health or financial condition of the insured or insured's relative to any such contract; or</span></p><p dir="ltr" class="s2072771Normal-000001"><span class="s2072771DefaultParagraphFont">(6)    To vote, or give proxies to vote, on corporate matters.</span></p><p dir="ltr" class="s2072771Normal-000002"><span xml:space="preserve" class="s2072771DefaultParagraphFont">A trustee of a revocable or an irrevocable trust, or of either a directed trust pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B"><span class="s2072771DefaultParagraphFont">55-1B</span></a><span xml:space="preserve" class="s2072771DefaultParagraphFont"> or a delegated trust pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5-16"><span class="s2072771DefaultParagraphFont">55-5-16</span></a><span class="s2072771DefaultParagraphFont">, is not liable to the beneficiaries of the trust or to any other party for any loss arising from the absence of those duties upon the trustee.</span></p><p dir="ltr" class="s2072771Normal-000003"><span class="s2072771DefaultParagraphFont">(b) The trustee of a trust described under subsection (a) of this section which was established prior to the effective date of this section, shall notify the settlor in writing that, unless the settlor provides written notice to the contrary to the trustee within sixty days of the trustee's notice, the provisions of subsection (a) of this section shall apply to the trust. Subsection (a) of this section does not apply if, within sixty days of the trustee's notice, the settlor notifies the trustee that subsection (a) does not apply.</span></p><p dir="ltr" class="s2072771Normal"><span xml:space="preserve" class="s2072771000004"> </span></p><p dir="ltr" class="s2072771Normal"><span class="s2072771SCL">Source:</span><span xml:space="preserve" class="s2072771SCL-000005"> SL 2010, ch 232, § 15; SL 2012, ch 233, § 27; SL 2014, ch 226, § 5.</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 - FIDUCIARIES AND TRUSTS 55-5A POWERS OF FOREIGN FIDUCIARIES </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-5A POWERS OF FOREIGN FIDUCIARIES "> <META NAME="Description" Content="South Dakota Codified Laws 55-5A"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-5A <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> POWERS OF FOREIGN FIDUCIARIES <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-5A-1">55-5A-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Release of judgments or mortgages by foreign fiduciaries--Deeds to carry out real estate contracts--Court approval not required. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-5A-2">55-5A-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Certificate of appointing court or clerk attached--Contents.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072773Normal { 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.s2072773SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072773CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072773Normal-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.s2072773DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072773000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072773SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072773SCL-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="s2072773Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5A-1"><span class="s2072773SENU">55-5A-1</span></a><span xml:space="preserve" class="s2072773SENU">. </span><span class="s2072773CL">Release of judgments or mortgages by foreign fiduciaries--Deeds to carry out real estate contracts--Court approval not required.</span></p><p dir="ltr" class="s2072773Normal-000000"><span class="s2072773DefaultParagraphFont">Judgments rendered by any court in the State of South Dakota, and mortgages belonging to an estate, trust, or person under conservatorship, may, without prior order of court, be released, discharged or assigned, in whole or in part as to any particular property, and deeds may be executed in performance of real estate contracts entered into before the creation of the estate, trust, or conservatorship, by any foreign fiduciary, receiver, referee, or by any other person acting in a fiduciary capacity appointed by a court of record of any foreign state or country, if no fiduciary, receiver or referee has been appointed and qualified in this state. Such release, satisfaction, discharge, assignment or deed may be made without any order of court in any manner, and by any instrument which would be valid and effective if made by a like officer qualified under the laws of this state.</span></p><p dir="ltr" class="s2072773Normal"><span xml:space="preserve" class="s2072773000001"> </span></p><p dir="ltr" class="s2072773Normal"><span class="s2072773SCL">Source:</span><span xml:space="preserve" class="s2072773SCL-000002"> SL 1976, ch 179, § 1; SL 1993, ch 213, § 255.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072774Normal { 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.s2072774SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072774CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072774Normal-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.s2072774DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072774000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072774SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072774SCL-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="s2072774Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5A-2"><span class="s2072774SENU">55-5A-2</span></a><span xml:space="preserve" class="s2072774SENU">. </span><span class="s2072774CL">Certificate of appointing court or clerk attached--Contents.</span></p><p dir="ltr" class="s2072774Normal-000000"><span xml:space="preserve" class="s2072774DefaultParagraphFont">Before any instrument executed by any fiduciary or officer as authorized in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-5A-1"><span class="s2072774DefaultParagraphFont">55-5A-1</span></a><span xml:space="preserve" class="s2072774DefaultParagraphFont"> shall be effective, there shall be attached thereto a certificate executed by the court or clerk making the appointment, with seal attached, if such officer has a seal. Such certificate shall state the name of the court making such appointment, the date of appointment, and that the authority of such fiduciary or officer is still in full force and effect.</span></p><p dir="ltr" class="s2072774Normal"><span xml:space="preserve" class="s2072774000001"> </span></p><p dir="ltr" class="s2072774Normal"><span class="s2072774SCL">Source:</span><span xml:space="preserve" class="s2072774SCL-000002"> SL 1976, ch 179, § 1.</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 - FIDUCIARIES AND TRUSTS 55-6 COMMON TRUST FUNDS AND COLLECTIVE INVESTMENT FUNDS </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-6 COMMON TRUST FUNDS AND COLLECTIVE INVESTMENT FUNDS "> <META NAME="Description" Content="South Dakota Codified Laws 55-6"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-6 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> COMMON TRUST FUNDS AND COLLECTIVE INVESTMENT FUNDS <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-1">55-6-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Establishment and maintenance of common trust funds and collective investment funds--Purpose. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-1.1">55-6-1.1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Common trust fund defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-1.2">55-6-1.2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Collective investment fund defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-2">55-6-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Bank or trust company investment in funds. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-2.1">55-6-2.1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Powers of bank or trust company qualified to act as fiduciary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-3">55-6-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Compliance with law governing administration of trust estates. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-4">55-6-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Application of chapter. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-5">55-6-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Uniformity of interpretation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-6">55-6-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Repealed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-6-7">55-6-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Citation of chapter. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072776Normal { 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.s2072776SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072776CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072776Normal-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.s2072776DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072776Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072776000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072776SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072776SCL-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="s2072776Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-1"><span class="s2072776SENU">55-6-1</span></a><span xml:space="preserve" class="s2072776SENU">. </span><span class="s2072776CL">Establishment and maintenance of common trust funds and collective investment funds--Purpose.</span></p><p dir="ltr" class="s2072776Normal-000000"><span class="s2072776DefaultParagraphFont">Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds or collective investment funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as cofiduciaries.</span></p><p dir="ltr" class="s2072776Normal-000001"><span class="s2072776DefaultParagraphFont">Any common trust fund or collective investment fund authorized by this chapter shall be established and maintained in accordance with 12 C.F.R. 9.18 as of January 1, 2011.</span></p><p dir="ltr" class="s2072776Normal"><span xml:space="preserve" class="s2072776000002"> </span></p><p dir="ltr" class="s2072776Normal"><span class="s2072776SCL">Source:</span><span xml:space="preserve" class="s2072776SCL-000003"> SL 1941, ch 20, § 1; SDC Supp 1960, § 6.0901; SL 2011, ch 212, § 23.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072777Normal { 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.s2072777SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072777CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072777Normal-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.s2072777DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072777000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072777SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072777SCL-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="s2072777Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-1.1"><span class="s2072777SENU">55-6-1.1</span></a><span xml:space="preserve" class="s2072777SENU">. </span><span class="s2072777CL">Common trust fund defined.</span></p><p dir="ltr" class="s2072777Normal-000000"><span class="s2072777DefaultParagraphFont">For purposes of this chapter, the term, common trust fund, is a fund as defined in 12 C.F.R. 9.18(a)(1) as of January 1, 2011, and is provided exemption from taxation according to 26 U.S.C. 584 as of January 1, 2011.</span></p><p dir="ltr" class="s2072777Normal"><span xml:space="preserve" class="s2072777000001"> </span></p><p dir="ltr" class="s2072777Normal"><span class="s2072777SCL">Source:</span><span xml:space="preserve" class="s2072777SCL-000002"> SL 2011, ch 212, § 28.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072778Normal { 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.s2072778SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072778CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072778Normal-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.s2072778DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072778000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072778SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072778SCL-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="s2072778Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-1.2"><span class="s2072778SENU">55-6-1.2</span></a><span xml:space="preserve" class="s2072778SENU">. </span><span class="s2072778CL">Collective investment fund defined.</span></p><p dir="ltr" class="s2072778Normal-000000"><span class="s2072778DefaultParagraphFont">For purposes of this chapter, the term, collective investment fund, is a fund as defined in 12 C.F.R. 9.18(a)(2) as of January 1, 2011, and is provided exemption from taxation according to Internal Revenue Service, Revenue Ruling 81-100, published March 30, 1981.</span></p><p dir="ltr" class="s2072778Normal"><span xml:space="preserve" class="s2072778000001"> </span></p><p dir="ltr" class="s2072778Normal"><span class="s2072778SCL">Source:</span><span xml:space="preserve" class="s2072778SCL-000002"> SL 2011, ch 212, § 29.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072779Normal { 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.s2072779SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072779CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072779Normal-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.s2072779DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072779000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072779SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072779SCL-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="s2072779Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-2"><span class="s2072779SENU">55-6-2</span></a><span xml:space="preserve" class="s2072779SENU">. </span><span class="s2072779CL">Bank or trust company investment in funds.</span></p><p dir="ltr" class="s2072779Normal-000000"><span xml:space="preserve" class="s2072779DefaultParagraphFont">Any bank or trust company qualified to act as fiduciary in this state may, as such fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in common trust funds or collective investment funds established pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-1"><span class="s2072779DefaultParagraphFont">55-6-1</span></a><span class="s2072779DefaultParagraphFont">, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciary or cofiduciaries to such investment.</span></p><p dir="ltr" class="s2072779Normal"><span xml:space="preserve" class="s2072779000001"> </span></p><p dir="ltr" class="s2072779Normal"><span class="s2072779SCL">Source:</span><span xml:space="preserve" class="s2072779SCL-000002"> SL 1941, ch 20, § 1; SDC Supp 1960, § 6.0901; SL 2011, ch 212, § 24.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072780Normal { 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.s2072780SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072780CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072780Normal-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.s2072780DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072780Normal-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; } p.s2072780Normal-000002 { text-indent: 0.25in; 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.s2072780000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072780SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072780SCL-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="s2072780Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-2.1"><span class="s2072780SENU">55-6-2.1</span></a><span xml:space="preserve" class="s2072780SENU">. </span><span class="s2072780CL">Powers of bank or trust company qualified to act as fiduciary.</span></p><p dir="ltr" class="s2072780Normal-000000"><span class="s2072780DefaultParagraphFont">A bank or trust company qualified to act as a fiduciary in this state may:</span></p><p dir="ltr" class="s2072780Normal-000001"><span class="s2072780DefaultParagraphFont">(1)    Establish and maintain common trust funds or collective investment funds for the collective investment of funds held in any fiduciary capacity by it or by another bank or trust company which is owned or controlled by a corporation which owns or controls such bank or trust company;</span></p><p dir="ltr" class="s2072780Normal-000001"><span class="s2072780DefaultParagraphFont">(2)    Invest funds which it holds in common trust funds or collective investment funds established and maintained pursuant to subdivision (1).</span></p><p dir="ltr" class="s2072780Normal-000002"><span xml:space="preserve" class="s2072780DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-1"><span class="s2072780DefaultParagraphFont">55-6-1</span></a><span xml:space="preserve" class="s2072780DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-7"><span class="s2072780DefaultParagraphFont">55-6-7</span></a><span class="s2072780DefaultParagraphFont">, inclusive, relating to common trust funds or collective investment funds shall apply to the establishment and maintenance of common trust funds or collective investment funds under this section.</span></p><p dir="ltr" class="s2072780Normal-000002"><span class="s2072780DefaultParagraphFont">This section shall apply to all fiduciary relationships.</span></p><p dir="ltr" class="s2072780Normal"><span xml:space="preserve" class="s2072780000003"> </span></p><p dir="ltr" class="s2072780Normal"><span class="s2072780SCL">Source:</span><span xml:space="preserve" class="s2072780SCL-000004"> SL 1978, ch 356, §§ 1 to 3; SL 2011, ch 212, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072781Normal { 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.s2072781SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072781CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072781Normal-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.s2072781DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072781000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072781SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072781SCL-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="s2072781Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-3"><span class="s2072781SENU">55-6-3</span></a><span xml:space="preserve" class="s2072781SENU">. </span><span class="s2072781CL">Compliance with law governing administration of trust estates.</span></p><p dir="ltr" class="s2072781Normal-000000"><span xml:space="preserve" class="s2072781DefaultParagraphFont">The bank or trust company operating such common trust funds or collective investment funds shall comply with the provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=21-22"><span class="s2072781DefaultParagraphFont">21-22</span></a><span xml:space="preserve" class="s2072781DefaultParagraphFont"> in the administration of the trust estate.</span></p><p dir="ltr" class="s2072781Normal"><span xml:space="preserve" class="s2072781000001"> </span></p><p dir="ltr" class="s2072781Normal"><span class="s2072781SCL">Source:</span><span xml:space="preserve" class="s2072781SCL-000002"> SL 1941, ch 20, § 2; SDC Supp 1960, § 6.0902; SL 2011, ch 212, § 26.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072782Normal { 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.s2072782SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072782CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072782Normal-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.s2072782DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072782000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072782SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072782SCL-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="s2072782Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-4"><span class="s2072782SENU">55-6-4</span></a><span xml:space="preserve" class="s2072782SENU">. </span><span class="s2072782CL">Application of chapter.</span></p><p dir="ltr" class="s2072782Normal-000000"><span class="s2072782DefaultParagraphFont">This chapter shall apply to fiduciary relationships in existence at the time this chapter takes effect or thereafter established.</span></p><p dir="ltr" class="s2072782Normal"><span xml:space="preserve" class="s2072782000001"> </span></p><p dir="ltr" class="s2072782Normal"><span class="s2072782SCL">Source:</span><span xml:space="preserve" class="s2072782SCL-000002"> SL 1941, ch 20, § 7; SDC Supp 1960, § 6.0904.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072783Normal { 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.s2072783SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072783CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072783Normal-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.s2072783DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072783000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072783SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072783SCL-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="s2072783Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-5"><span class="s2072783SENU">55-6-5</span></a><span xml:space="preserve" class="s2072783SENU">. </span><span class="s2072783CL">Uniformity of interpretation.</span></p><p dir="ltr" class="s2072783Normal-000000"><span class="s2072783DefaultParagraphFont">This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.</span></p><p dir="ltr" class="s2072783Normal"><span xml:space="preserve" class="s2072783000001"> </span></p><p dir="ltr" class="s2072783Normal"><span class="s2072783SCL">Source:</span><span xml:space="preserve" class="s2072783SCL-000002"> SL 1941, ch 20, § 3; SDC Supp 1960, § 6.0903.</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 - FIDUCIARIES AND TRUSTS 55-6-6 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-6-6 "> <META NAME="Description" Content="South Dakota Codified Laws 55-6-6"> </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 --> 55-6-6. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2011, ch 212, &#167;&nbsp;27.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072785Normal { 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.s2072785SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072785CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072785Normal-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.s2072785DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072785000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072785SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072785SCL-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="s2072785Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-6-7"><span class="s2072785SENU">55-6-7</span></a><span xml:space="preserve" class="s2072785SENU">. </span><span class="s2072785CL">Citation of chapter.</span></p><p dir="ltr" class="s2072785Normal-000000"><span class="s2072785DefaultParagraphFont">This chapter may be cited as the Uniform Common Trust Fund Act.</span></p><p dir="ltr" class="s2072785Normal"><span xml:space="preserve" class="s2072785000001"> </span></p><p dir="ltr" class="s2072785Normal"><span class="s2072785SCL">Source:</span><span xml:space="preserve" class="s2072785SCL-000002"> SL 1941, ch 20, § 4; SDC Supp 1960, § 6.0906.</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 - FIDUCIARIES AND TRUSTS 55-7 THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-7 THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS "> <META NAME="Description" Content="South Dakota Codified Laws 55-7"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-7 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-1">55-7-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability of third persons dealing with trustees. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-2">55-7-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Definition of terms. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-3">55-7-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> A thing done &quot;in good faith&quot; defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-4">55-7-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Payment or transfer to fiduciary--Nonliability of transferor for improper application. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-5">55-7-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Check or bill of exchange drawn by fiduciary payable to third person--Liability of payee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-6">55-7-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or transferee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-7">55-7-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Bank account in name of fiduciary--Check drawn by fiduciary--Bank's liability to principal. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-8">55-7-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Bank account in name of principal--Check drawn by fiduciary--Bank's liability to principal. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-9">55-7-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Deposit in bank to fiduciary's personal account--Bank's liability to principal. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-10">55-7-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Deposit in bank in names of two or more trustees--Check drawn by one. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-11">55-7-11</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Negotiable instrument transferred by fiduciary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-12">55-7-12</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Law governing transactions not within Uniform Fiduciaries Act. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-13">55-7-13</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Act not retroactive. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-14">55-7-14</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Uniformity of interpretation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-15">55-7-15</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Citation of uniform act.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072787Normal { 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.s2072787SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072787CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072787Normal-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.s2072787DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072787000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072787SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072787SCL-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="s2072787Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-1"><span class="s2072787SENU">55-7-1</span></a><span xml:space="preserve" class="s2072787SENU">. </span><span class="s2072787CL">Liability of third persons dealing with trustees.</span></p><p dir="ltr" class="s2072787Normal-000000"><span class="s2072787DefaultParagraphFont">One who actually and in good faith transfers any money or other property to a trustee as such is not bound to see to the application thereof; and his rights can in no way be prejudiced by a misapplication thereof by the trustee. Other persons must at their peril see to the proper application of money or other property paid or delivered by them.</span></p><p dir="ltr" class="s2072787Normal"><span xml:space="preserve" class="s2072787000001"> </span></p><p dir="ltr" class="s2072787Normal"><span class="s2072787SCL">Source:</span><span xml:space="preserve" class="s2072787SCL-000002"> SDC 1939, § 59.0117.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072788Normal { 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.s2072788SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072788CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072788Normal-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.s2072788DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072788Normal-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.s2072788000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072788SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072788SCL-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="s2072788Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072788SENU">55-7-2</span></a><span xml:space="preserve" class="s2072788SENU">. </span><span class="s2072788CL">Definition of terms.</span></p><p dir="ltr" class="s2072788Normal-000000"><span xml:space="preserve" class="s2072788DefaultParagraphFont">Terms used in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072788DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072788DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072788DefaultParagraphFont">55-7-15</span></a><span class="s2072788DefaultParagraphFont">, inclusive, mean:</span></p><p dir="ltr" class="s2072788Normal-000001"><span class="s2072788DefaultParagraphFont">(1)    "Bank," any person or association of persons, whether incorporated or not, carrying on the business of banking;</span></p><p dir="ltr" class="s2072788Normal-000001"><span class="s2072788DefaultParagraphFont">(2)    "Fiduciary," any trustee under any trust, express, implied, resulting or constructive, personal representative, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate;</span></p><p dir="ltr" class="s2072788Normal-000001"><span class="s2072788DefaultParagraphFont">(3)    "Person," any corporation, limited liability company, partnership, or other association, or two or more persons having a joint or common interest; and</span></p><p dir="ltr" class="s2072788Normal-000001"><span class="s2072788DefaultParagraphFont">(4)    "Principal," any person to whom a fiduciary as such owes an obligation.</span></p><p dir="ltr" class="s2072788Normal"><span xml:space="preserve" class="s2072788000002"> </span></p><p dir="ltr" class="s2072788Normal"><span class="s2072788SCL">Source:</span><span xml:space="preserve" class="s2072788SCL-000003"> SL 1943, ch 19, § 1; SDC Supp 1960, § 6.0701 (1); SL 1994, ch 351, § 154.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072789Normal { 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.s2072789SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072789CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072789Normal-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.s2072789DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072789000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072789SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072789SCL-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="s2072789Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-3"><span class="s2072789SENU">55-7-3</span></a><span xml:space="preserve" class="s2072789SENU">. </span><span class="s2072789CL">A thing done "in good faith" defined.</span></p><p dir="ltr" class="s2072789Normal-000000"><span xml:space="preserve" class="s2072789DefaultParagraphFont">A thing is done "in good faith" within the meaning of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072789DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072789DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072789DefaultParagraphFont">55-7-15</span></a><span class="s2072789DefaultParagraphFont">, inclusive, when it is in fact done honestly, whether it be done negligently or not.</span></p><p dir="ltr" class="s2072789Normal"><span xml:space="preserve" class="s2072789000001"> </span></p><p dir="ltr" class="s2072789Normal"><span class="s2072789SCL">Source:</span><span xml:space="preserve" class="s2072789SCL-000002"> SL 1943, ch 19, § 1; SDC Supp 1960, § 6.0701 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072790Normal { 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.s2072790SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072790CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072790Normal-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.s2072790DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072790000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072790SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072790SCL-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="s2072790Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-4"><span class="s2072790SENU">55-7-4</span></a><span xml:space="preserve" class="s2072790SENU">. </span><span class="s2072790CL">Payment or transfer to fiduciary--Nonliability of transferor for improper application.</span></p><p dir="ltr" class="s2072790Normal-000000"><span class="s2072790DefaultParagraphFont">A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.</span></p><p dir="ltr" class="s2072790Normal"><span xml:space="preserve" class="s2072790000001"> </span></p><p dir="ltr" class="s2072790Normal"><span class="s2072790SCL">Source:</span><span xml:space="preserve" class="s2072790SCL-000002"> SL 1943, ch 19, § 2; SDC Supp 1960, § 6.0702.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072791Normal { 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.s2072791SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072791CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072791Normal-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.s2072791DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072791000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072791SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072791SCL-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="s2072791Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-5"><span class="s2072791SENU">55-7-5</span></a><span xml:space="preserve" class="s2072791SENU">. </span><span class="s2072791CL">Check or bill of exchange drawn by fiduciary payable to third person--Liability of payee.</span></p><p dir="ltr" class="s2072791Normal-000000"><span class="s2072791DefaultParagraphFont">If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in drawing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith. If, however, such instrument is payable to a personal creditor of the fiduciary and delivered to the creditor in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is drawn and delivered in any transaction known by the payee to be for the personal benefit of the fiduciary, the creditor or other payee is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the instrument.</span></p><p dir="ltr" class="s2072791Normal"><span xml:space="preserve" class="s2072791000001"> </span></p><p dir="ltr" class="s2072791Normal"><span class="s2072791SCL">Source:</span><span xml:space="preserve" class="s2072791SCL-000002"> SL 1943, ch 19, § 5; SDC Supp 1960, § 6.0705.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072792Normal { 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.s2072792SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072792CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072792Normal-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.s2072792DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072792000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072792SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072792SCL-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="s2072792Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-6"><span class="s2072792SENU">55-7-6</span></a><span xml:space="preserve" class="s2072792SENU">. </span><span class="s2072792CL">Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or transferee.</span></p><p dir="ltr" class="s2072792Normal-000000"><span class="s2072792DefaultParagraphFont">If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally, or payable to a third person and by him transferred to the fiduciary, and is thereafter transferred by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise, the transferee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in transferring the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith.</span></p><p dir="ltr" class="s2072792Normal"><span xml:space="preserve" class="s2072792000001"> </span></p><p dir="ltr" class="s2072792Normal"><span class="s2072792SCL">Source:</span><span xml:space="preserve" class="s2072792SCL-000002"> SL 1943, ch 19, § 6; SDC Supp 1960, § 6.0706.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072793Normal { 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.s2072793SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072793CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072793Normal-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.s2072793DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072793000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072793SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072793SCL-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="s2072793Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-7"><span class="s2072793SENU">55-7-7</span></a><span xml:space="preserve" class="s2072793SENU">. </span><span class="s2072793CL">Bank account in name of fiduciary--Check drawn by fiduciary--Bank's liability to principal.</span></p><p dir="ltr" class="s2072793Normal-000000"><span class="s2072793DefaultParagraphFont">If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.</span></p><p dir="ltr" class="s2072793Normal"><span xml:space="preserve" class="s2072793000001"> </span></p><p dir="ltr" class="s2072793Normal"><span class="s2072793SCL">Source:</span><span xml:space="preserve" class="s2072793SCL-000002"> SL 1943, ch 19, § 7; SDC Supp 1960, § 6.0707.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072794Normal { 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.s2072794SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072794CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072794Normal-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.s2072794DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072794000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072794SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072794SCL-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="s2072794Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-8"><span class="s2072794SENU">55-7-8</span></a><span xml:space="preserve" class="s2072794SENU">. </span><span class="s2072794CL">Bank account in name of principal--Check drawn by fiduciary--Bank's liability to principal.</span></p><p dir="ltr" class="s2072794Normal-000000"><span class="s2072794DefaultParagraphFont">If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing such check, or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of its obligation as fiduciary in drawing or delivering the check.</span></p><p dir="ltr" class="s2072794Normal"><span xml:space="preserve" class="s2072794000001"> </span></p><p dir="ltr" class="s2072794Normal"><span class="s2072794SCL">Source:</span><span xml:space="preserve" class="s2072794SCL-000002"> SL 1943, ch 19, § 8; SDC Supp 1960, § 6.0708.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072795Normal { 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.s2072795SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072795CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072795Normal-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.s2072795DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072795000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072795SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072795SCL-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="s2072795Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-9"><span class="s2072795SENU">55-7-9</span></a><span xml:space="preserve" class="s2072795SENU">. </span><span class="s2072795CL">Deposit in bank to fiduciary's personal account--Bank's liability to principal.</span></p><p dir="ltr" class="s2072795Normal-000000"><span class="s2072795DefaultParagraphFont">If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks thereon, or of checks payable to his principal and endorsed by him, if he is empowered to endorse such checks, or if he otherwise makes a deposit of funds held by him as fiduciary, the bank receiving such deposit is not bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary; and the bank is authorized to pay the amount of the deposit or any part thereof upon the personal check of the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in making such deposit or in drawing such check, or with knowledge of such facts that its action in receiving the deposit or paying the check amounts to bad faith.</span></p><p dir="ltr" class="s2072795Normal"><span xml:space="preserve" class="s2072795000001"> </span></p><p dir="ltr" class="s2072795Normal"><span class="s2072795SCL">Source:</span><span xml:space="preserve" class="s2072795SCL-000002"> SL 1943, ch 19, § 9; SDC Supp 1960, § 6.0709.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072796Normal { 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.s2072796SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072796CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072796Normal-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.s2072796DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072796000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072796SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072796SCL-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="s2072796Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-10"><span class="s2072796SENU">55-7-10</span></a><span xml:space="preserve" class="s2072796SENU">. </span><span class="s2072796CL">Deposit in bank in names of two or more trustees--Check drawn by one.</span></p><p dir="ltr" class="s2072796Normal-000000"><span class="s2072796DefaultParagraphFont">When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.</span></p><p dir="ltr" class="s2072796Normal"><span xml:space="preserve" class="s2072796000001"> </span></p><p dir="ltr" class="s2072796Normal"><span class="s2072796SCL">Source:</span><span xml:space="preserve" class="s2072796SCL-000002"> SL 1943, ch 19, § 10; SDC Supp 1960, § 6.0710.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072797Normal { 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.s2072797SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072797CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072797Normal-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.s2072797DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072797000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072797SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072797SCL-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="s2072797Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-11"><span class="s2072797SENU">55-7-11</span></a><span xml:space="preserve" class="s2072797SENU">. </span><span class="s2072797CL">Negotiable instrument transferred by fiduciary.</span></p><p dir="ltr" class="s2072797Normal-000000"><span class="s2072797DefaultParagraphFont">If any negotiable instrument payable or endorsed to a fiduciary as such is endorsed by the fiduciary, or if any negotiable instrument payable or endorsed to his principal is endorsed by a fiduciary empowered to endorse such instrument on behalf of his principal, the endorsee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in endorsing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith. If, however, such instrument is transferred by the fiduciary in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is transferred in any transaction known by the transferee to be for the personal benefit of the fiduciary, the creditor or other transferee is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in transferring the instrument.</span></p><p dir="ltr" class="s2072797Normal"><span xml:space="preserve" class="s2072797000001"> </span></p><p dir="ltr" class="s2072797Normal"><span class="s2072797SCL">Source:</span><span xml:space="preserve" class="s2072797SCL-000002"> SL 1943, ch 19, § 4; SDC Supp 1960, § 6.0704.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072798Normal { 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.s2072798SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072798CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072798Normal-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.s2072798DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072798000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072798SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072798SCL-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="s2072798Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-12"><span class="s2072798SENU">55-7-12</span></a><span xml:space="preserve" class="s2072798SENU">. </span><span class="s2072798CL">Law governing transactions not within Uniform Fiduciaries Act.</span></p><p dir="ltr" class="s2072798Normal-000000"><span xml:space="preserve" class="s2072798DefaultParagraphFont">In any case not provided for in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072798DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072798DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072798DefaultParagraphFont">55-7-15</span></a><span class="s2072798DefaultParagraphFont">, inclusive, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply.</span></p><p dir="ltr" class="s2072798Normal"><span xml:space="preserve" class="s2072798000001"> </span></p><p dir="ltr" class="s2072798Normal"><span class="s2072798SCL">Source:</span><span xml:space="preserve" class="s2072798SCL-000002"> SL 1943, ch 19, § 12; SDC Supp 1960, § 6.0712.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072799Normal { 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.s2072799SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072799CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072799Normal-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.s2072799DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072799000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072799SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072799SCL-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="s2072799Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-13"><span class="s2072799SENU">55-7-13</span></a><span xml:space="preserve" class="s2072799SENU">. </span><span class="s2072799CL">Act not retroactive.</span></p><p dir="ltr" class="s2072799Normal-000000"><span xml:space="preserve" class="s2072799DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072799DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072799DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072799DefaultParagraphFont">55-7-15</span></a><span class="s2072799DefaultParagraphFont">, inclusive, shall not apply to transactions taking place prior to July 1, 1943.</span></p><p dir="ltr" class="s2072799Normal"><span xml:space="preserve" class="s2072799000001"> </span></p><p dir="ltr" class="s2072799Normal"><span class="s2072799SCL">Source:</span><span xml:space="preserve" class="s2072799SCL-000002"> SL 1943, ch 19, § 11; SDC Supp 1960, § 6.0711.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072800Normal { 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.s2072800SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072800CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072800Normal-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.s2072800DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072800000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072800SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072800SCL-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="s2072800Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-14"><span class="s2072800SENU">55-7-14</span></a><span xml:space="preserve" class="s2072800SENU">. </span><span class="s2072800CL">Uniformity of interpretation.</span></p><p dir="ltr" class="s2072800Normal-000000"><span xml:space="preserve" class="s2072800DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072800DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072800DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072800DefaultParagraphFont">55-7-15</span></a><span class="s2072800DefaultParagraphFont">, inclusive, shall be so interpreted and construed as to effectuate their general purpose to make uniform the law of those states which enact them.</span></p><p dir="ltr" class="s2072800Normal"><span xml:space="preserve" class="s2072800000001"> </span></p><p dir="ltr" class="s2072800Normal"><span class="s2072800SCL">Source:</span><span xml:space="preserve" class="s2072800SCL-000002"> SL 1943, ch 19, § 13; SDC Supp 1960, § 6.0713.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072801Normal { 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.s2072801SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072801CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072801Normal-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.s2072801DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072801000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072801SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072801SCL-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="s2072801Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072801SENU">55-7-15</span></a><span xml:space="preserve" class="s2072801SENU">. </span><span class="s2072801CL">Citation of uniform act.</span></p><p dir="ltr" class="s2072801Normal-000000"><span xml:space="preserve" class="s2072801DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072801DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072801DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072801DefaultParagraphFont">55-7-15</span></a><span class="s2072801DefaultParagraphFont">, inclusive, may be cited as the Uniform Fiduciaries Act.</span></p><p dir="ltr" class="s2072801Normal"><span xml:space="preserve" class="s2072801000001"> </span></p><p dir="ltr" class="s2072801Normal"><span class="s2072801SCL">Source:</span><span xml:space="preserve" class="s2072801SCL-000002"> SL 1943, ch 19, § 14; SDC Supp 1960, § 6.0714.</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 - FIDUCIARIES AND TRUSTS 55-8 REGISTRATION AND TRANSFER OF SECURITIES HELD BY FIDUCIARIES </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-8 REGISTRATION AND TRANSFER OF SECURITIES HELD BY FIDUCIARIES "> <META NAME="Description" Content="South Dakota Codified Laws 55-8"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-8 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> REGISTRATION AND TRANSFER OF SECURITIES HELD BY FIDUCIARIES <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-1">55-8-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Definition of terms. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-2">55-8-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Rights and duties of corporation and transfer agent--Law governing. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-3">55-8-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Application of chapter. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-4">55-8-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Registration of security in name of fiduciary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-5">55-8-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Assignment of security by fiduciary--Assumption as to authority and capacity. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-6">55-8-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Assignment of security by fiduciary--Compliance with controlling instrument and law governing fiduciary relationship assumed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-7">55-8-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Assignment of security by fiduciary--Corporation or transfer agent not charged with notice of records or documents. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-8">55-8-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Assignment of security by fiduciary not the registered owner--Evidence of appointment or incumbency. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-9">55-8-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Claim of beneficial interest adverse to transfer of security--Written notice to corporation or transfer agent, contents. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-10">55-8-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Claim of beneficial interest adverse to transfer of security--Notice of presentment to claimant--Restraining order. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-11">55-8-11</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability of corporation or transfer agent for making or refusing transfer. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-12">55-8-12</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Nonliability of corporation or transfer agent for authorized acts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-13">55-8-13</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Participation in breach of fiduciary duty--Nonliability of third persons. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-14">55-8-14</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability of guarantor of signature of fiduciary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-15">55-8-15</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Corporation and transfer agent not liable for breach of fiduciary duty or on guarantee of fiduciary's signature. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-16">55-8-16</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Tax obligations of corporation or transfer agent not affected by chapter. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-17">55-8-17</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Uniformity of interpretation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-8-18">55-8-18</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Citation of chapter.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072803Normal { 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.s2072803SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072803CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072803Normal-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.s2072803DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072803Normal-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.s2072803000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072803SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072803SCL-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="s2072803Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-1"><span class="s2072803SENU">55-8-1</span></a><span xml:space="preserve" class="s2072803SENU">. </span><span class="s2072803CL">Definition of terms.</span></p><p dir="ltr" class="s2072803Normal-000000"><span class="s2072803DefaultParagraphFont">In this chapter, unless the context otherwise requires:</span></p><p dir="ltr" class="s2072803Normal-000001"><span class="s2072803DefaultParagraphFont">(1)    "Assignment" includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer.</span></p><p dir="ltr" class="s2072803Normal-000001"><span class="s2072803DefaultParagraphFont">(2)    "Claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir, or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties.</span></p><p dir="ltr" class="s2072803Normal-000001"><span class="s2072803DefaultParagraphFont">(3)    "Corporation" means a private or public corporation, association or trust issuing a security.</span></p><p dir="ltr" class="s2072803Normal-000001"><span class="s2072803DefaultParagraphFont">(4)    "Fiduciary" means a personal representative, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee.</span></p><p dir="ltr" class="s2072803Normal-000001"><span class="s2072803DefaultParagraphFont">(5)    "Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity.</span></p><p dir="ltr" class="s2072803Normal-000001"><span class="s2072803DefaultParagraphFont">(6)    "Security" includes any share of stock, bond, debenture, note, or other security issued by a corporation which is registered as to ownership on the books of the corporation.</span></p><p dir="ltr" class="s2072803Normal-000001"><span class="s2072803DefaultParagraphFont">(7)    "Transfer" means a change on the books of a corporation in the registered ownership of a security.</span></p><p dir="ltr" class="s2072803Normal-000001"><span class="s2072803DefaultParagraphFont">(8)    "Transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation.</span></p><p dir="ltr" class="s2072803Normal"><span xml:space="preserve" class="s2072803000002"> </span></p><p dir="ltr" class="s2072803Normal"><span class="s2072803SCL">Source:</span><span xml:space="preserve" class="s2072803SCL-000003"> SL 1961, ch 22, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072804Normal { 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.s2072804SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072804CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072804Normal-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.s2072804DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072804000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072804SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072804SCL-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="s2072804Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-2"><span class="s2072804SENU">55-8-2</span></a><span xml:space="preserve" class="s2072804SENU">. </span><span class="s2072804CL">Rights and duties of corporation and transfer agent--Law governing.</span></p><p dir="ltr" class="s2072804Normal-000000"><span class="s2072804DefaultParagraphFont">The rights and duties of a corporation and its transfer agent in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized.</span></p><p dir="ltr" class="s2072804Normal"><span xml:space="preserve" class="s2072804000001"> </span></p><p dir="ltr" class="s2072804Normal"><span class="s2072804SCL">Source:</span><span xml:space="preserve" class="s2072804SCL-000002"> SL 1961, ch 22, § 8 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072805Normal { 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.s2072805SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072805CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072805Normal-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.s2072805DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072805000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072805SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072805SCL-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="s2072805Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-3"><span class="s2072805SENU">55-8-3</span></a><span xml:space="preserve" class="s2072805SENU">. </span><span class="s2072805CL">Application of chapter.</span></p><p dir="ltr" class="s2072805Normal-000000"><span class="s2072805DefaultParagraphFont">This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment, or transfer of a security by or to a fiduciary and of a person who guarantees in this state the signature of a fiduciary in connection with such a transaction.</span></p><p dir="ltr" class="s2072805Normal"><span xml:space="preserve" class="s2072805000001"> </span></p><p dir="ltr" class="s2072805Normal"><span class="s2072805SCL">Source:</span><span xml:space="preserve" class="s2072805SCL-000002"> SL 1961, ch 22, § 8 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072806Normal { 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.s2072806SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072806CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072806Normal-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.s2072806DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072806000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072806SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072806SCL-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="s2072806Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-4"><span class="s2072806SENU">55-8-4</span></a><span xml:space="preserve" class="s2072806SENU">. </span><span class="s2072806CL">Registration of security in name of fiduciary.</span></p><p dir="ltr" class="s2072806Normal-000000"><span class="s2072806DefaultParagraphFont">A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.</span></p><p dir="ltr" class="s2072806Normal"><span xml:space="preserve" class="s2072806000001"> </span></p><p dir="ltr" class="s2072806Normal"><span class="s2072806SCL">Source:</span><span xml:space="preserve" class="s2072806SCL-000002"> SL 1961, ch 22, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072807Normal { 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.s2072807SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072807CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072807Normal-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.s2072807DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072807000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072807SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072807SCL-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="s2072807Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-5"><span class="s2072807SENU">55-8-5</span></a><span xml:space="preserve" class="s2072807SENU">. </span><span class="s2072807CL">Assignment of security by fiduciary--Assumption as to authority and capacity.</span></p><p dir="ltr" class="s2072807Normal-000000"><span class="s2072807DefaultParagraphFont">Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties.</span></p><p dir="ltr" class="s2072807Normal"><span xml:space="preserve" class="s2072807000001"> </span></p><p dir="ltr" class="s2072807Normal"><span class="s2072807SCL">Source:</span><span xml:space="preserve" class="s2072807SCL-000002"> SL 1961, ch 22, § 3 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072808Normal { 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.s2072808SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072808CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072808Normal-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.s2072808DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072808000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072808SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072808SCL-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="s2072808Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-6"><span class="s2072808SENU">55-8-6</span></a><span xml:space="preserve" class="s2072808SENU">. </span><span class="s2072808CL">Assignment of security by fiduciary--Compliance with controlling instrument and law governing fiduciary relationship assumed.</span></p><p dir="ltr" class="s2072808Normal-000000"><span class="s2072808DefaultParagraphFont">Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary may assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer.</span></p><p dir="ltr" class="s2072808Normal"><span xml:space="preserve" class="s2072808000001"> </span></p><p dir="ltr" class="s2072808Normal"><span class="s2072808SCL">Source:</span><span xml:space="preserve" class="s2072808SCL-000002"> SL 1961, ch 22, § 3 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072809Normal { 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.s2072809SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072809CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072809Normal-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.s2072809DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072809000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072809SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072809SCL-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="s2072809Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-7"><span class="s2072809SENU">55-8-7</span></a><span xml:space="preserve" class="s2072809SENU">. </span><span class="s2072809CL">Assignment of security by fiduciary--Corporation or transfer agent not charged with notice of records or documents.</span></p><p dir="ltr" class="s2072809Normal-000000"><span class="s2072809DefaultParagraphFont">Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.</span></p><p dir="ltr" class="s2072809Normal"><span xml:space="preserve" class="s2072809000001"> </span></p><p dir="ltr" class="s2072809Normal"><span class="s2072809SCL">Source:</span><span xml:space="preserve" class="s2072809SCL-000002"> SL 1961, ch 22, § 3 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072810Normal { 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.s2072810SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072810CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072810Normal-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.s2072810DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072810Normal-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.s2072810000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072810SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072810SCL-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="s2072810Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-8"><span class="s2072810SENU">55-8-8</span></a><span xml:space="preserve" class="s2072810SENU">. </span><span class="s2072810CL">Assignment of security by fiduciary not the registered owner--Evidence of appointment or incumbency.</span></p><p dir="ltr" class="s2072810Normal-000000"><span class="s2072810DefaultParagraphFont">A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:</span></p><p dir="ltr" class="s2072810Normal-000001"><span class="s2072810DefaultParagraphFont">(1)    In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within sixty days before the transfer; or</span></p><p dir="ltr" class="s2072810Normal-000001"><span class="s2072810DefaultParagraphFont">(2)    In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of such a document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate. Corporations and transfer agents may adopt standards with respect to evidence of appointment or incumbency under this subdivision provided such standards are not manifestly unreasonable. Neither the corporation nor transfer agent is charged with notice of the contents of any document obtained pursuant to this subdivision (2) except to the extent that the contents relate directly to the appointment or incumbency.</span></p><p dir="ltr" class="s2072810Normal"><span xml:space="preserve" class="s2072810000002"> </span></p><p dir="ltr" class="s2072810Normal"><span class="s2072810SCL">Source:</span><span xml:space="preserve" class="s2072810SCL-000003"> SL 1961, ch 22, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072811Normal { 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.s2072811SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072811CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072811Normal-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.s2072811DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072811000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072811SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072811SCL-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="s2072811Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-9"><span class="s2072811SENU">55-8-9</span></a><span xml:space="preserve" class="s2072811SENU">. </span><span class="s2072811CL">Claim of beneficial interest adverse to transfer of security--Written notice to corporation or transfer agent, contents.</span></p><p dir="ltr" class="s2072811Normal-000000"><span class="s2072811DefaultParagraphFont">A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer.</span></p><p dir="ltr" class="s2072811Normal"><span xml:space="preserve" class="s2072811000001"> </span></p><p dir="ltr" class="s2072811Normal"><span class="s2072811SCL">Source:</span><span xml:space="preserve" class="s2072811SCL-000002"> SL 1961, ch 22, § 5 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072812Normal { 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.s2072812SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072812CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072812Normal-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.s2072812DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072812000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072812SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072812SCL-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="s2072812Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-10"><span class="s2072812SENU">55-8-10</span></a><span xml:space="preserve" class="s2072812SENU">. </span><span class="s2072812CL">Claim of beneficial interest adverse to transfer of security--Notice of presentment to claimant--Restraining order.</span></p><p dir="ltr" class="s2072812Normal-000000"><span class="s2072812DefaultParagraphFont">As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him. If the corporation or transfer agent so mails such a notice it shall withhold the transfer for thirty days after the mailing and shall then make the transfer unless restrained by a court order.</span></p><p dir="ltr" class="s2072812Normal"><span xml:space="preserve" class="s2072812000001"> </span></p><p dir="ltr" class="s2072812Normal"><span class="s2072812SCL">Source:</span><span xml:space="preserve" class="s2072812SCL-000002"> SL 1961, ch 22, § 5 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072813Normal { 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.s2072813SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072813CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072813Normal-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.s2072813DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072813000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072813SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072813SCL-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="s2072813Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-11"><span class="s2072813SENU">55-8-11</span></a><span xml:space="preserve" class="s2072813SENU">. </span><span class="s2072813CL">Liability of corporation or transfer agent for making or refusing transfer.</span></p><p dir="ltr" class="s2072813Normal-000000"><span xml:space="preserve" class="s2072813DefaultParagraphFont">Nothing in this chapter relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is put on notice pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-9"><span class="s2072813DefaultParagraphFont">55-8-9</span></a><span xml:space="preserve" class="s2072813DefaultParagraphFont">, unless it proceeds in the manner authorized in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-10"><span class="s2072813DefaultParagraphFont">55-8-10</span></a><span class="s2072813DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072813Normal"><span xml:space="preserve" class="s2072813000001"> </span></p><p dir="ltr" class="s2072813Normal"><span class="s2072813SCL">Source:</span><span xml:space="preserve" class="s2072813SCL-000002"> SL 1961, ch 22, § 5 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072814Normal { 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.s2072814SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072814CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072814Normal-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.s2072814DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072814000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072814SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072814SCL-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="s2072814Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-12"><span class="s2072814SENU">55-8-12</span></a><span xml:space="preserve" class="s2072814SENU">. </span><span class="s2072814CL">Nonliability of corporation or transfer agent for authorized acts.</span></p><p dir="ltr" class="s2072814Normal-000000"><span class="s2072814DefaultParagraphFont">A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this chapter.</span></p><p dir="ltr" class="s2072814Normal"><span xml:space="preserve" class="s2072814000001"> </span></p><p dir="ltr" class="s2072814Normal"><span class="s2072814SCL">Source:</span><span xml:space="preserve" class="s2072814SCL-000002"> SL 1961, ch 22, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072815Normal { 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.s2072815SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072815CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072815Normal-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.s2072815DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072815000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072815SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072815SCL-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="s2072815Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-13"><span class="s2072815SENU">55-8-13</span></a><span xml:space="preserve" class="s2072815SENU">. </span><span class="s2072815CL">Participation in breach of fiduciary duty--Nonliability of third persons.</span></p><p dir="ltr" class="s2072815Normal-000000"><span class="s2072815DefaultParagraphFont">No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty.</span></p><p dir="ltr" class="s2072815Normal"><span xml:space="preserve" class="s2072815000001"> </span></p><p dir="ltr" class="s2072815Normal"><span class="s2072815SCL">Source:</span><span xml:space="preserve" class="s2072815SCL-000002"> SL 1961, ch 22, § 7 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072816Normal { 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.s2072816SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072816CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072816Normal-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.s2072816DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072816000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072816SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072816SCL-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="s2072816Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-14"><span class="s2072816SENU">55-8-14</span></a><span xml:space="preserve" class="s2072816SENU">. </span><span class="s2072816CL">Liability of guarantor of signature of fiduciary.</span></p><p dir="ltr" class="s2072816Normal-000000"><span class="s2072816DefaultParagraphFont">If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of this chapter incurs no liability.</span></p><p dir="ltr" class="s2072816Normal"><span xml:space="preserve" class="s2072816000001"> </span></p><p dir="ltr" class="s2072816Normal"><span class="s2072816SCL">Source:</span><span xml:space="preserve" class="s2072816SCL-000002"> SL 1961, ch 22, § 7 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072817Normal { 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.s2072817SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072817CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072817Normal-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.s2072817DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072817000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072817SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072817SCL-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="s2072817Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-15"><span class="s2072817SENU">55-8-15</span></a><span xml:space="preserve" class="s2072817SENU">. </span><span class="s2072817CL">Corporation and transfer agent not liable for breach of fiduciary duty or on guarantee of fiduciary's signature.</span></p><p dir="ltr" class="s2072817Normal-000000"><span xml:space="preserve" class="s2072817DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-13"><span class="s2072817DefaultParagraphFont">55-8-13</span></a><span xml:space="preserve" class="s2072817DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-14"><span class="s2072817DefaultParagraphFont">55-8-14</span></a><span xml:space="preserve" class="s2072817DefaultParagraphFont"> do not impose any liability upon the corporation or its transfer agent.</span></p><p dir="ltr" class="s2072817Normal"><span xml:space="preserve" class="s2072817000001"> </span></p><p dir="ltr" class="s2072817Normal"><span class="s2072817SCL">Source:</span><span xml:space="preserve" class="s2072817SCL-000002"> SL 1961, ch 22, § 7 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072818Normal { 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.s2072818SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072818CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072818Normal-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.s2072818DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072818000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072818SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072818SCL-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="s2072818Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-16"><span class="s2072818SENU">55-8-16</span></a><span xml:space="preserve" class="s2072818SENU">. </span><span class="s2072818CL">Tax obligations of corporation or transfer agent not affected by chapter.</span></p><p dir="ltr" class="s2072818Normal-000000"><span class="s2072818DefaultParagraphFont">This chapter does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state.</span></p><p dir="ltr" class="s2072818Normal"><span xml:space="preserve" class="s2072818000001"> </span></p><p dir="ltr" class="s2072818Normal"><span class="s2072818SCL">Source:</span><span xml:space="preserve" class="s2072818SCL-000002"> SL 1961, ch 22, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072819Normal { 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.s2072819SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072819CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072819Normal-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.s2072819DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072819000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072819SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072819SCL-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="s2072819Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-17"><span class="s2072819SENU">55-8-17</span></a><span xml:space="preserve" class="s2072819SENU">. </span><span class="s2072819CL">Uniformity of interpretation.</span></p><p dir="ltr" class="s2072819Normal-000000"><span class="s2072819DefaultParagraphFont">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="s2072819Normal"><span xml:space="preserve" class="s2072819000001"> </span></p><p dir="ltr" class="s2072819Normal"><span class="s2072819SCL">Source:</span><span xml:space="preserve" class="s2072819SCL-000002"> SL 1961, ch 22, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072820Normal { 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.s2072820SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072820CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072820Normal-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.s2072820DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072820000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072820SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072820SCL-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="s2072820Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-8-18"><span class="s2072820SENU">55-8-18</span></a><span xml:space="preserve" class="s2072820SENU">. </span><span class="s2072820CL">Citation of chapter.</span></p><p dir="ltr" class="s2072820Normal-000000"><span class="s2072820DefaultParagraphFont">This chapter may be cited as the Uniform Act for the Simplification of Fiduciary Security Transfers.</span></p><p dir="ltr" class="s2072820Normal"><span xml:space="preserve" class="s2072820000001"> </span></p><p dir="ltr" class="s2072820Normal"><span class="s2072820SCL">Source:</span><span xml:space="preserve" class="s2072820SCL-000002"> SL 1961, ch 22, § 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 - FIDUCIARIES AND TRUSTS 55-9 CHARITABLE TRUSTS </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-9 CHARITABLE TRUSTS "> <META NAME="Description" Content="South Dakota Codified Laws 55-9"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-9 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> CHARITABLE TRUSTS <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-1">55-9-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Express trusts--Creation for charitable, educational, religious, or other public use. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-2">55-9-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Validity of trust not affected by uncertainty or violation of rule against perpetuities--Disposal of property by trustee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-3">55-9-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Action to enforce charitable trust--Liberal construction to carry out intent--Notice of action to attorney general. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-4">55-9-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Incomplete or imperfect trust--Purposes impracticable or impossible of performance--Administration to accomplish general purpose--Order of court with consent of donor, if alive and competent. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-5">55-9-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Enforcement by attorney general as representative of beneficiaries--Exception. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-6">55-9-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Restrictions to avoid taxability of income--Definition of terms. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-7">55-9-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Restrictions deemed incorporated in instrument creating charitable trust or foundation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-8">55-9-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Self-dealing by trustee prohibited. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-9">55-9-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Distributions required to avoid taxes. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-10">55-9-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Retention of excess business holdings prohibited. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-11">55-9-11</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Investments to jeopardize exempt purposes prohibited. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-12">55-9-12</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Taxable expenditures prohibited. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-13">55-9-13</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Judicial determination that restrictive provisions are contrary to instrument creating trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-9-14">55-9-14</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> State supervisory powers unimpaired by restrictions to avoid taxability of income. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072822Normal { 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.s2072822SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072822CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072822Normal-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.s2072822DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072822000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072822SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072822SCL-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="s2072822Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-1"><span class="s2072822SENU">55-9-1</span></a><span xml:space="preserve" class="s2072822SENU">. </span><span class="s2072822CL">Express trusts--Creation for charitable, educational, religious, or other public use.</span></p><p dir="ltr" class="s2072822Normal-000000"><span class="s2072822DefaultParagraphFont">Express trusts of real or personal property, or both, may be created to receive by grant, devise, gift, or bequest, and to take charge of, invest and administer in accordance with the terms of the trust, upon and for any charitable, benevolent, educational, religious or other public use or trust.</span></p><p dir="ltr" class="s2072822Normal"><span xml:space="preserve" class="s2072822000001"> </span></p><p dir="ltr" class="s2072822Normal"><span class="s2072822SCL">Source:</span><span xml:space="preserve" class="s2072822SCL-000002"> SL 1955, ch 429, § 1; SDC Supp 1960, § 59.0601.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072823Normal { 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.s2072823SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072823CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072823Normal-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.s2072823DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072823000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072823SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072823SCL-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="s2072823Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-2"><span class="s2072823SENU">55-9-2</span></a><span xml:space="preserve" class="s2072823SENU">. </span><span class="s2072823CL">Validity of trust not affected by uncertainty or violation of rule against perpetuities--Disposal of property by trustee.</span></p><p dir="ltr" class="s2072823Normal-000000"><span class="s2072823DefaultParagraphFont">No such trust shall be invalid because of indefiniteness or uncertainty of the object of such trust or of the beneficiaries thereof designated in the instrument creating the same nor by reason of the same contravening any statute or rule against perpetuities, but no such trust shall be construed so as to prevent or limit the free alienation of the title to any of the trust estate by the trustee in the administration of said trust, except as may be permitted under existing or subsequent statutes.</span></p><p dir="ltr" class="s2072823Normal"><span xml:space="preserve" class="s2072823000001"> </span></p><p dir="ltr" class="s2072823Normal"><span class="s2072823SCL">Source:</span><span xml:space="preserve" class="s2072823SCL-000002"> SL 1955, ch 429, § 2; SDC Supp 1960, § 59.0602.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072824Normal { 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.s2072824SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072824CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072824Normal-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.s2072824DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072824Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072824000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072824SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072824SCL-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="s2072824Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-3"><span class="s2072824SENU">55-9-3</span></a><span xml:space="preserve" class="s2072824SENU">. </span><span class="s2072824CL">Action to enforce charitable trust--Liberal construction to carry out intent--Notice of action to attorney general.</span></p><p dir="ltr" class="s2072824Normal-000000"><span class="s2072824DefaultParagraphFont">Such trust shall be liberally construed by the courts so that the intentions of the donor thereof shall be carried out whenever possible, and no such trust shall fail solely because the donor has imperfectly outlined the purpose and object of such charity or the method of administration.</span></p><p dir="ltr" class="s2072824Normal-000001"><span xml:space="preserve" class="s2072824DefaultParagraphFont">A grantor may maintain an action to enforce a charitable trust under this section and may designate in writing a person or persons, whether or not born at the time of such designation, to enforce a charitable trust under this section. In any such action, the attorney general shall be provided notice as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=21-22-18"><span class="s2072824DefaultParagraphFont">21-22-18</span></a><span class="s2072824DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072824Normal"><span xml:space="preserve" class="s2072824000002"> </span></p><p dir="ltr" class="s2072824Normal"><span class="s2072824SCL">Source:</span><span xml:space="preserve" class="s2072824SCL-000003"> SL 1955, ch 429, § 3; SDC Supp 1960, § 59.0603; SL 2012, ch 233, § 23.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072825Normal { 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.s2072825SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072825CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072825Normal-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.s2072825DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072825000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072825SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072825SCL-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="s2072825Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-4"><span class="s2072825SENU">55-9-4</span></a><span xml:space="preserve" class="s2072825SENU">. </span><span class="s2072825CL">Incomplete or imperfect trust--Purposes impracticable or impossible of performance--Administration to accomplish general purpose--Order of court with consent of donor, if alive and competent.</span></p><p dir="ltr" class="s2072825Normal-000000"><span class="s2072825DefaultParagraphFont">Whenever it shall appear to the circuit court for the proper county that the purpose and object of such charity is imperfectly expressed, or the method of administration is not indicated or is incomplete or imperfect, or that the fulfillment of the special purpose expressed in a trust for charitable or public purpose is or becomes impracticable, impossible, inexpedient or unlawful, such court shall upon the application of any trustee of the trust, or any interested party or the attorney general of this state, and upon such notice as said court may direct, make an order directing that such trust shall be administered or expended in such manner as in the judgment of said court will, as nearly as can be, accomplish the general purposes of the instrument and the object and intention of the donor without regard to, and free from any, specific restriction, limitation or direction contained therein, provided, however, that no such order shall be made without the consent of the donor of said trust if he is then living and mentally competent.</span></p><p dir="ltr" class="s2072825Normal"><span xml:space="preserve" class="s2072825000001"> </span></p><p dir="ltr" class="s2072825Normal"><span class="s2072825SCL">Source:</span><span xml:space="preserve" class="s2072825SCL-000002"> SL 1955, ch 429, § 3; SDC Supp 1960, § 59.0603.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072826Normal { 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.s2072826SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072826CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072826Normal-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.s2072826DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072826000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072826SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072826SCL-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="s2072826Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-5"><span class="s2072826SENU">55-9-5</span></a><span xml:space="preserve" class="s2072826SENU">. </span><span class="s2072826CL">Enforcement by attorney general as representative of beneficiaries--Exception.</span></p><p dir="ltr" class="s2072826Normal-000000"><span xml:space="preserve" class="s2072826DefaultParagraphFont">Except as otherwise set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-3"><span class="s2072826DefaultParagraphFont">55-9-3</span></a><span class="s2072826DefaultParagraphFont">, the attorney general shall represent the beneficiaries in all cases arising under this chapter, and the attorney general shall enforce such trusts by proper proceedings in the courts.</span></p><p dir="ltr" class="s2072826Normal"><span xml:space="preserve" class="s2072826000001"> </span></p><p dir="ltr" class="s2072826Normal"><span class="s2072826SCL">Source:</span><span xml:space="preserve" class="s2072826SCL-000002"> SL 1955, ch 429, § 3; SDC Supp 1960, § 59.0603; SL 2012, ch 233, § 24.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072827Normal { 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.s2072827SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072827CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072827Normal-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.s2072827DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072827Normal-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.s2072827DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072827000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072827SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072827SCL-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="s2072827Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-6"><span class="s2072827SENU">55-9-6</span></a><span xml:space="preserve" class="s2072827SENU">. </span><span class="s2072827CL">Restrictions to avoid taxability of income--Definition of terms.</span></p><p dir="ltr" class="s2072827Normal-000000"><span xml:space="preserve" class="s2072827DefaultParagraphFont">Terms as used in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-6"><span class="s2072827DefaultParagraphFont">55-9-6</span></a><span xml:space="preserve" class="s2072827DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-14"><span class="s2072827DefaultParagraphFont">55-9-14</span></a><span class="s2072827DefaultParagraphFont">, inclusive shall have the following meaning:</span></p><p dir="ltr" class="s2072827Normal-000001"><span class="s2072827DefaultParagraphFont">(1)    "Charitable trust," as defined in section 4947 (a)(1) of the Internal Revenue Code;</span></p><p dir="ltr" class="s2072827Normal-000001"><span class="s2072827DefaultParagraphFont">(2)    "Excess business holdings," as defined in section 4943 (c) of the Internal Revenue Code;</span></p><p dir="ltr" class="s2072827Normal-000001"><span class="s2072827DefaultParagraphFont">(3)    "Internal Revenue Code," the United States Internal Revenue Code of 1954, as amended;</span></p><p dir="ltr" class="s2072827Normal-000001"><span class="s2072827DefaultParagraphFont">(4)    "Private foundation," as defined in section 509 (a) of the Internal Revenue Code;</span></p><p dir="ltr" class="s2072827Normal-000001"><span class="s2072827DefaultParagraphFont">(5)    "Self</span><span class="s2072827DefaultParagraphFont-000002">-</span><span class="s2072827DefaultParagraphFont">dealing," as defined in section 4941 (d) of the Internal Revenue Code;</span></p><p dir="ltr" class="s2072827Normal-000001"><span class="s2072827DefaultParagraphFont">(6)    "Split</span><span class="s2072827DefaultParagraphFont-000002">-</span><span class="s2072827DefaultParagraphFont">interest," as defined in section 4947 (a)(2) of the Internal Revenue Code;</span></p><p dir="ltr" class="s2072827Normal-000001"><span class="s2072827DefaultParagraphFont">(7)    "Taxable expenditure," as defined in section 4945 (d) of the Internal Revenue Code;</span></p><p dir="ltr" class="s2072827Normal-000001"><span class="s2072827DefaultParagraphFont">(8)    "Trustee," a corporation, individual, or other legal entity acting as an original, added, or successor trustee of a testamentary or inter vivos trust estate, whichever in a particular case shall be appropriate.</span></p><p dir="ltr" class="s2072827Normal"><span xml:space="preserve" class="s2072827000003"> </span></p><p dir="ltr" class="s2072827Normal"><span class="s2072827SCL">Source:</span><span xml:space="preserve" class="s2072827SCL-000004"> SL 1972, ch 259, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072828Normal { 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.s2072828SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072828CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072828Normal-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.s2072828DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072828DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072828000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072828SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072828SCL-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="s2072828Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-7"><span class="s2072828SENU">55-9-7</span></a><span xml:space="preserve" class="s2072828SENU">. </span><span class="s2072828CL">Restrictions deemed incorporated in instrument creating charitable trust or foundation.</span></p><p dir="ltr" class="s2072828Normal-000000"><span class="s2072828DefaultParagraphFont">Any will or trust instrument creating a trust which is a private foundation, charitable trust, or a split</span><span class="s2072828DefaultParagraphFont-000001">-</span><span xml:space="preserve" class="s2072828DefaultParagraphFont">interest trust and any other instrument governing the trustee of any such trust or the use, retention, or disposition of any of the income or property of such trust, shall be deemed to have incorporated within such will, trust instrument, or other governing instrument with the same effect as though such language were set forth verbatim in such will, trust instrument, or other governing instrument, the provisions set forth in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-8"><span class="s2072828DefaultParagraphFont">55-9-8</span></a><span xml:space="preserve" class="s2072828DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-12"><span class="s2072828DefaultParagraphFont">55-9-12</span></a><span xml:space="preserve" class="s2072828DefaultParagraphFont">, inclusive, with respect to such trust and the trustee thereof, and, except as the contrary is provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-13"><span class="s2072828DefaultParagraphFont">55-9-13</span></a><span xml:space="preserve" class="s2072828DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-14"><span class="s2072828DefaultParagraphFont">55-9-14</span></a><span class="s2072828DefaultParagraphFont">, such provisions shall govern the administration and distribution of any such trust irrespective of any provisions of any applicable will, trust instrument, or other governing instrument, statute or law of this state to the contrary.</span></p><p dir="ltr" class="s2072828Normal"><span xml:space="preserve" class="s2072828000002"> </span></p><p dir="ltr" class="s2072828Normal"><span class="s2072828SCL">Source:</span><span xml:space="preserve" class="s2072828SCL-000003"> SL 1972, ch 259, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072829Normal { 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.s2072829SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072829CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072829CL-000000 { font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072829Normal-000001 { 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.s2072829DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072829DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072829000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072829SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072829SCL-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="s2072829Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-8"><span class="s2072829SENU">55-9-8</span></a><span xml:space="preserve" class="s2072829SENU">. </span><span class="s2072829CL">Self</span><span class="s2072829CL-000000">-</span><span class="s2072829CL">dealing by trustee prohibited.</span></p><p dir="ltr" class="s2072829Normal-000001"><span xml:space="preserve" class="s2072829DefaultParagraphFont">The trustee of a trust described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-7"><span class="s2072829DefaultParagraphFont">55-9-7</span></a><span xml:space="preserve" class="s2072829DefaultParagraphFont"> shall not engage in any act of self</span><span class="s2072829DefaultParagraphFont-000002">-</span><span class="s2072829DefaultParagraphFont">dealing which would give rise to any liability for the tax imposed by section 4941 (a) of the Internal Revenue Code.</span></p><p dir="ltr" class="s2072829Normal"><span xml:space="preserve" class="s2072829000003"> </span></p><p dir="ltr" class="s2072829Normal"><span class="s2072829SCL">Source:</span><span xml:space="preserve" class="s2072829SCL-000004"> SL 1972, ch 259, § 2 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072830Normal { 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.s2072830SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072830CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072830Normal-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.s2072830DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072830000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072830SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072830SCL-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="s2072830Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-9"><span class="s2072830SENU">55-9-9</span></a><span xml:space="preserve" class="s2072830SENU">. </span><span class="s2072830CL">Distributions required to avoid taxes.</span></p><p dir="ltr" class="s2072830Normal-000000"><span xml:space="preserve" class="s2072830DefaultParagraphFont">The trustee of a trust described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-7"><span class="s2072830DefaultParagraphFont">55-9-7</span></a><span xml:space="preserve" class="s2072830DefaultParagraphFont"> shall distribute for each taxable year of the trust, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the Internal Revenue Code.</span></p><p dir="ltr" class="s2072830Normal"><span xml:space="preserve" class="s2072830000001"> </span></p><p dir="ltr" class="s2072830Normal"><span class="s2072830SCL">Source:</span><span xml:space="preserve" class="s2072830SCL-000002"> SL 1972, ch 259, § 2 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072831Normal { 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.s2072831SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072831CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072831Normal-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.s2072831DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072831000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072831SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072831SCL-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="s2072831Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-10"><span class="s2072831SENU">55-9-10</span></a><span xml:space="preserve" class="s2072831SENU">. </span><span class="s2072831CL">Retention of excess business holdings prohibited.</span></p><p dir="ltr" class="s2072831Normal-000000"><span xml:space="preserve" class="s2072831DefaultParagraphFont">The trustee of a trust described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-7"><span class="s2072831DefaultParagraphFont">55-9-7</span></a><span xml:space="preserve" class="s2072831DefaultParagraphFont"> shall not retain any excess business holdings which would give rise to any liability for the tax imposed by section 4943 (a) of the Internal Revenue Code.</span></p><p dir="ltr" class="s2072831Normal"><span xml:space="preserve" class="s2072831000001"> </span></p><p dir="ltr" class="s2072831Normal"><span class="s2072831SCL">Source:</span><span xml:space="preserve" class="s2072831SCL-000002"> SL 1972, ch 259, § 2 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072832Normal { 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.s2072832SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072832CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072832Normal-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.s2072832DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072832000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072832SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072832SCL-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="s2072832Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-11"><span class="s2072832SENU">55-9-11</span></a><span xml:space="preserve" class="s2072832SENU">. </span><span class="s2072832CL">Investments to jeopardize exempt purposes prohibited.</span></p><p dir="ltr" class="s2072832Normal-000000"><span xml:space="preserve" class="s2072832DefaultParagraphFont">The trustee of a trust described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-7"><span class="s2072832DefaultParagraphFont">55-9-7</span></a><span xml:space="preserve" class="s2072832DefaultParagraphFont"> shall not make any investments which would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of section 4944 of the Internal Revenue Code, so as to give rise to any liability for the tax imposed by section 4944 (a) of the Internal Revenue Code.</span></p><p dir="ltr" class="s2072832Normal"><span xml:space="preserve" class="s2072832000001"> </span></p><p dir="ltr" class="s2072832Normal"><span class="s2072832SCL">Source:</span><span xml:space="preserve" class="s2072832SCL-000002"> SL 1972, ch 259, § 2 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072833Normal { 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.s2072833SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072833CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072833Normal-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.s2072833DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072833000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072833SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072833SCL-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="s2072833Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-12"><span class="s2072833SENU">55-9-12</span></a><span xml:space="preserve" class="s2072833SENU">. </span><span class="s2072833CL">Taxable expenditures prohibited.</span></p><p dir="ltr" class="s2072833Normal-000000"><span xml:space="preserve" class="s2072833DefaultParagraphFont">The trustee of a trust described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-7"><span class="s2072833DefaultParagraphFont">55-9-7</span></a><span xml:space="preserve" class="s2072833DefaultParagraphFont"> shall not make any taxable expenditure which would give rise to any liability for the tax imposed by section 4945 (a) of the Internal Revenue Code.</span></p><p dir="ltr" class="s2072833Normal"><span xml:space="preserve" class="s2072833000001"> </span></p><p dir="ltr" class="s2072833Normal"><span class="s2072833SCL">Source:</span><span xml:space="preserve" class="s2072833SCL-000002"> SL 1972, ch 259, § 2 (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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072834Normal { 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.s2072834SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072834CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072834Normal-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.s2072834DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072834000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072834SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072834SCL-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="s2072834Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-13"><span class="s2072834SENU">55-9-13</span></a><span xml:space="preserve" class="s2072834SENU">. </span><span class="s2072834CL">Judicial determination that restrictive provisions are contrary to instrument creating trust.</span></p><p dir="ltr" class="s2072834Normal-000000"><span xml:space="preserve" class="s2072834DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-7"><span class="s2072834DefaultParagraphFont">55-9-7</span></a><span xml:space="preserve" class="s2072834DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-12"><span class="s2072834DefaultParagraphFont">55-9-12</span></a><span xml:space="preserve" class="s2072834DefaultParagraphFont">, inclusive, shall not apply to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the will, trust instrument, or other governing instrument described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-7"><span class="s2072834DefaultParagraphFont">55-9-7</span></a><span xml:space="preserve" class="s2072834DefaultParagraphFont"> and that such will, trust instrument or other governing instrument may not be changed to conform to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-8"><span class="s2072834DefaultParagraphFont">55-9-8</span></a><span xml:space="preserve" class="s2072834DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-12"><span class="s2072834DefaultParagraphFont">55-9-12</span></a><span class="s2072834DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2072834Normal"><span xml:space="preserve" class="s2072834000001"> </span></p><p dir="ltr" class="s2072834Normal"><span class="s2072834SCL">Source:</span><span xml:space="preserve" class="s2072834SCL-000002"> SL 1972, ch 259, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072835Normal { 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.s2072835SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072835CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072835Normal-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.s2072835DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072835000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072835SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072835SCL-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="s2072835Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-14"><span class="s2072835SENU">55-9-14</span></a><span xml:space="preserve" class="s2072835SENU">. </span><span class="s2072835CL">State supervisory powers unimpaired by restrictions to avoid taxability of income.</span></p><p dir="ltr" class="s2072835Normal-000000"><span xml:space="preserve" class="s2072835DefaultParagraphFont">Nothing in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-6"><span class="s2072835DefaultParagraphFont">55-9-6</span></a><span xml:space="preserve" class="s2072835DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-9-13"><span class="s2072835DefaultParagraphFont">55-9-13</span></a><span class="s2072835DefaultParagraphFont">, inclusive, shall impair the rights and powers of the attorney general or the courts of this state with respect to any trust.</span></p><p dir="ltr" class="s2072835Normal"><span xml:space="preserve" class="s2072835000001"> </span></p><p dir="ltr" class="s2072835Normal"><span class="s2072835SCL">Source:</span><span xml:space="preserve" class="s2072835SCL-000002"> SL 1972, ch 259, § 4.</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 - FIDUCIARIES AND TRUSTS 55-10 CUSTODIAL GIFTS TO MINORS [REPEALED] </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-10 CUSTODIAL GIFTS TO MINORS [REPEALED] "> <META NAME="Description" Content="South Dakota Codified Laws 55-10"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-10 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> CUSTODIAL GIFTS TO MINORS [REPEALED] <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <!-- WP Paired Style On: WISC --><Div align="center"><!-- WP Style End: WISC --> [Repealed by SL 1986, ch 409, &#167;&nbsp;26]<p> </BODY> </HTML> <br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55 - FIDUCIARIES AND TRUSTS 55-10A UNIFORM TRANSFERS TO MINORS ACT </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-10A UNIFORM TRANSFERS TO MINORS ACT "> <META NAME="Description" Content="South Dakota Codified Laws 55-10A"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-10A <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> UNIFORM TRANSFERS TO MINORS ACT <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-1">55-10A-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Definitions. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-2">55-10A-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Scope and jurisdiction. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-3">55-10A-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Nomination of custodian. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-4">55-10A-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Transfer by gift or exercise of power of appointment. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-5">55-10A-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Transfer authorized by will or trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-6">55-10A-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Other transfer by fiduciary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-7">55-10A-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Transfer by obligor. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-8">55-10A-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Receipt for custodial property. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-9">55-10A-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Manner of creating custodial property and effecting transfer. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-10">55-10A-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Designation of initial custodian. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-11">55-10A-11</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Control. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-12">55-10A-12</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Single custodianship. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-13">55-10A-13</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Validity and effect of transfer. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-14">55-10A-14</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Care of custodial property. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-15">55-10A-15</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Powers of custodian. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-16">55-10A-16</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Use of custodial property. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-17">55-10A-17</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Custodian's expenses, compensation, and bond. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-18">55-10A-18</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Exemption of third person from liability. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-19">55-10A-19</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability to third persons. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-20">55-10A-20</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Renunciation, resignation, death, or removal of custodian--Designation of successor custodian. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-21">55-10A-21</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Accounting by and determination of liability of custodian. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-22">55-10A-22</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Termination of custodianship. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-23">55-10A-23</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Applicability. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-24">55-10A-24</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Effect on existing custodianships. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-25">55-10A-25</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Short title. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-10A-26">55-10A-26</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Repeal of the Gifts to Minors Act.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072838Normal { 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.s2072838SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072838CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072838Normal-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.s2072838DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072838Normal-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.s2072838000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072838SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072838SCL-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="s2072838Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-1"><span class="s2072838SENU">55-10A-1</span></a><span xml:space="preserve" class="s2072838SENU">. </span><span class="s2072838CL">Definitions.</span></p><p dir="ltr" class="s2072838Normal-000000"><span class="s2072838DefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(1)    "Adult," a person who has attained the age of eighteen years;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(2)    "Benefit plan," an employer's plan for the benefit of an employee or partner;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(3)    "Broker," a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(4)    "Conservator," a person appointed or qualified by a court to act as general, limited or temporary conservator of a minor's property or a person legally authorized to perform substantially the same functions;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(5)    "Custodial property," any interest in property transferred to a custodian under this chapter and the income from and proceeds of that interest in property;</span></p><p dir="ltr" class="s2072838Normal-000001"><span xml:space="preserve" class="s2072838DefaultParagraphFont">(6)    "Custodian," a person so designated under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072838DefaultParagraphFont">55-10A-9</span></a><span xml:space="preserve" class="s2072838DefaultParagraphFont"> or a successor or substitute custodian designated under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-18"><span class="s2072838DefaultParagraphFont">55-10A-18</span></a><span class="s2072838DefaultParagraphFont">;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(7)    "Financial institution," a bank, trust company, savings institution or credit union, chartered and supervised under state or federal law;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(8)    "Legal representative," an individual's personal representative or conservator;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(9)    "Member of the minor's family," the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(10)    "Minor," a person who has not attained the age of eighteen years;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(11)    "Personal representative," an executor, administrator, successor personal representative or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(11A)    "Qualified minor's trust," a trust, including a trust created by a custodian, of which a minor is the sole income beneficiary and that satisfies the requirements of Section 2503(c) of the Federal Internal Revenue Code of 1986 and the regulations implementing that section;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(12)    "State," includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States;</span></p><p dir="ltr" class="s2072838Normal-000001"><span xml:space="preserve" class="s2072838DefaultParagraphFont">(13)    "Transfer," a transaction that creates custodial property under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072838DefaultParagraphFont">55-10A-9</span></a><span class="s2072838DefaultParagraphFont">;</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(14)    "Transferor," a person who makes a transfer under this chapter; and</span></p><p dir="ltr" class="s2072838Normal-000001"><span class="s2072838DefaultParagraphFont">(15)    "Trust company," a financial institution, corporation or other legal entity, authorized to exercise general trust powers.</span></p><p dir="ltr" class="s2072838Normal"><span xml:space="preserve" class="s2072838000002"> </span></p><p dir="ltr" class="s2072838Normal"><span class="s2072838SCL">Source:</span><span xml:space="preserve" class="s2072838SCL-000003"> SL 1986, ch 409, § 1; SL 1993, ch 213, § 256; SL 2008, ch 257, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072839Normal { 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.s2072839SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072839CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072839Normal-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.s2072839DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072839000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072839SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072839SCL-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="s2072839Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-2"><span class="s2072839SENU">55-10A-2</span></a><span xml:space="preserve" class="s2072839SENU">. </span><span class="s2072839CL">Scope and jurisdiction.</span></p><p dir="ltr" class="s2072839Normal-000000"><span xml:space="preserve" class="s2072839DefaultParagraphFont">This chapter applies to any transfer that refers to this chapter in the designation under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072839DefaultParagraphFont">55-10A-9</span></a><span xml:space="preserve" class="s2072839DefaultParagraphFont"> by which the transfer is made if at the time of the transfer, the transferor, the minor or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to this chapter despite a subsequent change in residence of a transferor, the minor, or the custodian or the removal of custodial property from this state. A person designated as custodian under this chapter is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship. A transfer that purports to be made and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act or a substantially similar act, of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer, the transferor, the minor or the custodian is a resident of the designated state or the custodial property is located in the designated state.</span></p><p dir="ltr" class="s2072839Normal"><span xml:space="preserve" class="s2072839000001"> </span></p><p dir="ltr" class="s2072839Normal"><span class="s2072839SCL">Source:</span><span xml:space="preserve" class="s2072839SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072840Normal { 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.s2072840SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072840CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072840Normal-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.s2072840DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072840000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072840SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072840SCL-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="s2072840Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-3"><span class="s2072840SENU">55-10A-3</span></a><span xml:space="preserve" class="s2072840SENU">. </span><span class="s2072840CL">Nomination of custodian.</span></p><p dir="ltr" class="s2072840Normal-000000"><span xml:space="preserve" class="s2072840DefaultParagraphFont">Any person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: "as custodian for __________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act." The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer or other obligor of the contractual rights. A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072840DefaultParagraphFont">55-10A-9</span></a><span xml:space="preserve" class="s2072840DefaultParagraphFont">. The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072840DefaultParagraphFont">55-10A-9</span></a><span xml:space="preserve" class="s2072840DefaultParagraphFont">. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072840DefaultParagraphFont">55-10A-9</span></a><span class="s2072840DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072840Normal"><span xml:space="preserve" class="s2072840000001"> </span></p><p dir="ltr" class="s2072840Normal"><span class="s2072840SCL">Source:</span><span xml:space="preserve" class="s2072840SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072841Normal { 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.s2072841SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072841CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072841Normal-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.s2072841DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072841000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072841SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072841SCL-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="s2072841Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-4"><span class="s2072841SENU">55-10A-4</span></a><span xml:space="preserve" class="s2072841SENU">. </span><span class="s2072841CL">Transfer by gift or exercise of power of appointment.</span></p><p dir="ltr" class="s2072841Normal-000000"><span xml:space="preserve" class="s2072841DefaultParagraphFont">Any person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072841DefaultParagraphFont">55-10A-9</span></a><span class="s2072841DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072841Normal"><span xml:space="preserve" class="s2072841000001"> </span></p><p dir="ltr" class="s2072841Normal"><span class="s2072841SCL">Source:</span><span xml:space="preserve" class="s2072841SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072842Normal { 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.s2072842SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072842CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072842Normal-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.s2072842DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072842000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072842SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072842SCL-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="s2072842Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-5"><span class="s2072842SENU">55-10A-5</span></a><span xml:space="preserve" class="s2072842SENU">. </span><span class="s2072842CL">Transfer authorized by will or trust.</span></p><p dir="ltr" class="s2072842Normal-000000"><span xml:space="preserve" class="s2072842DefaultParagraphFont">Any personal representative or trustee may make an irrevocable transfer pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072842DefaultParagraphFont">55-10A-9</span></a><span xml:space="preserve" class="s2072842DefaultParagraphFont">, to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or settlor has nominated a custodian under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-3"><span class="s2072842DefaultParagraphFont">55-10A-3</span></a><span xml:space="preserve" class="s2072842DefaultParagraphFont">, to receive the custodial property, the transfer must be made to that person. If the testator or settlor has not nominated a custodian under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-3"><span class="s2072842DefaultParagraphFont">55-10A-3</span></a><span xml:space="preserve" class="s2072842DefaultParagraphFont">, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072842DefaultParagraphFont">55-10A-9</span></a><span class="s2072842DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072842Normal"><span xml:space="preserve" class="s2072842000001"> </span></p><p dir="ltr" class="s2072842Normal"><span class="s2072842SCL">Source:</span><span xml:space="preserve" class="s2072842SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072843Normal { 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.s2072843SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072843CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072843Normal-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.s2072843DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072843Normal-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.s2072843000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072843SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072843SCL-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="s2072843Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-6"><span class="s2072843SENU">55-10A-6</span></a><span xml:space="preserve" class="s2072843SENU">. </span><span class="s2072843CL">Other transfer by fiduciary.</span></p><p dir="ltr" class="s2072843Normal-000000"><span class="s2072843DefaultParagraphFont">A transfer under subdivisions (1) or (2) may be made only if the personal representative, trustee or conservator considers the transfer to be in the best interest of the minor, the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument and the transfer is authorized by the court if it exceeds ten thousand dollars in value; and:</span></p><p dir="ltr" class="s2072843Normal-000001"><span xml:space="preserve" class="s2072843DefaultParagraphFont">(1)    A personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072843DefaultParagraphFont">55-10A-9</span></a><span class="s2072843DefaultParagraphFont">, in the absence of a will or under a will or trust that does not contain an authorization to do so; or</span></p><p dir="ltr" class="s2072843Normal-000001"><span xml:space="preserve" class="s2072843DefaultParagraphFont">(2)    A conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072843DefaultParagraphFont">55-10A-9</span></a><span class="s2072843DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072843Normal"><span xml:space="preserve" class="s2072843000002"> </span></p><p dir="ltr" class="s2072843Normal"><span class="s2072843SCL">Source:</span><span xml:space="preserve" class="s2072843SCL-000003"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072844Normal { 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.s2072844SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072844CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072844Normal-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.s2072844DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072844Normal-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.s2072844000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072844SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072844SCL-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="s2072844Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-7"><span class="s2072844SENU">55-10A-7</span></a><span xml:space="preserve" class="s2072844SENU">. </span><span class="s2072844CL">Transfer by obligor.</span></p><p dir="ltr" class="s2072844Normal-000000"><span xml:space="preserve" class="s2072844DefaultParagraphFont">Subject to subdivisions (1) and (2), any person not subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-5"><span class="s2072844DefaultParagraphFont">55-10A-5</span></a><span xml:space="preserve" class="s2072844DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-6"><span class="s2072844DefaultParagraphFont">55-10A-6</span></a><span xml:space="preserve" class="s2072844DefaultParagraphFont">, who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072844DefaultParagraphFont">55-10A-9</span></a><span class="s2072844DefaultParagraphFont">:</span></p><p dir="ltr" class="s2072844Normal-000001"><span xml:space="preserve" class="s2072844DefaultParagraphFont">(1)    If a person having the right to do so under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-3"><span class="s2072844DefaultParagraphFont">55-10A-3</span></a><span class="s2072844DefaultParagraphFont">, has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person; or</span></p><p dir="ltr" class="s2072844Normal-000001"><span xml:space="preserve" class="s2072844DefaultParagraphFont">(2)    If no custodian has been nominated under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-3"><span class="s2072844DefaultParagraphFont">55-10A-3</span></a><span class="s2072844DefaultParagraphFont">, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds ten thousand dollars in value.</span></p><p dir="ltr" class="s2072844Normal"><span xml:space="preserve" class="s2072844000002"> </span></p><p dir="ltr" class="s2072844Normal"><span class="s2072844SCL">Source:</span><span xml:space="preserve" class="s2072844SCL-000003"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072845Normal { 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.s2072845SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072845CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072845Normal-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.s2072845DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072845000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072845SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072845SCL-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="s2072845Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-8"><span class="s2072845SENU">55-10A-8</span></a><span xml:space="preserve" class="s2072845SENU">. </span><span class="s2072845CL">Receipt for custodial property.</span></p><p dir="ltr" class="s2072845Normal-000000"><span class="s2072845DefaultParagraphFont">A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.</span></p><p dir="ltr" class="s2072845Normal"><span xml:space="preserve" class="s2072845000001"> </span></p><p dir="ltr" class="s2072845Normal"><span class="s2072845SCL">Source:</span><span xml:space="preserve" class="s2072845SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072846Normal { 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.s2072846SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072846CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072846Normal-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.s2072846DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072846Normal-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; } p.s2072846Normal-000002 { 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; } span.s2072846000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072846SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072846SCL-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="s2072846Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072846SENU">55-10A-9</span></a><span xml:space="preserve" class="s2072846SENU">. </span><span class="s2072846CL">Manner of creating custodial property and effecting transfer.</span></p><p dir="ltr" class="s2072846Normal-000000"><span class="s2072846DefaultParagraphFont">Custodial property is created and a transfer is made if:</span></p><p dir="ltr" class="s2072846Normal-000001"><span class="s2072846DefaultParagraphFont">(1)    An uncertificated security or a certificated security in registered form is either:</span></p><p dir="ltr" class="s2072846Normal-000002"><span class="s2072846DefaultParagraphFont">(a)    registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for _________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act"; or</span></p><p dir="ltr" class="s2072846Normal-000002"><span xml:space="preserve" class="s2072846DefaultParagraphFont">(b)    delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-10"><span class="s2072846DefaultParagraphFont">55-10A-10</span></a><span class="s2072846DefaultParagraphFont">;</span></p><p dir="ltr" class="s2072846Normal-000001"><span class="s2072846DefaultParagraphFont">(2)    Money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for _________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act";</span></p><p dir="ltr" class="s2072846Normal-000001"><span class="s2072846DefaultParagraphFont">(3)    The ownership of a life or endowment insurance policy or annuity contract is either:</span></p><p dir="ltr" class="s2072846Normal-000002"><span class="s2072846DefaultParagraphFont">(a)    registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for _________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act"; or</span></p><p dir="ltr" class="s2072846Normal-000002"><span class="s2072846DefaultParagraphFont">(b)    assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: "as custodian for __________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act";</span></p><p dir="ltr" class="s2072846Normal-000001"><span class="s2072846DefaultParagraphFont">(4)    An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company whose name in the notification is followed in substance by the words: "as custodian for _________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act";</span></p><p dir="ltr" class="s2072846Normal-000001"><span class="s2072846DefaultParagraphFont">(5)    An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for _________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act";</span></p><p dir="ltr" class="s2072846Normal-000001"><span class="s2072846DefaultParagraphFont">(6)    A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either:</span></p><p dir="ltr" class="s2072846Normal-000002"><span class="s2072846DefaultParagraphFont">(a)    issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for _________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act"; or</span></p><p dir="ltr" class="s2072846Normal-000002"><span class="s2072846DefaultParagraphFont">(b)    delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: "as custodian for _________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act"; or</span></p><p dir="ltr" class="s2072846Normal-000001"><span xml:space="preserve" class="s2072846DefaultParagraphFont">(7)    An interest in any property not described in subdivisions (1) through (6) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-10"><span class="s2072846DefaultParagraphFont">55-10A-10</span></a><span class="s2072846DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072846Normal"><span xml:space="preserve" class="s2072846000003"> </span></p><p dir="ltr" class="s2072846Normal"><span class="s2072846SCL">Source:</span><span xml:space="preserve" class="s2072846SCL-000004"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072847Normal { 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.s2072847SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072847CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072847Normal-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.s2072847DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072847Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072847000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072847SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072847SCL-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="s2072847Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-10"><span class="s2072847SENU">55-10A-10</span></a><span xml:space="preserve" class="s2072847SENU">. </span><span class="s2072847CL">Designation of initial custodian.</span></p><p dir="ltr" class="s2072847Normal-000000"><span class="s2072847DefaultParagraphFont">An instrument in the following form satisfies the requirements of subdivisions 55-10A-9(1)(a) and (7):</span></p><p dir="ltr" class="s2072847Normal"><span xml:space="preserve" class="s2072847DefaultParagraphFont">    TRANSFER UNDER THE SOUTH DAKOTA UNIFORM TRANSFERS TO</span></p><p dir="ltr" class="s2072847Normal"><span xml:space="preserve" class="s2072847DefaultParagraphFont">     MINORS ACT</span></p><p dir="ltr" class="s2072847Normal-000001"><span class="s2072847DefaultParagraphFont">I, ______________ (name of transferor or name and representative capacity if a fiduciary) hereby transfer to ______________ (name of custodian), as custodian for ______________ (name of minor) under the South Dakota Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it).</span></p><p dir="ltr" class="s2072847Normal"><span class="s2072847DefaultParagraphFont">Dated: __________________</span></p><p dir="ltr" class="s2072847Normal"><span class="s2072847DefaultParagraphFont">________________________</span></p><p dir="ltr" class="s2072847Normal"><span class="s2072847DefaultParagraphFont">(Signature)</span></p><p dir="ltr" class="s2072847Normal"><span class="s2072847DefaultParagraphFont">______________ (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the (Name of Enacting State) Uniform Transfers to Minors Act.</span></p><p dir="ltr" class="s2072847Normal"><span class="s2072847DefaultParagraphFont">Dated: __________________</span></p><p dir="ltr" class="s2072847Normal"><span class="s2072847DefaultParagraphFont">________________________</span></p><p dir="ltr" class="s2072847Normal"><span class="s2072847DefaultParagraphFont">(Signature of Custodian)</span></p><p dir="ltr" class="s2072847Normal"><span xml:space="preserve" class="s2072847000002"> </span></p><p dir="ltr" class="s2072847Normal"><span class="s2072847SCL">Source:</span><span xml:space="preserve" class="s2072847SCL-000003"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072848Normal { 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.s2072848SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072848CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072848Normal-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.s2072848DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072848000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072848SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072848SCL-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="s2072848Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-11"><span class="s2072848SENU">55-10A-11</span></a><span xml:space="preserve" class="s2072848SENU">. </span><span class="s2072848CL">Control.</span></p><p dir="ltr" class="s2072848Normal-000000"><span class="s2072848DefaultParagraphFont">A transferor shall place the custodian in control of the custodial property as soon as practicable.</span></p><p dir="ltr" class="s2072848Normal"><span xml:space="preserve" class="s2072848000001"> </span></p><p dir="ltr" class="s2072848Normal"><span class="s2072848SCL">Source:</span><span xml:space="preserve" class="s2072848SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072849Normal { 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.s2072849SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072849CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072849Normal-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.s2072849DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072849000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072849SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072849SCL-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="s2072849Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-12"><span class="s2072849SENU">55-10A-12</span></a><span xml:space="preserve" class="s2072849SENU">. </span><span class="s2072849CL">Single custodianship.</span></p><p dir="ltr" class="s2072849Normal-000000"><span class="s2072849DefaultParagraphFont">A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.</span></p><p dir="ltr" class="s2072849Normal"><span xml:space="preserve" class="s2072849000001"> </span></p><p dir="ltr" class="s2072849Normal"><span class="s2072849SCL">Source:</span><span xml:space="preserve" class="s2072849SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072850Normal { 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.s2072850SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072850CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072850Normal-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.s2072850DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072850Normal-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; } p.s2072850Normal-000002 { text-indent: 0.25in; 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.s2072850000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072850SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072850SCL-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="s2072850Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-13"><span class="s2072850SENU">55-10A-13</span></a><span xml:space="preserve" class="s2072850SENU">. </span><span class="s2072850CL">Validity and effect of transfer.</span></p><p dir="ltr" class="s2072850Normal-000000"><span class="s2072850DefaultParagraphFont">The validity of a transfer made in a manner prescribed in this chapter is not affected by:</span></p><p dir="ltr" class="s2072850Normal-000001"><span xml:space="preserve" class="s2072850DefaultParagraphFont">(1)    Failure of the transferor to comply with § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-11"><span class="s2072850DefaultParagraphFont">55-10A-11</span></a><span xml:space="preserve" class="s2072850DefaultParagraphFont"> concerning possession and control;</span></p><p dir="ltr" class="s2072850Normal-000001"><span xml:space="preserve" class="s2072850DefaultParagraphFont">(2)    Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072850DefaultParagraphFont">55-10A-9</span></a><span class="s2072850DefaultParagraphFont">; or</span></p><p dir="ltr" class="s2072850Normal-000001"><span xml:space="preserve" class="s2072850DefaultParagraphFont">(3)    Death or incapacity of a person nominated under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-3"><span class="s2072850DefaultParagraphFont">55-10A-3</span></a><span xml:space="preserve" class="s2072850DefaultParagraphFont">, or designated under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072850DefaultParagraphFont">55-10A-9</span></a><span class="s2072850DefaultParagraphFont">, as custodian or the disclaimer of the office by that person.</span></p><p dir="ltr" class="s2072850Normal-000002"><span xml:space="preserve" class="s2072850DefaultParagraphFont">A transfer made pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072850DefaultParagraphFont">55-10A-9</span></a><span class="s2072850DefaultParagraphFont">, is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties and authority provided in this chapter and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as provided in this chapter.</span></p><p dir="ltr" class="s2072850Normal-000002"><span class="s2072850DefaultParagraphFont">By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided in this chapter.</span></p><p dir="ltr" class="s2072850Normal"><span xml:space="preserve" class="s2072850000003"> </span></p><p dir="ltr" class="s2072850Normal"><span class="s2072850SCL">Source:</span><span xml:space="preserve" class="s2072850SCL-000004"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072851Normal { 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.s2072851SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072851CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072851Normal-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.s2072851DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072851Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072851000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072851SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072851SCL-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="s2072851Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-14"><span class="s2072851SENU">55-10A-14</span></a><span xml:space="preserve" class="s2072851SENU">. </span><span class="s2072851CL">Care of custodial property.</span></p><p dir="ltr" class="s2072851Normal-000000"><span class="s2072851DefaultParagraphFont">A custodian shall take control of custodial property, register or record title to custodial property if appropriate, and collect, hold, manage, invest and reinvest custodial property.</span></p><p dir="ltr" class="s2072851Normal-000001"><span class="s2072851DefaultParagraphFont">In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.</span></p><p dir="ltr" class="s2072851Normal-000001"><span class="s2072851DefaultParagraphFont">A custodian may invest in or pay premiums on life insurance or endowment policies on the life of the minor only if the minor or the minor's estate is the sole beneficiary, or the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian, is the irrevocable beneficiary.</span></p><p dir="ltr" class="s2072851Normal-000001"><span class="s2072851DefaultParagraphFont">A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: "as a custodian for ___________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act."</span></p><p dir="ltr" class="s2072851Normal-000001"><span class="s2072851DefaultParagraphFont">A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of fourteen years.</span></p><p dir="ltr" class="s2072851Normal"><span xml:space="preserve" class="s2072851000002"> </span></p><p dir="ltr" class="s2072851Normal"><span class="s2072851SCL">Source:</span><span xml:space="preserve" class="s2072851SCL-000003"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072852Normal { 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.s2072852SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072852CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072852Normal-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.s2072852DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072852Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072852000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072852SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072852SCL-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="s2072852Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-15"><span class="s2072852SENU">55-10A-15</span></a><span xml:space="preserve" class="s2072852SENU">. </span><span class="s2072852CL">Powers of custodian.</span></p><p dir="ltr" class="s2072852Normal-000000"><span xml:space="preserve" class="s2072852DefaultParagraphFont">A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. This section does not relieve a custodian from liability for breach of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-14"><span class="s2072852DefaultParagraphFont">55-10A-14</span></a><span class="s2072852DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072852Normal-000001"><span class="s2072852DefaultParagraphFont">At any time, a custodian may transfer part or all of a custodial property to a qualified minor's trust without a court order. Such transfer terminates the custodianship to the extent of the transfer.</span></p><p dir="ltr" class="s2072852Normal"><span xml:space="preserve" class="s2072852000002"> </span></p><p dir="ltr" class="s2072852Normal"><span class="s2072852SCL">Source:</span><span xml:space="preserve" class="s2072852SCL-000003"> SL 1986, ch 409, § 15; SL 2008, ch 257, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072853Normal { 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.s2072853SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072853CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072853Normal-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.s2072853DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072853000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072853SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072853SCL-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="s2072853Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-16"><span class="s2072853SENU">55-10A-16</span></a><span xml:space="preserve" class="s2072853SENU">. </span><span class="s2072853CL">Use of custodial property.</span></p><p dir="ltr" class="s2072853Normal-000000"><span class="s2072853DefaultParagraphFont">A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to the duty or ability of the custodian personally or of any other person to support the minor, or any other income or property of the minor which may be applicable or available for that purpose. On petition of an interested person or the minor if the minor has attained the age of fourteen years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor. A delivery, payment or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.</span></p><p dir="ltr" class="s2072853Normal"><span xml:space="preserve" class="s2072853000001"> </span></p><p dir="ltr" class="s2072853Normal"><span class="s2072853SCL">Source:</span><span xml:space="preserve" class="s2072853SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072854Normal { 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.s2072854SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072854CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072854Normal-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.s2072854DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072854000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072854SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072854SCL-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="s2072854Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-17"><span class="s2072854SENU">55-10A-17</span></a><span xml:space="preserve" class="s2072854SENU">. </span><span class="s2072854CL">Custodian's expenses, compensation, and bond.</span></p><p dir="ltr" class="s2072854Normal-000000"><span xml:space="preserve" class="s2072854DefaultParagraphFont">A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. Except for one who is a transferor under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-4"><span class="s2072854DefaultParagraphFont">55-10A-4</span></a><span xml:space="preserve" class="s2072854DefaultParagraphFont">, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. Except as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-20"><span class="s2072854DefaultParagraphFont">55-10A-20</span></a><span class="s2072854DefaultParagraphFont">, a custodian need not give a bond.</span></p><p dir="ltr" class="s2072854Normal"><span xml:space="preserve" class="s2072854000001"> </span></p><p dir="ltr" class="s2072854Normal"><span class="s2072854SCL">Source:</span><span xml:space="preserve" class="s2072854SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072855Normal { 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.s2072855SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072855CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072855Normal-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.s2072855DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072855Normal-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.s2072855000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072855SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072855SCL-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="s2072855Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-18"><span class="s2072855SENU">55-10A-18</span></a><span xml:space="preserve" class="s2072855SENU">. </span><span class="s2072855CL">Exemption of third person from liability.</span></p><p dir="ltr" class="s2072855Normal-000000"><span class="s2072855DefaultParagraphFont">A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:</span></p><p dir="ltr" class="s2072855Normal-000001"><span class="s2072855DefaultParagraphFont">(1)    The validity of the purported custodian's designation;</span></p><p dir="ltr" class="s2072855Normal-000001"><span class="s2072855DefaultParagraphFont">(2)    The propriety of, or the authority under this chapter for, any act of the purported custodian;</span></p><p dir="ltr" class="s2072855Normal-000001"><span class="s2072855DefaultParagraphFont">(3)    The validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or</span></p><p dir="ltr" class="s2072855Normal-000001"><span class="s2072855DefaultParagraphFont">(4)    The propriety of the application of any property of the minor delivered to the purported custodian.</span></p><p dir="ltr" class="s2072855Normal"><span xml:space="preserve" class="s2072855000002"> </span></p><p dir="ltr" class="s2072855Normal"><span class="s2072855SCL">Source:</span><span xml:space="preserve" class="s2072855SCL-000003"> SL 1986, ch 409, § 18.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072856Normal { 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.s2072856SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072856CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072856Normal-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.s2072856DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072856Normal-000001 { text-indent: 0.25in; 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.s2072856Normal-000002 { 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.s2072856000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072856SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072856SCL-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="s2072856Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-19"><span class="s2072856SENU">55-10A-19</span></a><span xml:space="preserve" class="s2072856SENU">. </span><span class="s2072856CL">Liability to third persons.</span></p><p dir="ltr" class="s2072856Normal-000000"><span class="s2072856DefaultParagraphFont">A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor.</span></p><p dir="ltr" class="s2072856Normal-000001"><span class="s2072856DefaultParagraphFont">No custodian is personally liable:</span></p><p dir="ltr" class="s2072856Normal-000002"><span class="s2072856DefaultParagraphFont">(1)    On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or</span></p><p dir="ltr" class="s2072856Normal-000002"><span class="s2072856DefaultParagraphFont">(2)    For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.</span></p><p dir="ltr" class="s2072856Normal-000001"><span class="s2072856DefaultParagraphFont">No minor is personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.</span></p><p dir="ltr" class="s2072856Normal"><span xml:space="preserve" class="s2072856000003"> </span></p><p dir="ltr" class="s2072856Normal"><span class="s2072856SCL">Source:</span><span xml:space="preserve" class="s2072856SCL-000004"> SL 1986, ch 409, § 19.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072857Normal { 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.s2072857SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072857CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072857Normal-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.s2072857DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072857Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072857000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072857SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072857SCL-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="s2072857Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-20"><span class="s2072857SENU">55-10A-20</span></a><span xml:space="preserve" class="s2072857SENU">. </span><span class="s2072857CL">Renunciation, resignation, death, or removal of custodian--Designation of successor custodian.</span></p><p dir="ltr" class="s2072857Normal-000000"><span xml:space="preserve" class="s2072857DefaultParagraphFont">Any person nominated under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-3"><span class="s2072857DefaultParagraphFont">55-10A-3</span></a><span xml:space="preserve" class="s2072857DefaultParagraphFont"> or designated under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072857DefaultParagraphFont">55-10A-9</span></a><span xml:space="preserve" class="s2072857DefaultParagraphFont"> as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing and eligible to serve was nominated under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-3"><span class="s2072857DefaultParagraphFont">55-10A-3</span></a><span xml:space="preserve" class="s2072857DefaultParagraphFont">, the person who made the nomination may nominate a substitute custodian under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-3"><span class="s2072857DefaultParagraphFont">55-10A-3</span></a><span xml:space="preserve" class="s2072857DefaultParagraphFont">; otherwise the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-9"><span class="s2072857DefaultParagraphFont">55-10A-9</span></a><span class="s2072857DefaultParagraphFont">. The custodian so designated has the rights of a successor custodian.</span></p><p dir="ltr" class="s2072857Normal-000001"><span xml:space="preserve" class="s2072857DefaultParagraphFont">A custodian at any time may designate a trust company or an adult other than a transferor under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-4"><span class="s2072857DefaultParagraphFont">55-10A-4</span></a><span class="s2072857DefaultParagraphFont">, as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated or is removed.</span></p><p dir="ltr" class="s2072857Normal-000001"><span class="s2072857DefaultParagraphFont">A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of fourteen years and to the successor custodian and by delivering the custodial property to the successor custodian.</span></p><p dir="ltr" class="s2072857Normal-000001"><span class="s2072857DefaultParagraphFont">If a custodian is ineligible, dies or becomes incapacitated without having effectively designated a successor and the minor has attained the age of fourteen years, the minor may designate as successor custodian an adult member of the minor's family, a conservator of the minor or a trust company. If the minor has not attained the age of fourteen years or fails to act within sixty days after the ineligibility, death or incapacity, the conservator of the minor becomes successor custodian. If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family or any other interested person may petition the court to designate a successor custodian.</span></p><p dir="ltr" class="s2072857Normal-000001"><span class="s2072857DefaultParagraphFont">A custodian who declines to serve or resigns, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.</span></p><p dir="ltr" class="s2072857Normal-000001"><span xml:space="preserve" class="s2072857DefaultParagraphFont">A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the person of the minor, the conservator of the minor, or the minor if the minor has attained the age of fourteen years may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-4"><span class="s2072857DefaultParagraphFont">55-10A-4</span></a><span class="s2072857DefaultParagraphFont">, or to require the custodian to give appropriate bond.</span></p><p dir="ltr" class="s2072857Normal"><span xml:space="preserve" class="s2072857000002"> </span></p><p dir="ltr" class="s2072857Normal"><span class="s2072857SCL">Source:</span><span xml:space="preserve" class="s2072857SCL-000003"> SL 1986, ch 409, § 20.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072858Normal { 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.s2072858SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072858CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072858Normal-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.s2072858DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072858Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072858000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072858SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072858SCL-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="s2072858Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-21"><span class="s2072858SENU">55-10A-21</span></a><span xml:space="preserve" class="s2072858SENU">. </span><span class="s2072858CL">Accounting by and determination of liability of custodian.</span></p><p dir="ltr" class="s2072858Normal-000000"><span xml:space="preserve" class="s2072858DefaultParagraphFont">A minor who has attained the age of fourteen years, the minor's guardian conservator, or other legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court for an accounting by the custodian or the custodian's legal representative; or for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-18"><span class="s2072858DefaultParagraphFont">55-10A-18</span></a><span class="s2072858DefaultParagraphFont">, to which the minor or the minor's legal representative was a party.</span></p><p dir="ltr" class="s2072858Normal-000001"><span class="s2072858DefaultParagraphFont">A successor custodian may petition the court for an accounting by the predecessor custodian.</span></p><p dir="ltr" class="s2072858Normal-000001"><span class="s2072858DefaultParagraphFont">The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.</span></p><p dir="ltr" class="s2072858Normal-000001"><span xml:space="preserve" class="s2072858DefaultParagraphFont">If a custodian is removed under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-20"><span class="s2072858DefaultParagraphFont">55-10A-20</span></a><span class="s2072858DefaultParagraphFont">, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.</span></p><p dir="ltr" class="s2072858Normal"><span xml:space="preserve" class="s2072858000002"> </span></p><p dir="ltr" class="s2072858Normal"><span class="s2072858SCL">Source:</span><span xml:space="preserve" class="s2072858SCL-000003"> SL 1986, ch 409, § 21; SL 1993, ch 213, § 257.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072859Normal { 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.s2072859SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072859CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072859Normal-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.s2072859DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072859Normal-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.s2072859000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072859SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072859SCL-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="s2072859Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-22"><span class="s2072859SENU">55-10A-22</span></a><span xml:space="preserve" class="s2072859SENU">. </span><span class="s2072859CL">Termination of custodianship.</span></p><p dir="ltr" class="s2072859Normal-000000"><span class="s2072859DefaultParagraphFont">The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:</span></p><p dir="ltr" class="s2072859Normal-000001"><span xml:space="preserve" class="s2072859DefaultParagraphFont">(1)    The minor's attainment of eighteen years of age with respect to custodial property transferred under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-4"><span class="s2072859DefaultParagraphFont">55-10A-4</span></a><span xml:space="preserve" class="s2072859DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-5"><span class="s2072859DefaultParagraphFont">55-10A-5</span></a><span xml:space="preserve" class="s2072859DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-6"><span class="s2072859DefaultParagraphFont">55-10A-6</span></a><span xml:space="preserve" class="s2072859DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-7"><span class="s2072859DefaultParagraphFont">55-10A-7</span></a><span class="s2072859DefaultParagraphFont">; or</span></p><p dir="ltr" class="s2072859Normal-000001"><span class="s2072859DefaultParagraphFont">(2)    The minor's death.</span></p><p dir="ltr" class="s2072859Normal"><span xml:space="preserve" class="s2072859000002"> </span></p><p dir="ltr" class="s2072859Normal"><span class="s2072859SCL">Source:</span><span xml:space="preserve" class="s2072859SCL-000003"> SL 1986, ch 409, § 22.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072860Normal { 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.s2072860SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072860CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072860Normal-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.s2072860DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072860Normal-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.s2072860000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072860SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072860SCL-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="s2072860Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-23"><span class="s2072860SENU">55-10A-23</span></a><span xml:space="preserve" class="s2072860SENU">. </span><span class="s2072860CL">Applicability.</span></p><p dir="ltr" class="s2072860Normal-000000"><span xml:space="preserve" class="s2072860DefaultParagraphFont">This chapter applies to a transfer within the scope of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-2"><span class="s2072860DefaultParagraphFont">55-10A-2</span></a><span xml:space="preserve" class="s2072860DefaultParagraphFont"> made after July 1, 1986 if:</span></p><p dir="ltr" class="s2072860Normal-000001"><span class="s2072860DefaultParagraphFont">(1)    The transfer purports to have been made under the Uniform Gifts to Minors Act of South Dakota; or</span></p><p dir="ltr" class="s2072860Normal-000001"><span class="s2072860DefaultParagraphFont">(2)    The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of this chapter is necessary to validate the transfer.</span></p><p dir="ltr" class="s2072860Normal"><span xml:space="preserve" class="s2072860000002"> </span></p><p dir="ltr" class="s2072860Normal"><span class="s2072860SCL">Source:</span><span xml:space="preserve" class="s2072860SCL-000003"> SL 1986, ch 409, § 23.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072861Normal { 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.s2072861SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072861CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072861Normal-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.s2072861DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072861Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072861000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072861SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072861SCL-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="s2072861Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-24"><span class="s2072861SENU">55-10A-24</span></a><span xml:space="preserve" class="s2072861SENU">. </span><span class="s2072861CL">Effect on existing custodianships.</span></p><p dir="ltr" class="s2072861Normal-000000"><span class="s2072861DefaultParagraphFont">Any transfer of custodial property as now defined in this chapter made before July 1, 1986 is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of South Dakota for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.</span></p><p dir="ltr" class="s2072861Normal-000001"><span class="s2072861DefaultParagraphFont">This chapter applies to all transfers made before July 1, 1986 in a manner and form prescribed in the Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 1, 1986.</span></p><p dir="ltr" class="s2072861Normal-000001"><span xml:space="preserve" class="s2072861DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-1"><span class="s2072861DefaultParagraphFont">55-10A-1</span></a><span xml:space="preserve" class="s2072861DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-22"><span class="s2072861DefaultParagraphFont">55-10A-22</span></a><span class="s2072861DefaultParagraphFont">, with respect to the age of a minor for whom custodial property is held under this chapter do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of eighteen after July 1, 1968, and before July 1, 1986.</span></p><p dir="ltr" class="s2072861Normal"><span xml:space="preserve" class="s2072861000002"> </span></p><p dir="ltr" class="s2072861Normal"><span class="s2072861SCL">Source:</span><span xml:space="preserve" class="s2072861SCL-000003"> SL 1986, ch 409, § 24.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072862Normal { 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.s2072862SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072862CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072862Normal-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.s2072862DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072862000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072862SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072862SCL-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="s2072862Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-25"><span class="s2072862SENU">55-10A-25</span></a><span xml:space="preserve" class="s2072862SENU">. </span><span class="s2072862CL">Short title.</span></p><p dir="ltr" class="s2072862Normal-000000"><span class="s2072862DefaultParagraphFont">This chapter may be cited as the "South Dakota Uniform Transfers to Minors Act."</span></p><p dir="ltr" class="s2072862Normal"><span xml:space="preserve" class="s2072862000001"> </span></p><p dir="ltr" class="s2072862Normal"><span class="s2072862SCL">Source:</span><span xml:space="preserve" class="s2072862SCL-000002"> SL 1986, ch 409, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072863Normal { 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.s2072863SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072863CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072863Normal-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.s2072863DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072863000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072863SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072863SCL-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="s2072863Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-26"><span class="s2072863SENU">55-10A-26</span></a><span xml:space="preserve" class="s2072863SENU">. </span><span class="s2072863CL">Repeal of the Gifts to Minors Act.</span></p><p dir="ltr" class="s2072863Normal-000000"><span xml:space="preserve" class="s2072863DefaultParagraphFont">Chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10"><span class="s2072863DefaultParagraphFont">55-10</span></a><span xml:space="preserve" class="s2072863DefaultParagraphFont"> is hereby repealed. To the extent that this chapter, by virtue of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A-24"><span class="s2072863DefaultParagraphFont">55-10A-24</span></a><span class="s2072863DefaultParagraphFont">, does not apply to transfers made in a manner prescribed in the Gifts to Minors Act of South Dakota or to the powers, duties and immunities conferred by transfers in that manner upon custodians and person dealing with custodians, the repeal of the Gifts to Minors Act of South Dakota does not affect those transfers or those powers, duties and immunities.</span></p><p dir="ltr" class="s2072863Normal"><span xml:space="preserve" class="s2072863000001"> </span></p><p dir="ltr" class="s2072863Normal"><span class="s2072863SCL">Source:</span><span xml:space="preserve" class="s2072863SCL-000002"> SL 1986, ch 409, § 26.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.sdc8999eacc7f4580917d5ec38e7d4b59Normal { 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.sdc8999eacc7f4580917d5ec38e7d4b59HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sdc8999eacc7f4580917d5ec38e7d4b59HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sdc8999eacc7f4580917d5ec38e7d4b59Normal-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.sdc8999eacc7f4580917d5ec38e7d4b59000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.sdc8999eacc7f4580917d5ec38e7d4b59B { 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 55-11 - PREARRANGED FUNERAL TRUSTS"><meta property="og:description" content="SDLRC Codified Law 55-11 - PREARRANGED FUNERAL TRUSTS"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-11"><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="sdc8999eacc7f4580917d5ec38e7d4b59Normal"><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=55-11" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11</span></a></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59Normal"><span class="sdc8999eacc7f4580917d5ec38e7d4b59HG4C">PREARRANGED FUNERAL TRUSTS</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59Normal-000000"><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59000001"> </span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-1" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-1</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    End-of-life directives--Prearranged funeral contract--Portion of money paid under contract held in trust.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-1.1" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-1.1</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Personal property and professional services to be provided under prearranged funeral trust contract.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-2" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-2</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Deposit of trust fund in banking institution or association--Violation as misdemeanor.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-3" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-3</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Contract to be in writing--Copies furnished depository and personal representative of contracting party--Clause concerning trust fund required.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-3.1" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-3.1</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Clause required in contract not providing guaranteed price.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-4" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-4</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Financial institution receiving money in trust--Acknowledgment on copy of prearranged funeral contract.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-5" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-5</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Cancellation of contract creating revocable trust.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-5.1" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-5.1</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Return of payments required on revocation under contract with guaranteed price.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-6" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-6</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Statutes?Statute=55-11-6" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-6</span></a><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">. Repealed by SL 1986, ch 408, § 13</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-7" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-7</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Solicitation of funeral trust contracts--Annual registration required--Exception--Unauthorized solicitation or sale prohibited--Violation as misdemeanor.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-8" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-8</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Information to be submitted upon registration.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-9" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-9</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Repealed.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-10" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-10</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Applicability of § </span><a href="https://sdlegislature.gov/Statutes?Statute=37-24-5.4" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">37-24-5.4</span></a><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-11" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-11</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Prearranged funeral contract pooled funds trust--Creation--Separate accounts--When consent of purchaser required.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-12" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-12</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Death or relocation of beneficiary of irrevocable prearranged funeral trust--Seller's option to provide comparable services or return deposits and interest--Disposition of funds.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-12.1" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-12.1</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Disbursement of funds in irrevocable prearranged funeral trust.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-13" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-13</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Prearranged funeral contract not burial insurance.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-14" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-14</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Applicability of act to certain contracts.</span></p><p dir="ltr" class="sdc8999eacc7f4580917d5ec38e7d4b59B"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-15" rel="noopener"><span class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">55-11-15</span></a><span xml:space="preserve" class="sdc8999eacc7f4580917d5ec38e7d4b59DefaultParagraphFont">    Certain persons operating cemeteries exempted from provisions regarding sale of merchandise and services--Maintenance of funds.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s41249b672d2b4f8a9323cb5a99bb14dcNormal { 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.s41249b672d2b4f8a9323cb5a99bb14dcSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s41249b672d2b4f8a9323cb5a99bb14dcCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s41249b672d2b4f8a9323cb5a99bb14dcStatute { 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.s41249b672d2b4f8a9323cb5a99bb14dcDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s41249b672d2b4f8a9323cb5a99bb14dcDefaultParagraphFont-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s41249b672d2b4f8a9323cb5a99bb14dc000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s41249b672d2b4f8a9323cb5a99bb14dcNoIndent { 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.s41249b672d2b4f8a9323cb5a99bb14dcDefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s41249b672d2b4f8a9323cb5a99bb14dcSCL { 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 55-11-1 - End-of-life directives--Prearranged funeral contract--Portion of money paid under contract held in trust."><meta property="og:description" content="SDLRC Codified Law 55-11-1 - End-of-life directives--Prearranged funeral contract--Portion of money paid under contract held in trust."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-11-1"><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="s41249b672d2b4f8a9323cb5a99bb14dcNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-1" rel="noopener"><span class="s41249b672d2b4f8a9323cb5a99bb14dcSENU">55-11-1</span></a><span xml:space="preserve" class="s41249b672d2b4f8a9323cb5a99bb14dcSENU">. </span><span class="s41249b672d2b4f8a9323cb5a99bb14dcCL">End-of-life directives--Prearranged funeral contract--Portion of money paid under contract held in trust.</span></p><p dir="ltr" class="s41249b672d2b4f8a9323cb5a99bb14dcStatute"><span class="s41249b672d2b4f8a9323cb5a99bb14dcDefaultParagraphFont">Before a person's death, the person or someone on the person's behalf may direct the location, manner, and conditions of disposition of the person's remains, and the arrangements for funeral goods and services to be provided upon the person's death, and contract with another person for the purchase or rental of personal property or professional services for the final disposition of the person's body. At least eighty</span><span class="s41249b672d2b4f8a9323cb5a99bb14dcDefaultParagraphFont-000000">-</span><span class="s41249b672d2b4f8a9323cb5a99bb14dcDefaultParagraphFont">five percent of all money paid under the contract must be held in a revocable or an irrevocable trust, at the purchaser's option. The money must be held in trust until the obligation of the contract is fulfilled according to its terms or, if a revocable trust, the money is refunded to the person who made the payments.</span></p><p dir="ltr" class="s41249b672d2b4f8a9323cb5a99bb14dcNormal"><span xml:space="preserve" class="s41249b672d2b4f8a9323cb5a99bb14dc000001"> </span></p><p dir="ltr" class="s41249b672d2b4f8a9323cb5a99bb14dcNoIndent"><span xml:space="preserve" class="s41249b672d2b4f8a9323cb5a99bb14dcDefaultParagraphFont-000002">Source: </span><span class="s41249b672d2b4f8a9323cb5a99bb14dcSCL">SL 1953, ch 496, § 1; SDC Supp 1960, § 27.1409; SL 1967, ch 104, § 1; SL 1975, ch 302, § 1; SL 1981, ch 355, § 1; SL 1986, ch 408, § 1; SL 2022, ch 113, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072866Normal { 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.s2072866SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072866CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072866Normal-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.s2072866DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072866000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072866SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072866SCL-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="s2072866Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-1.1"><span class="s2072866SENU">55-11-1.1</span></a><span xml:space="preserve" class="s2072866SENU">. </span><span class="s2072866CL">Personal property and professional services to be provided under prearranged funeral trust contract.</span></p><p dir="ltr" class="s2072866Normal-000000"><span class="s2072866DefaultParagraphFont">The personal property to be delivered according to the terms of a prearranged funeral trust contract includes such things as: grave liners, vaults, transportation containers, grave markers, cremation urns or vaults, grave ornamentation, flowers, statuary, floral arrangements, caskets, clothing, memorial items, guest books and other personal property incidental to a funeral or burial service. Professional services to be provided according to the terms of a prearranged funeral trust contract are the embalming of the deceased person's body or the conduct of a funeral service for hire and any other professional services associated with the disposition, storage, preparation or burial of a deceased person's body.</span></p><p dir="ltr" class="s2072866Normal"><span xml:space="preserve" class="s2072866000001"> </span></p><p dir="ltr" class="s2072866Normal"><span class="s2072866SCL">Source:</span><span xml:space="preserve" class="s2072866SCL-000002"> SL 1986, ch 408, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072867Normal { 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.s2072867SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072867CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072867Normal-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.s2072867DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072867000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072867SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072867SCL-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="s2072867Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-2"><span class="s2072867SENU">55-11-2</span></a><span xml:space="preserve" class="s2072867SENU">. </span><span class="s2072867CL">Deposit of trust fund in banking institution or association--Violation as misdemeanor.</span></p><p dir="ltr" class="s2072867Normal-000000"><span xml:space="preserve" class="s2072867DefaultParagraphFont">Within ten days after receipt, the person holding money in trust under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-1"><span class="s2072867DefaultParagraphFont">55-11-1</span></a><span xml:space="preserve" class="s2072867DefaultParagraphFont"> shall deposit it in a banking institution, or place the money in an account in a savings and loan association, or a federal credit union organized under the laws of this state or of the United States of America, provided, however, such institutions are domiciled in the state of South Dakota, and the deposits or accounts of which banking institution, federal credit union or association are guaranteed by the federal government or insured by an instrumentality of the federal government. The money shall be carried in a trust account in the name of the depositor as trustee for the person who will receive the benefit of the property and services upon his death. Any person intentionally violating the provisions of this section is guilty of a Class 1 misdemeanor.</span></p><p dir="ltr" class="s2072867Normal"><span xml:space="preserve" class="s2072867000001"> </span></p><p dir="ltr" class="s2072867Normal"><span class="s2072867SCL">Source:</span><span xml:space="preserve" class="s2072867SCL-000002"> SL 1953, ch 496, §§ 2, 4; SDC Supp 1960, §§ 27.1410, 27.9954; SL 1967, ch 104, § 2; SL 1980, ch 24, § 109; SL 1986, ch 408, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072868Normal { 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.s2072868SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072868CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072868Normal-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.s2072868DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072868Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072868000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072868SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072868SCL-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="s2072868Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-3"><span class="s2072868SENU">55-11-3</span></a><span xml:space="preserve" class="s2072868SENU">. </span><span class="s2072868CL">Contract to be in writing--Copies furnished depository and personal representative of contracting party--Clause concerning trust fund required.</span></p><p dir="ltr" class="s2072868Normal-000000"><span xml:space="preserve" class="s2072868DefaultParagraphFont">A contract pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-1"><span class="s2072868DefaultParagraphFont">55-11-1</span></a><span xml:space="preserve" class="s2072868DefaultParagraphFont"> shall be in writing and sufficient copies thereof shall be left with the depository pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-2"><span class="s2072868DefaultParagraphFont">55-11-2</span></a><span xml:space="preserve" class="s2072868DefaultParagraphFont"> to comply with the provisions of this chapter, and a copy thereof shall also be furnished, upon request, to any personal representative of the estate of the decedent who contracted for his burial during his lifetime. The contract shall contain the following in twelve point bold type:</span></p><p dir="ltr" class="s2072868Normal-000001"><span xml:space="preserve" class="s2072868DefaultParagraphFont">IF THIS CONTRACT IS PURCHASED FOR A GUARANTEED PRICE, NO LESS THAN EIGHTY-FIVE PERCENT OF ANY FUNDS RECEIVED UNDER THIS CONTRACT ARE REQUIRED BY LAW TO BE PLACED IN A FUNERAL TRUST FUND IN A DEPOSITORY DESCRIBED IN SDCL </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-2"><span class="s2072868DefaultParagraphFont">55-11-2</span></a><span xml:space="preserve" class="s2072868DefaultParagraphFont">, IN EITHER A REVOCABLE OR IRREVOCABLE TRUST. IF THIS CONTRACT IS NOT FOR A GUARANTEED PRICE, ONE HUNDRED PERCENT OF ANY FUNDS RECEIVED UNDER THIS CONTRACT ARE REQUIRED BY LAW TO BE PLACED IN A FUNERAL TRUST FUND IN A DEPOSITORY DESCRIBED IN SDCL </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-2"><span class="s2072868DefaultParagraphFont">55-11-2</span></a><span xml:space="preserve" class="s2072868DefaultParagraphFont"> IN EITHER A REVOCABLE OR IRREVOCABLE TRUST. THIS CONTRACT, IF A REVOCABLE TRUST, MAY BE CANCELED AT ANY TIME UPON THIRTY DAYS WRITTEN NOTICE AND ONE HUNDRED PERCENT OF THE MONEY PAID INTO TRUST TOGETHER WITH ONE HUNDRED PERCENT OF ACCRUED TRUST INTEREST SHALL BE RETURNED TO THE CONTRACT PURCHASER.</span></p><p dir="ltr" class="s2072868Normal"><span xml:space="preserve" class="s2072868000002"> </span></p><p dir="ltr" class="s2072868Normal"><span class="s2072868SCL">Source:</span><span xml:space="preserve" class="s2072868SCL-000003"> SL 1953, ch 496, § 1; SDC Supp 1960, § 27.1409; SL 1967, ch 104, § 1; SL 1981, ch 355, § 2; SL 1986, ch 408, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072869Normal { 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.s2072869SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072869CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072869Normal-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.s2072869DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072869Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072869000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072869SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072869SCL-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="s2072869Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-3.1"><span class="s2072869SENU">55-11-3.1</span></a><span xml:space="preserve" class="s2072869SENU">. </span><span class="s2072869CL">Clause required in contract not providing guaranteed price.</span></p><p dir="ltr" class="s2072869Normal-000000"><span xml:space="preserve" class="s2072869DefaultParagraphFont">In addition to the requirements of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-3"><span class="s2072869DefaultParagraphFont">55-11-3</span></a><span xml:space="preserve" class="s2072869DefaultParagraphFont">, any contract entered into pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-1"><span class="s2072869DefaultParagraphFont">55-11-1</span></a><span class="s2072869DefaultParagraphFont">, which does not provide for a guaranteed price for services or personal property to be delivered or performed pursuant to the terms of the contract, shall contain the following in twelve point bold type:</span></p><p dir="ltr" class="s2072869Normal-000001"><span class="s2072869DefaultParagraphFont">ANY FUNDS PAID UNDER THIS CONTRACT ARE ONLY A DEPOSIT TO BE APPLIED TOWARD THE FINAL COSTS OF THE SERVICES OR PERSONAL PROPERTY CONTRACTED FOR. ADDITIONAL CHARGES MAY BE REQUIRED.</span></p><p dir="ltr" class="s2072869Normal"><span xml:space="preserve" class="s2072869000002"> </span></p><p dir="ltr" class="s2072869Normal"><span class="s2072869SCL">Source:</span><span xml:space="preserve" class="s2072869SCL-000003"> SL 1981, ch 355, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072870Normal { 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.s2072870SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072870CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072870Normal-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.s2072870DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072870000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072870SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072870SCL-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="s2072870Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-4"><span class="s2072870SENU">55-11-4</span></a><span xml:space="preserve" class="s2072870SENU">. </span><span class="s2072870CL">Financial institution receiving money in trust--Acknowledgment on copy of prearranged funeral contract.</span></p><p dir="ltr" class="s2072870Normal-000000"><span xml:space="preserve" class="s2072870DefaultParagraphFont">When a banking institution, federal credit union or a savings and loan association has received money in trust under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-2"><span class="s2072870DefaultParagraphFont">55-11-2</span></a><span class="s2072870DefaultParagraphFont">, it shall acknowledge receipt thereof upon the copies of the contract for said prearranged funerals.</span></p><p dir="ltr" class="s2072870Normal"><span xml:space="preserve" class="s2072870000001"> </span></p><p dir="ltr" class="s2072870Normal"><span class="s2072870SCL">Source:</span><span xml:space="preserve" class="s2072870SCL-000002"> SL 1953, ch 496, § 3; SDC Supp 1960, § 27.1411; SL 1967, ch 104, § 3; SL 1981, ch 356; SL 1986, ch 408, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072871Normal { 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.s2072871SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072871CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072871Normal-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.s2072871DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072871000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072871SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072871SCL-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="s2072871Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-5"><span class="s2072871SENU">55-11-5</span></a><span xml:space="preserve" class="s2072871SENU">. </span><span class="s2072871CL">Cancellation of contract creating revocable trust.</span></p><p dir="ltr" class="s2072871Normal-000000"><span xml:space="preserve" class="s2072871DefaultParagraphFont">The contract creating a revocable trust mentioned in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-1"><span class="s2072871DefaultParagraphFont">55-11-1</span></a><span xml:space="preserve" class="s2072871DefaultParagraphFont"> may be canceled by either party thereto at any time upon thirty days' written notice of such cancellation.</span></p><p dir="ltr" class="s2072871Normal"><span xml:space="preserve" class="s2072871000001"> </span></p><p dir="ltr" class="s2072871Normal"><span class="s2072871SCL">Source:</span><span xml:space="preserve" class="s2072871SCL-000002"> SL 1953, ch 496, § 1; SDC Supp 1960, § 27.1409; SL 1967, ch 104, § 1; SL 1975, ch 302, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072872Normal { 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.s2072872SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072872CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072872Normal-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.s2072872DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072872000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072872SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072872SCL-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="s2072872Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-5.1"><span class="s2072872SENU">55-11-5.1</span></a><span xml:space="preserve" class="s2072872SENU">. </span><span class="s2072872CL">Return of payments required on revocation under contract with guaranteed price.</span></p><p dir="ltr" class="s2072872Normal-000000"><span class="s2072872DefaultParagraphFont">A person who revokes a revocable trust under a contract providing a guaranteed price is entitled to receive one hundred percent of all money paid into trust under the contract together with one hundred percent of accrued interest unless a greater amount is specified in the contract.</span></p><p dir="ltr" class="s2072872Normal"><span xml:space="preserve" class="s2072872000001"> </span></p><p dir="ltr" class="s2072872Normal"><span class="s2072872SCL">Source:</span><span xml:space="preserve" class="s2072872SCL-000002"> SL 1981, ch 355, § 3; SL 1986, ch 408, § 4.</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 - FIDUCIARIES AND TRUSTS 55-11-6 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-11-6 "> <META NAME="Description" Content="South Dakota Codified Laws 55-11-6"> </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 --> 55-11-6. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 1986, ch 408, &#167;&nbsp;13<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072874Normal { 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.s2072874SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072874CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072874Normal-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.s2072874DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072874Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072874000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072874SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072874SCL-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="s2072874Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-7"><span class="s2072874SENU">55-11-7</span></a><span xml:space="preserve" class="s2072874SENU">. </span><span class="s2072874CL">Solicitation of funeral trust contracts--Annual registration required--Exception--Unauthorized solicitation or sale prohibited--Violation as misdemeanor.</span></p><p dir="ltr" class="s2072874Normal-000000"><span xml:space="preserve" class="s2072874DefaultParagraphFont">Notwithstanding the provision contained in subdivision 36-19-38(8), prearranged funeral trust contracts may be solicited. However, no person may sell, offer to sell or solicit a prearranged funeral trust contract unless he registers annually with the State Board of Funeral Service and the person is a funeral establishment licensed in the State of South Dakota or a person, partnership or corporation engaged in the business of the ownership, maintenance or operation of a cemetery or an agent or employee of a funeral establishment licensed in the State of South Dakota or the agent or employee of a person, partnership or corporation engaged in the business of the ownership, maintenance or operation of a cemetery. Any natural person who is licensed to practice funeral service under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=36-19"><span class="s2072874DefaultParagraphFont">36-19</span></a><span xml:space="preserve" class="s2072874DefaultParagraphFont"> and who is the owner or employee of a funeral home licensed pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=36-19-14"><span class="s2072874DefaultParagraphFont">36-19-14</span></a><span xml:space="preserve" class="s2072874DefaultParagraphFont"> is exempt from the registration requirements of this section and, as to activities for which such person is licensed pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=36-19"><span class="s2072874DefaultParagraphFont">36-19</span></a><span xml:space="preserve" class="s2072874DefaultParagraphFont">, is exempt from the licensing and bonding provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-13"><span class="s2072874DefaultParagraphFont">37-13</span></a><span class="s2072874DefaultParagraphFont">. Failure to annually register is a Class 2 misdemeanor.</span></p><p dir="ltr" class="s2072874Normal-000001"><span xml:space="preserve" class="s2072874DefaultParagraphFont">No person may sell, offer to sell or solicit a prearranged funeral trust contract for professional services as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-1.1"><span class="s2072874DefaultParagraphFont">55-11-1.1</span></a><span xml:space="preserve" class="s2072874DefaultParagraphFont"> unless the seller or the funeral establishment or cemetery of which the seller is an agent or employee is authorized by law to provide and is regularly engaged in the business of providing such services. Any violation of this section is a Class 2 misdemeanor.</span></p><p dir="ltr" class="s2072874Normal"><span xml:space="preserve" class="s2072874000002"> </span></p><p dir="ltr" class="s2072874Normal"><span class="s2072874SCL">Source:</span><span xml:space="preserve" class="s2072874SCL-000003"> SL 1981, ch 355, § 5; SL 1986, ch 408, § 5; SL 1987, ch 366.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072875Normal { 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.s2072875SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072875CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072875Normal-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.s2072875DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072875Normal-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.s2072875000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072875SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072875SCL-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="s2072875Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-8"><span class="s2072875SENU">55-11-8</span></a><span xml:space="preserve" class="s2072875SENU">. </span><span class="s2072875CL">Information to be submitted upon registration.</span></p><p dir="ltr" class="s2072875Normal-000000"><span class="s2072875DefaultParagraphFont">When a person registers to sell prearranged funeral trust contracts, he shall submit to the State Board of Funeral Service the following information:</span></p><p dir="ltr" class="s2072875Normal-000001"><span class="s2072875DefaultParagraphFont">(1)    The name and address of the funeral establishment or cemetery association which has authorized him to sell prearranged funeral trust contracts;</span></p><p dir="ltr" class="s2072875Normal-000001"><span class="s2072875DefaultParagraphFont">(2)    His name and address;</span></p><p dir="ltr" class="s2072875Normal-000001"><span class="s2072875DefaultParagraphFont">(3)    A sworn statement that he has not been convicted of any crime within the last five years involving the elements of fraud or misrepresentation; and</span></p><p dir="ltr" class="s2072875Normal-000001"><span xml:space="preserve" class="s2072875DefaultParagraphFont">(4)    A statement of compliance with chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-13"><span class="s2072875DefaultParagraphFont">37-13</span></a><span class="s2072875DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072875Normal"><span xml:space="preserve" class="s2072875000002"> </span></p><p dir="ltr" class="s2072875Normal"><span class="s2072875SCL">Source:</span><span xml:space="preserve" class="s2072875SCL-000003"> SL 1986, ch 408, § 6.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s556bfb35e4e644d88bf1103cd1b2cda8Normal { 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.s556bfb35e4e644d88bf1103cd1b2cda8SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s556bfb35e4e644d88bf1103cd1b2cda8CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s556bfb35e4e644d88bf1103cd1b2cda8000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s556bfb35e4e644d88bf1103cd1b2cda8DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s556bfb35e4e644d88bf1103cd1b2cda8SCL { 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 55-11-9 - Repealed."><meta property="og:description" content="SDLRC Codified Law 55-11-9 - Repealed."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes/55-11-9"><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="s556bfb35e4e644d88bf1103cd1b2cda8Normal"><a href="https://sdlegislature.gov/Statutes?Statute=55-11-9" rel="noopener"><span class="s556bfb35e4e644d88bf1103cd1b2cda8SENU">55-11-9</span></a><span xml:space="preserve" class="s556bfb35e4e644d88bf1103cd1b2cda8SENU">. </span><span class="s556bfb35e4e644d88bf1103cd1b2cda8CL">Repealed.</span></p><p dir="ltr" class="s556bfb35e4e644d88bf1103cd1b2cda8Normal"><span xml:space="preserve" class="s556bfb35e4e644d88bf1103cd1b2cda8000000"> </span></p><p dir="ltr" class="s556bfb35e4e644d88bf1103cd1b2cda8Normal"><span xml:space="preserve" class="s556bfb35e4e644d88bf1103cd1b2cda8DefaultParagraphFont">Source: </span><span class="s556bfb35e4e644d88bf1103cd1b2cda8SCL">SL 1986, ch 408, § 11; SL 1990, ch 388; SL 2024, ch 197, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072877Normal { 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.s2072877SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072877CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072877Normal-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.s2072877DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072877000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072877SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072877SCL-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="s2072877Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-10"><span class="s2072877SENU">55-11-10</span></a><span xml:space="preserve" class="s2072877SENU">. </span><span xml:space="preserve" class="s2072877CL">Applicability of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-24-5.4"><span class="s2072877CL">37-24-5.4</span></a><span class="s2072877CL">.</span></p><p dir="ltr" class="s2072877Normal-000000"><span xml:space="preserve" class="s2072877DefaultParagraphFont">Notwithstanding §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-1"><span class="s2072877DefaultParagraphFont">55-11-1</span></a><span xml:space="preserve" class="s2072877DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-3"><span class="s2072877DefaultParagraphFont">55-11-3</span></a><span xml:space="preserve" class="s2072877DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-5"><span class="s2072877DefaultParagraphFont">55-11-5</span></a><span xml:space="preserve" class="s2072877DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-5.1"><span class="s2072877DefaultParagraphFont">55-11-5.1</span></a><span xml:space="preserve" class="s2072877DefaultParagraphFont"> and notwithstanding that the prearranged funeral trust contract may create an irrevocable trust, all prearranged funeral trust contracts are subject to the requirements of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-24-5.4"><span class="s2072877DefaultParagraphFont">37-24-5.4</span></a><span class="s2072877DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072877Normal"><span xml:space="preserve" class="s2072877000001"> </span></p><p dir="ltr" class="s2072877Normal"><span class="s2072877SCL">Source:</span><span xml:space="preserve" class="s2072877SCL-000002"> SL 1986, ch 408, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072878Normal { 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.s2072878SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072878CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072878Normal-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.s2072878DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072878000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072878SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072878SCL-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="s2072878Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-11"><span class="s2072878SENU">55-11-11</span></a><span xml:space="preserve" class="s2072878SENU">. </span><span class="s2072878CL">Prearranged funeral contract pooled funds trust--Creation--Separate accounts--When consent of purchaser required.</span></p><p dir="ltr" class="s2072878Normal-000000"><span xml:space="preserve" class="s2072878DefaultParagraphFont">A prearranged funeral contract pooled funds trust may be created by a funeral director or a funeral establishment licensed in South Dakota, the South Dakota funeral directors association or a cemetery association organized under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12"><span class="s2072878DefaultParagraphFont">55-12</span></a><span class="s2072878DefaultParagraphFont">. However, separate accounts within the pooled funds trust shall be maintained so that a purchaser whose money has been deposited into the pooled funds trust may identify his money. No purchaser's money may be deposited into a pooled funds trust unless the purchaser signs a form consenting to the deposit of his money into a pooled funds trust. The provision regarding consent shall not apply to prearranged funeral trusts where the personal property and professional services are to be provided for a guaranteed amount of money.</span></p><p dir="ltr" class="s2072878Normal"><span xml:space="preserve" class="s2072878000001"> </span></p><p dir="ltr" class="s2072878Normal"><span class="s2072878SCL">Source:</span><span xml:space="preserve" class="s2072878SCL-000002"> SL 1986, ch 408, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072879Normal { 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.s2072879SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072879CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072879Normal-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.s2072879DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072879000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072879SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072879SCL-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="s2072879Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-12"><span class="s2072879SENU">55-11-12</span></a><span xml:space="preserve" class="s2072879SENU">. </span><span class="s2072879CL">Death or relocation of beneficiary of irrevocable prearranged funeral trust--Seller's option to provide comparable services or return deposits and interest--Disposition of funds.</span></p><p dir="ltr" class="s2072879Normal-000000"><span class="s2072879DefaultParagraphFont">If the beneficiary of an irrevocable prearranged funeral trust for a guaranteed price dies outside the general area or moves outside the general area served by the provider designated in a prearranged funeral trust contract, the seller shall either provide for the furnishing of comparable funeral services and merchandise by a licensed mortuary or cemetery selected by the next of kin of the purchaser or, at the seller's option, shall pay over to the purchaser, or upon the death of the purchaser to the next of kin of the purchaser in fulfillment of all obligations under the contract, an amount equal to all deposits made into trust under the prearranged funeral trust contract together with the accrued trust interest to be provided for in the contract. Upon seller's full performance under the provisions of this section, the trustee shall distribute to the seller from the trust an amount equal to all deposits made into the trust together with the accrued trust interest.</span></p><p dir="ltr" class="s2072879Normal"><span xml:space="preserve" class="s2072879000001"> </span></p><p dir="ltr" class="s2072879Normal"><span class="s2072879SCL">Source:</span><span xml:space="preserve" class="s2072879SCL-000002"> SL 1986, ch 408, § 10; SL 1997, ch 278, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072880Normal { 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.s2072880SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072880CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072880Normal-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.s2072880DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072880000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072880SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072880SCL-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="s2072880Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-12.1"><span class="s2072880SENU">55-11-12.1</span></a><span xml:space="preserve" class="s2072880SENU">. </span><span class="s2072880CL">Disbursement of funds in irrevocable prearranged funeral trust.</span></p><p dir="ltr" class="s2072880Normal-000000"><span xml:space="preserve" class="s2072880DefaultParagraphFont">Every trustee of an irrevocable prearranged funeral trust which does not provide for a guaranteed price shall pay from the trust funds and any accrued interest the actual charges incurred for furnishing funeral services and merchandise to the funeral director, funeral establishment, or embalmer, licensed under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=36-19"><span class="s2072880DefaultParagraphFont">36-19</span></a><span xml:space="preserve" class="s2072880DefaultParagraphFont">, or similarly licensed in any other state that provides funeral services and merchandise for the beneficiary of the irrevocable prearranged funeral trust. The balance of the funds remaining in the prearranged funeral trust, if any, shall be paid by the trustee to the purchaser or to the estate or next of kin of the purchaser, subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=28-6-23"><span class="s2072880DefaultParagraphFont">28-6-23</span></a><span xml:space="preserve" class="s2072880DefaultParagraphFont"> and rules pertaining thereto and the terms of the prearranged funeral trust agreement. Payment of all of the trust funds, plus any accrued interest, as provided in this section, within thirty days after receipt of a death certificate, relieves the trustee of any further duties or obligations.</span></p><p dir="ltr" class="s2072880Normal"><span xml:space="preserve" class="s2072880000001"> </span></p><p dir="ltr" class="s2072880Normal"><span class="s2072880SCL">Source:</span><span xml:space="preserve" class="s2072880SCL-000002"> SL 1997, ch 278, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072881Normal { 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.s2072881SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072881CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072881Normal-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.s2072881DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072881000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072881SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072881SCL-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="s2072881Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-13"><span class="s2072881SENU">55-11-13</span></a><span xml:space="preserve" class="s2072881SENU">. </span><span class="s2072881CL">Prearranged funeral contract not burial insurance.</span></p><p dir="ltr" class="s2072881Normal-000000"><span xml:space="preserve" class="s2072881DefaultParagraphFont">A prearranged funeral contract sold in compliance with chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11"><span class="s2072881DefaultParagraphFont">55-11</span></a><span xml:space="preserve" class="s2072881DefaultParagraphFont"> is not burial insurance under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-9-4"><span class="s2072881DefaultParagraphFont">58-9-4</span></a><span class="s2072881DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072881Normal"><span xml:space="preserve" class="s2072881000001"> </span></p><p dir="ltr" class="s2072881Normal"><span class="s2072881SCL">Source:</span><span xml:space="preserve" class="s2072881SCL-000002"> SL 1986, ch 408, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072882Normal { 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.s2072882SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072882CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072882Normal-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.s2072882DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072882000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072882SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072882SCL-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="s2072882Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-14"><span class="s2072882SENU">55-11-14</span></a><span xml:space="preserve" class="s2072882SENU">. </span><span class="s2072882CL">Applicability of act to certain contracts.</span></p><p dir="ltr" class="s2072882Normal-000000"><span xml:space="preserve" class="s2072882DefaultParagraphFont">The terms of each prearranged funeral trust contract in effect before July 1, 1986, is subject to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11"><span class="s2072882DefaultParagraphFont">55-11</span></a><span xml:space="preserve" class="s2072882DefaultParagraphFont"> in effect as it appeared in the 1980 revision and pocket parts of volume 15B of the South Dakota Codified Laws on June 30, 1986. All prearranged funeral trust contracts entered on or after July 1, 1986, are subject to this chapter.</span></p><p dir="ltr" class="s2072882Normal"><span xml:space="preserve" class="s2072882000001"> </span></p><p dir="ltr" class="s2072882Normal"><span class="s2072882SCL">Source:</span><span xml:space="preserve" class="s2072882SCL-000002"> SL 1986, ch 408, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072883Normal { 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.s2072883SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072883CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072883Normal-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.s2072883DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072883000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072883SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072883SCL-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="s2072883Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-15"><span class="s2072883SENU">55-11-15</span></a><span xml:space="preserve" class="s2072883SENU">. </span><span class="s2072883CL">Certain persons operating cemeteries exempted from provisions regarding sale of merchandise and services--Maintenance of funds.</span></p><p dir="ltr" class="s2072883Normal-000000"><span xml:space="preserve" class="s2072883DefaultParagraphFont">Any person, corporation, partnership, association or other entity engaged in the business of owning, maintaining or operating a cemetery in the state of South Dakota prior to July 1, 1986, shall be exempt from the provisions of this chapter for purposes of the sale through the cemetery of merchandise and services incidental to a burial service. Except that such person, corporation, partnership, association or other entity engaged in the cemetery business shall maintain at least seventy percent of all money paid under a prearranged burial contract in the manner set forth in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-1"><span class="s2072883DefaultParagraphFont">55-11-1</span></a><span xml:space="preserve" class="s2072883DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-2"><span class="s2072883DefaultParagraphFont">55-11-2</span></a><span xml:space="preserve" class="s2072883DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-11-5.1"><span class="s2072883DefaultParagraphFont">55-11-5.1</span></a><span class="s2072883DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072883Normal"><span xml:space="preserve" class="s2072883000001"> </span></p><p dir="ltr" class="s2072883Normal"><span class="s2072883SCL">Source:</span><span xml:space="preserve" class="s2072883SCL-000002"> SL 1986, ch 408, § 15A.</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 - FIDUCIARIES AND TRUSTS 55-12 CEMETERY PERPETUAL CARE FUNDS </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-12 CEMETERY PERPETUAL CARE FUNDS "> <META NAME="Description" Content="South Dakota Codified Laws 55-12"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-12 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> CEMETERY PERPETUAL CARE FUNDS <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-1">55-12-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Cemeteries subject to provisions of chapter. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-2">55-12-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Classification of cemeteries. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-3">55-12-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Operation of perpetual care cemetery--Creation of perpetual care fund required. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-4">55-12-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Continuance of operation--Cemetery principal fund deposits. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-5">55-12-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Previously existing cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-6">55-12-6</A>, 55-12-7. Repealed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-8">55-12-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Income from cemetery principal fund--Transfer to earnings fund--Use. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-8.1">55-12-8.1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Permissible uses of proceeds of income transferred to earnings fund. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-9">55-12-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Nonperpetual care cemeteries. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-10">55-12-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Nonperpetual care cemetery sign--Requirements as to display. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-11">55-12-11</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Forms to disclose status as nonperpetual care cemetery--Information to purchaser of lot. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-12">55-12-12</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Nonperpetual care cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-13">55-12-13</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Commission, bonus, rebate or other thing of value in connection with sale of interment space in perpetual care cemetery prohibited--Exceptions. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-14">55-12-14</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Representations in connection with sale of interment space as to speculative investment prohibited. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-15">55-12-15</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Violations as petty offenses. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-16">55-12-16</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Severability of provisions. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-17">55-12-17</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Annual financial report. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-18">55-12-18</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Funds to be administered by trustee under control of licensed banking institution--Report to secretary of state. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-19">55-12-19</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Attorney general investigation into use of earnings fund--Subpoena. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-20">55-12-20</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Procedures available to attorney general. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-21">55-12-21</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Court action to enforce compliance. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-22">55-12-22</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Injunction to restrain use of money in earnings fund. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-23">55-12-23</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Restoration of misused money or property--Appointment of receiver. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-12-24">55-12-24</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Authority of receiver. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072885Normal { 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.s2072885SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072885CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072885Normal-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.s2072885DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072885000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072885SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072885SCL-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="s2072885Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-1"><span class="s2072885SENU">55-12-1</span></a><span xml:space="preserve" class="s2072885SENU">. </span><span class="s2072885CL">Cemeteries subject to provisions of chapter.</span></p><p dir="ltr" class="s2072885Normal-000000"><span class="s2072885DefaultParagraphFont">Any persons, firms, or corporations or other forms of organization organized or engaging in the business under the laws of the State of South Dakota, or wheresoever organized and engaging in the business in the State of South Dakota, of the ownership, maintenance or operation of a cemetery, providing lots or other interment space therein for the remains of human bodies, except such organizations which are churches or religious or established fraternal societies, or municipalities or other political subdivisions of the State of South Dakota owning, maintaining or operating cemeteries, or persons, firms, or corporations owning and operating cemeteries which have been in existence more than five years prior to February 28, 1955 shall be subject to the provisions of this chapter.</span></p><p dir="ltr" class="s2072885Normal"><span xml:space="preserve" class="s2072885000001"> </span></p><p dir="ltr" class="s2072885Normal"><span class="s2072885SCL">Source:</span><span xml:space="preserve" class="s2072885SCL-000002"> SL 1955, ch 97, § 1; SDC Supp 1960, § 11.19A01; SL 1992, ch 60, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072886Normal { 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.s2072886SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072886CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072886Normal-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.s2072886DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072886000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072886SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072886SCL-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="s2072886Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-2"><span class="s2072886SENU">55-12-2</span></a><span xml:space="preserve" class="s2072886SENU">. </span><span class="s2072886CL">Classification of cemeteries.</span></p><p dir="ltr" class="s2072886Normal-000000"><span class="s2072886DefaultParagraphFont">All such persons, firms or organizations subject to the provisions of this chapter shall be, for the purposes hereof, designated either as "perpetual care cemeteries" or "nonperpetual care cemeteries."</span></p><p dir="ltr" class="s2072886Normal"><span xml:space="preserve" class="s2072886000001"> </span></p><p dir="ltr" class="s2072886Normal"><span class="s2072886SCL">Source:</span><span xml:space="preserve" class="s2072886SCL-000002"> SL 1955, ch 97, § 2; SDC Supp 1960, § 11.19A02.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072887Normal { 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.s2072887SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072887CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072887Normal-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.s2072887DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072887DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072887000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072887SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072887SCL-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="s2072887Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-3"><span class="s2072887SENU">55-12-3</span></a><span xml:space="preserve" class="s2072887SENU">. </span><span class="s2072887CL">Operation of perpetual care cemetery--Creation of perpetual care fund required.</span></p><p dir="ltr" class="s2072887Normal-000000"><span class="s2072887DefaultParagraphFont">Any such organization subject to the provisions of this chapter which is organized or commences business in the State of South Dakota after February 28, 1955, and desires to operate as a perpetual care cemetery shall, before selling or disposing of any interment space or lots, establish a minimum perpetual care and maintenance guarantee fund of twenty</span><span class="s2072887DefaultParagraphFont-000001">-</span><span class="s2072887DefaultParagraphFont">five thousand dollars or one hundred dollars per burial space, whichever is less, in cash.</span></p><p dir="ltr" class="s2072887Normal"><span xml:space="preserve" class="s2072887000002"> </span></p><p dir="ltr" class="s2072887Normal"><span class="s2072887SCL">Source:</span><span xml:space="preserve" class="s2072887SCL-000003"> SL 1955, ch 97, § 3; SDC Supp 1960, § 11.19A03; SL 1990, ch 389, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072888Normal { 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.s2072888SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072888CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072888Normal-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.s2072888DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072888Normal-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; } p.s2072888Normal-000002 { text-indent: 0.25in; 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.s2072888000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072888SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072888SCL-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="s2072888Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-4"><span class="s2072888SENU">55-12-4</span></a><span xml:space="preserve" class="s2072888SENU">. </span><span class="s2072888CL">Continuance of operation--Cemetery principal fund deposits.</span></p><p dir="ltr" class="s2072888Normal-000000"><span class="s2072888DefaultParagraphFont">To continue to operate as a perpetual care cemetery, any such organization shall set aside and deposit in the cemetery principal fund not less than the following amounts for lots of interment space thereafter sold or disposed of:</span></p><p dir="ltr" class="s2072888Normal-000001"><span class="s2072888DefaultParagraphFont">(1)    A minimum of twenty percent of the gross selling price with a minimum of twenty dollars for each adult burial space, whichever is the greater.</span></p><p dir="ltr" class="s2072888Normal-000001"><span class="s2072888DefaultParagraphFont">(2)    A minimum of twenty percent of the gross selling price for each child's space with a minimum of five dollars for each space up to forty-two inches in length or ten dollars for each space up to sixty inches in length, whichever is the greater.</span></p><p dir="ltr" class="s2072888Normal-000001"><span class="s2072888DefaultParagraphFont">(3)    A minimum of twenty percent of the gross selling price with a minimum of one hundred dollars for each crypt in a public mausoleum, whichever is the greater.</span></p><p dir="ltr" class="s2072888Normal-000001"><span class="s2072888DefaultParagraphFont">(4)    A minimum of twenty percent of the gross selling price with a minimum of ten dollars for each inurnment niche in a public columbarium.</span></p><p dir="ltr" class="s2072888Normal-000002"><span class="s2072888DefaultParagraphFont">No amount of the principal in the principal cemetery fund may be withdrawn or transferred out of the cemetery principal fund.</span></p><p dir="ltr" class="s2072888Normal"><span xml:space="preserve" class="s2072888000003"> </span></p><p dir="ltr" class="s2072888Normal"><span class="s2072888SCL">Source:</span><span xml:space="preserve" class="s2072888SCL-000004"> SL 1955, ch 97, § 3; SDC Supp 1960, § 11.19A03; SL 2014, ch 228, § 3, eff. Mar. 28, 2014.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072889Normal { 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.s2072889SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072889CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072889Normal-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.s2072889DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072889000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072889SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072889SCL-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="s2072889Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-5"><span class="s2072889SENU">55-12-5</span></a><span xml:space="preserve" class="s2072889SENU">. </span><span class="s2072889CL">Previously existing cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund.</span></p><p dir="ltr" class="s2072889Normal-000000"><span xml:space="preserve" class="s2072889DefaultParagraphFont">Any such organization subject to the provisions of this chapter which was organized and engaged in business prior to February 28, 1955, shall be a perpetual care cemetery if it shall at all times comply with the requirements of a perpetual care cemetery as set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-4"><span class="s2072889DefaultParagraphFont">55-12-4</span></a><span xml:space="preserve" class="s2072889DefaultParagraphFont">. Trust funds set aside under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-29-22"><span class="s2072889DefaultParagraphFont">47-29-22</span></a><span xml:space="preserve" class="s2072889DefaultParagraphFont"> shall be administered under this chapter.</span></p><p dir="ltr" class="s2072889Normal"><span xml:space="preserve" class="s2072889000001"> </span></p><p dir="ltr" class="s2072889Normal"><span class="s2072889SCL">Source:</span><span xml:space="preserve" class="s2072889SCL-000002"> SL 1955, ch 97, § 4; SDC Supp 1960, § 11.19A04.</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 - FIDUCIARIES AND TRUSTS 55-12-6 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-12-6 "> <META NAME="Description" Content="South Dakota Codified Laws 55-12-6"> </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 --> 55-12-6, 55-12-7. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2014, ch 228, &#167;&#167;&nbsp;1, 2 eff. March 28, 2014.<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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072891Normal { 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.s2072891SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072891CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072891Normal-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.s2072891DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072891000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072891SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072891SCL-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="s2072891Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-8"><span class="s2072891SENU">55-12-8</span></a><span xml:space="preserve" class="s2072891SENU">. </span><span class="s2072891CL">Income from cemetery principal fund--Transfer to earnings fund--Use.</span></p><p dir="ltr" class="s2072891Normal-000000"><span class="s2072891DefaultParagraphFont">The income from the cemetery principal fund may be transferred to an earnings fund established by the cemetery and may be used for the care and maintenance of the cemetery.</span></p><p dir="ltr" class="s2072891Normal"><span xml:space="preserve" class="s2072891000001"> </span></p><p dir="ltr" class="s2072891Normal"><span class="s2072891SCL">Source:</span><span xml:space="preserve" class="s2072891SCL-000002"> SL 1955, ch 97, § 3; SDC Supp 1960, § 11.19A03; SL 2014, ch 228, § 4, eff. Mar. 28, 2014.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072892Normal { 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.s2072892SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072892CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072892Normal-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.s2072892DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072892000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072892SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072892SCL-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="s2072892Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-8.1"><span class="s2072892SENU">55-12-8.1</span></a><span xml:space="preserve" class="s2072892SENU">. </span><span class="s2072892CL">Permissible uses of proceeds of income transferred to earnings fund.</span></p><p dir="ltr" class="s2072892Normal-000000"><span xml:space="preserve" class="s2072892DefaultParagraphFont">The proceeds arising from the income transferred to the earnings fund pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-8"><span class="s2072892DefaultParagraphFont">55-12-8</span></a><span xml:space="preserve" class="s2072892DefaultParagraphFont"> for the care and maintenance of the cemetery may only be used for protecting, preserving, improving, and embellishing the cemetery and its appurtenances; preserving and caring, and marking of abandoned or neglected graves; the repairing of monuments or gravestones; and may not be used for any other purpose.</span></p><p dir="ltr" class="s2072892Normal"><span xml:space="preserve" class="s2072892000001"> </span></p><p dir="ltr" class="s2072892Normal"><span class="s2072892SCL">Source:</span><span xml:space="preserve" class="s2072892SCL-000002"> SL 2019, ch 210, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072893Normal { 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.s2072893SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072893CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072893Normal-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.s2072893DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072893000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072893SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072893SCL-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="s2072893Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-9"><span class="s2072893SENU">55-12-9</span></a><span xml:space="preserve" class="s2072893SENU">. </span><span class="s2072893CL">Nonperpetual care cemeteries.</span></p><p dir="ltr" class="s2072893Normal-000000"><span class="s2072893DefaultParagraphFont">All other organizations subject to the provisions of this chapter shall be nonperpetual care cemeteries.</span></p><p dir="ltr" class="s2072893Normal"><span xml:space="preserve" class="s2072893000001"> </span></p><p dir="ltr" class="s2072893Normal"><span class="s2072893SCL">Source:</span><span xml:space="preserve" class="s2072893SCL-000002"> SL 1955, ch 97, § 5; SDC Supp 1960, § 11.19A05.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072894Normal { 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.s2072894SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072894CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072894Normal-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.s2072894DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072894000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072894SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072894SCL-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="s2072894Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-10"><span class="s2072894SENU">55-12-10</span></a><span xml:space="preserve" class="s2072894SENU">. </span><span class="s2072894CL">Nonperpetual care cemetery sign--Requirements as to display.</span></p><p dir="ltr" class="s2072894Normal-000000"><span class="s2072894DefaultParagraphFont">Each nonperpetual care cemetery shall post in a conspicuous place in the office or offices where sales are conducted a legible sign stating: "This is a nonperpetual care cemetery." The lettering of this sign shall be of suitable size so it is easily read at a distance of fifty feet.</span></p><p dir="ltr" class="s2072894Normal"><span xml:space="preserve" class="s2072894000001"> </span></p><p dir="ltr" class="s2072894Normal"><span class="s2072894SCL">Source:</span><span xml:space="preserve" class="s2072894SCL-000002"> SL 1955, ch 97, § 5; SDC Supp 1960, § 11.19A05.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072895Normal { 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.s2072895SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072895CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072895Normal-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.s2072895DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072895000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072895SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072895SCL-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="s2072895Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-11"><span class="s2072895SENU">55-12-11</span></a><span xml:space="preserve" class="s2072895SENU">. </span><span class="s2072895CL">Forms to disclose status as nonperpetual care cemetery--Information to purchaser of lot.</span></p><p dir="ltr" class="s2072895Normal-000000"><span class="s2072895DefaultParagraphFont">Each nonperpetual care cemetery shall also have printed or stamped at the head of all its contracts, deeds, statements, letterheads and advertising material, the legend: "This is a nonperpetual care cemetery," and shall not sell any lot or interment space therein unless the purchaser thereof is informed that the cemetery is a nonperpetual care cemetery.</span></p><p dir="ltr" class="s2072895Normal"><span xml:space="preserve" class="s2072895000001"> </span></p><p dir="ltr" class="s2072895Normal"><span class="s2072895SCL">Source:</span><span xml:space="preserve" class="s2072895SCL-000002"> SL 1955, ch 97, § 5; SDC Supp 1960, § 11.19A05.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072896Normal { 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.s2072896SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072896CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072896Normal-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.s2072896DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072896DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072896000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072896SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072896SCL-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="s2072896Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-12"><span class="s2072896SENU">55-12-12</span></a><span xml:space="preserve" class="s2072896SENU">. </span><span class="s2072896CL">Nonperpetual care cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund.</span></p><p dir="ltr" class="s2072896Normal-000000"><span class="s2072896DefaultParagraphFont">Any nonperpetual care cemetery may become a perpetual care cemetery by placing in the perpetual care trust fund twenty</span><span class="s2072896DefaultParagraphFont-000001">-</span><span xml:space="preserve" class="s2072896DefaultParagraphFont">five thousand dollars, five thousand dollars per acre of all property sold or one hundred dollars per burial space, whichever is less, and shall comply with the requirement for a perpetual care cemetery as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-4"><span class="s2072896DefaultParagraphFont">55-12-4</span></a><span class="s2072896DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072896Normal"><span xml:space="preserve" class="s2072896000002"> </span></p><p dir="ltr" class="s2072896Normal"><span class="s2072896SCL">Source:</span><span xml:space="preserve" class="s2072896SCL-000003"> SL 1955, ch 97, § 6; SDC Supp 1960, § 11.19A06; SL 1990, ch 389, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072897Normal { 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.s2072897SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072897CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072897Normal-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.s2072897DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072897000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072897SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072897SCL-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="s2072897Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-13"><span class="s2072897SENU">55-12-13</span></a><span xml:space="preserve" class="s2072897SENU">. </span><span class="s2072897CL">Commission, bonus, rebate or other thing of value in connection with sale of interment space in perpetual care cemetery prohibited--Exceptions.</span></p><p dir="ltr" class="s2072897Normal-000000"><span xml:space="preserve" class="s2072897DefaultParagraphFont">No organization subject to the provisions of this chapter may pay or offer to pay to, or for any person, firm or corporation to receive, directly or indirectly, a commission or bonus or rebate or other thing of value, for or in connection with the sale of any interment space, lot or part thereof, in any cemetery described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-1"><span class="s2072897DefaultParagraphFont">55-12-1</span></a><span class="s2072897DefaultParagraphFont">. The provisions of this section do not apply to a person regularly employed and supervised by such organization or to any agent of such organization who is directly supervised by such organization.</span></p><p dir="ltr" class="s2072897Normal"><span xml:space="preserve" class="s2072897000001"> </span></p><p dir="ltr" class="s2072897Normal"><span class="s2072897SCL">Source:</span><span xml:space="preserve" class="s2072897SCL-000002"> SL 1955, ch 97, § 7; SDC Supp 1960, § 11.19A07; SL 1997, ch 279, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072898Normal { 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.s2072898SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072898CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072898Normal-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.s2072898DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072898000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072898SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072898SCL-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="s2072898Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-14"><span class="s2072898SENU">55-12-14</span></a><span xml:space="preserve" class="s2072898SENU">. </span><span class="s2072898CL">Representations in connection with sale of interment space as to speculative investment prohibited.</span></p><p dir="ltr" class="s2072898Normal-000000"><span class="s2072898DefaultParagraphFont">No organization subject to the provisions of this chapter nor any person representing it in a sales capacity shall advertise or represent, in connection with the sale or attempted sale of any interment space, that the same is or will be a desirable speculative investment for resale purposes.</span></p><p dir="ltr" class="s2072898Normal"><span xml:space="preserve" class="s2072898000001"> </span></p><p dir="ltr" class="s2072898Normal"><span class="s2072898SCL">Source:</span><span xml:space="preserve" class="s2072898SCL-000002"> SL 1955, ch 97, § 12; SDC Supp 1960, § 11.19A10.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072899Normal { 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.s2072899SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072899CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072899Normal-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.s2072899DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072899000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072899SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072899SCL-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="s2072899Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-15"><span class="s2072899SENU">55-12-15</span></a><span xml:space="preserve" class="s2072899SENU">. </span><span class="s2072899CL">Violations as petty offenses.</span></p><p dir="ltr" class="s2072899Normal-000000"><span xml:space="preserve" class="s2072899DefaultParagraphFont">A violation of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-3"><span class="s2072899DefaultParagraphFont">55-12-3</span></a><span xml:space="preserve" class="s2072899DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-4"><span class="s2072899DefaultParagraphFont">55-12-4</span></a><span xml:space="preserve" class="s2072899DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-8"><span class="s2072899DefaultParagraphFont">55-12-8</span></a><span xml:space="preserve" class="s2072899DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-10"><span class="s2072899DefaultParagraphFont">55-12-10</span></a><span xml:space="preserve" class="s2072899DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-11"><span class="s2072899DefaultParagraphFont">55-12-11</span></a><span xml:space="preserve" class="s2072899DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-13"><span class="s2072899DefaultParagraphFont">55-12-13</span></a><span xml:space="preserve" class="s2072899DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-14"><span class="s2072899DefaultParagraphFont">55-12-14</span></a><span xml:space="preserve" class="s2072899DefaultParagraphFont"> is a petty offense. Each day a violation occurs except the commission of any act declared unlawful in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-13"><span class="s2072899DefaultParagraphFont">55-12-13</span></a><span xml:space="preserve" class="s2072899DefaultParagraphFont"> shall be a separate and distinct offense.</span></p><p dir="ltr" class="s2072899Normal"><span xml:space="preserve" class="s2072899000001"> </span></p><p dir="ltr" class="s2072899Normal"><span class="s2072899SCL">Source:</span><span xml:space="preserve" class="s2072899SCL-000002"> SL 1955, ch 97, §§ 9, 10; SDC Supp 1960, § 11.9902; SL 1980, ch 24, § 110.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072900Normal { 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.s2072900SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072900CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072900Normal-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.s2072900DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072900000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072900SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072900SCL-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="s2072900Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-16"><span class="s2072900SENU">55-12-16</span></a><span xml:space="preserve" class="s2072900SENU">. </span><span class="s2072900CL">Severability of provisions.</span></p><p dir="ltr" class="s2072900Normal-000000"><span class="s2072900DefaultParagraphFont">If any provision hereof or the application thereof to any person or circumstances is held invalid, such invalidity shall 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 declared to be severable.</span></p><p dir="ltr" class="s2072900Normal"><span xml:space="preserve" class="s2072900000001"> </span></p><p dir="ltr" class="s2072900Normal"><span class="s2072900SCL">Source:</span><span xml:space="preserve" class="s2072900SCL-000002"> SL 1955, ch 97, § 11; SDC Supp 1960, § 11.19A09.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072901Normal { 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.s2072901SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072901CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072901Normal-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.s2072901DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072901000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072901SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072901SCL-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="s2072901Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-17"><span class="s2072901SENU">55-12-17</span></a><span xml:space="preserve" class="s2072901SENU">. </span><span class="s2072901CL">Annual financial report.</span></p><p dir="ltr" class="s2072901Normal-000000"><span xml:space="preserve" class="s2072901DefaultParagraphFont">A perpetual cemetery, as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-4"><span class="s2072901DefaultParagraphFont">55-12-4</span></a><span xml:space="preserve" class="s2072901DefaultParagraphFont">, or a perpetual cemetery corporation operating under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=47-29"><span class="s2072901DefaultParagraphFont">47-29</span></a><span xml:space="preserve" class="s2072901DefaultParagraphFont"> shall file an annual financial report for the preceding fiscal year with the secretary of state by July thirty-first of each year on a form prescribed by the secretary of state if the cemetery has one hundred or more people buried in the cemetery.</span></p><p dir="ltr" class="s2072901Normal"><span xml:space="preserve" class="s2072901000001"> </span></p><p dir="ltr" class="s2072901Normal"><span class="s2072901SCL">Source:</span><span xml:space="preserve" class="s2072901SCL-000002"> SL 2013, ch 232, § 2; SL 2014, ch 228, § 5, eff. Mar. 28, 2014.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072902Normal { 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.s2072902SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072902CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072902Normal-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.s2072902DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072902000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072902SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072902SCL-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="s2072902Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-18"><span class="s2072902SENU">55-12-18</span></a><span xml:space="preserve" class="s2072902SENU">. </span><span class="s2072902CL">Funds to be administered by trustee under control of licensed banking institution--Report to secretary of state.</span></p><p dir="ltr" class="s2072902Normal-000000"><span class="s2072902DefaultParagraphFont">If a perpetual care cemetery has more than three thousand people buried in the cemetery, the cemetery shall transfer all moneys from the perpetual care fund into the principal fund. The principal fund and the earnings fund of a perpetual cemetery shall be administered by an independent trustee and shall remain in the control of a licensed banking institution. No moneys may be taken out of the principal fund to pay for the costs of administering the funds. The principal fund and the earnings fund are open for public inspection. Each perpetual care cemetery shall submit a report to the secretary of state that includes the name and address of the licensed banking institution and the account numbers of the principal account and the earnings account by April 1, 2014.</span></p><p dir="ltr" class="s2072902Normal"><span xml:space="preserve" class="s2072902000001"> </span></p><p dir="ltr" class="s2072902Normal"><span class="s2072902SCL">Source:</span><span xml:space="preserve" class="s2072902SCL-000002"> SL 2014, ch 228, § 6, eff. Mar. 28, 2014.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072903Normal { 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.s2072903SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072903CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072903Normal-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.s2072903DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072903000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072903SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072903SCL-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="s2072903Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-19"><span class="s2072903SENU">55-12-19</span></a><span xml:space="preserve" class="s2072903SENU">. </span><span class="s2072903CL">Attorney general investigation into use of earnings fund--Subpoena.</span></p><p dir="ltr" class="s2072903Normal-000000"><span xml:space="preserve" class="s2072903DefaultParagraphFont">If the attorney general has reason to believe that a perpetual care cemetery is not using the money in the earnings fund for the purposes listed in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-8.1"><span class="s2072903DefaultParagraphFont">55-12-8.1</span></a><span class="s2072903DefaultParagraphFont">, the attorney general may investigate the use of the money in the earnings fund. The attorney general may execute in writing and may issue a subpoena upon any person who is believed to have information, documentary material, or physical evidence relevant to an alleged misuse of the money in the earnings fund. The subpoena shall require the person to furnish, under oath or otherwise, a report in writing setting forth the relevant facts and circumstances of which the person has knowledge, or to appear and testify, or to produce relevant documentary material or physical evidence for examination, at a reasonable time and place as stated in the subpoena.</span></p><p dir="ltr" class="s2072903Normal"><span xml:space="preserve" class="s2072903000001"> </span></p><p dir="ltr" class="s2072903Normal"><span class="s2072903SCL">Source:</span><span xml:space="preserve" class="s2072903SCL-000002"> SL 2019, ch 210, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072904Normal { 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.s2072904SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072904CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072904Normal-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.s2072904DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072904Normal-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.s2072904000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072904SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072904SCL-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="s2072904Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-20"><span class="s2072904SENU">55-12-20</span></a><span xml:space="preserve" class="s2072904SENU">. </span><span class="s2072904CL">Procedures available to attorney general.</span></p><p dir="ltr" class="s2072904Normal-000000"><span xml:space="preserve" class="s2072904DefaultParagraphFont">The attorney general may issue a subpoena under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-24-14"><span class="s2072904DefaultParagraphFont">37-24-14</span></a><span xml:space="preserve" class="s2072904DefaultParagraphFont"> or an investigative demand under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-24-12"><span class="s2072904DefaultParagraphFont">37-24-12</span></a><span xml:space="preserve" class="s2072904DefaultParagraphFont"> to any person and may conduct any hearing in aid of any investigation or inquiry. The attorney general may prescribe the forms governing:</span></p><p dir="ltr" class="s2072904Normal-000001"><span class="s2072904DefaultParagraphFont">(1)    The conduct of investigations;</span></p><p dir="ltr" class="s2072904Normal-000001"><span class="s2072904DefaultParagraphFont">(2)    When, what, and to whom information concerning the use of the earnings fund will be released; and</span></p><p dir="ltr" class="s2072904Normal-000001"><span class="s2072904DefaultParagraphFont">(3)    The conditions under which assurances of voluntary compliance will be accepted.</span></p><p dir="ltr" class="s2072904Normal"><span xml:space="preserve" class="s2072904000002"> </span></p><p dir="ltr" class="s2072904Normal"><span class="s2072904SCL">Source:</span><span xml:space="preserve" class="s2072904SCL-000003"> SL 2019, ch 210, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072905Normal { 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.s2072905SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072905CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072905Normal-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.s2072905DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072905000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072905SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072905SCL-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="s2072905Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-21"><span class="s2072905SENU">55-12-21</span></a><span xml:space="preserve" class="s2072905SENU">. </span><span class="s2072905CL">Court action to enforce compliance.</span></p><p dir="ltr" class="s2072905Normal-000000"><span xml:space="preserve" class="s2072905DefaultParagraphFont">If any person refuses to obey an investigative demand or subpoena, the attorney general may petition the circuit court to enforce compliance under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-24-17"><span class="s2072905DefaultParagraphFont">37-24-17</span></a><span class="s2072905DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072905Normal"><span xml:space="preserve" class="s2072905000001"> </span></p><p dir="ltr" class="s2072905Normal"><span class="s2072905SCL">Source:</span><span xml:space="preserve" class="s2072905SCL-000002"> SL 2019, ch 210, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072906Normal { 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.s2072906SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072906CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072906Normal-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.s2072906DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072906000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072906SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072906SCL-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="s2072906Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-22"><span class="s2072906SENU">55-12-22</span></a><span xml:space="preserve" class="s2072906SENU">. </span><span class="s2072906CL">Injunction to restrain use of money in earnings fund.</span></p><p dir="ltr" class="s2072906Normal-000000"><span class="s2072906DefaultParagraphFont">If the attorney general has reason to believe that any person is using the money in the earnings fund for purposes not related to the care and maintenance of the perpetual care cemetery, the attorney general may bring an action in the name of the state against the person to restrain by temporary or permanent injunction the use of the money in the earnings fund. The notice of the action shall state generally the relief sought and be served at least three days before any hearing in the action.</span></p><p dir="ltr" class="s2072906Normal"><span xml:space="preserve" class="s2072906000001"> </span></p><p dir="ltr" class="s2072906Normal"><span class="s2072906SCL">Source:</span><span xml:space="preserve" class="s2072906SCL-000002"> SL 2019, ch 210, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072907Normal { 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.s2072907SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072907CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072907Normal-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.s2072907DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072907000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072907SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072907SCL-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="s2072907Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-23"><span class="s2072907SENU">55-12-23</span></a><span xml:space="preserve" class="s2072907SENU">. </span><span class="s2072907CL">Restoration of misused money or property--Appointment of receiver.</span></p><p dir="ltr" class="s2072907Normal-000000"><span class="s2072907DefaultParagraphFont">The court may make any additional orders or judgments as may be necessary to restore to any person in interest any moneys or property, real or personal, that the court finds to have been misused. Additional relief may include the appointment of a receiver whenever it appears to the satisfaction of the court that the defendant threatens or is about to remove, conceal, or dispose of his property to the damage of persons to whom restoration would be made under this section.</span></p><p dir="ltr" class="s2072907Normal"><span xml:space="preserve" class="s2072907000001"> </span></p><p dir="ltr" class="s2072907Normal"><span class="s2072907SCL">Source:</span><span xml:space="preserve" class="s2072907SCL-000002"> SL 2019, ch 210, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072908Normal { 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.s2072908SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072908CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072908Normal-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.s2072908DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072908000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072908SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072908SCL-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="s2072908Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-12-24"><span class="s2072908SENU">55-12-24</span></a><span xml:space="preserve" class="s2072908SENU">. </span><span class="s2072908CL">Authority of receiver.</span></p><p dir="ltr" class="s2072908Normal-000000"><span class="s2072908DefaultParagraphFont">If a receiver is appointed by the court, the receiver may collect, receive, and take into the receiver's possession all the goods and chattels, rights and credits, moneys and effects, land and tenements, books, records, documents, papers, choses in action, bills, notes, and property of every description. If any property has been commingled and the property cannot be identified because of the commingling, the receiver may sell, convey, and assign the property and hold and dispose of any proceeds under the direction of the court.</span></p><p dir="ltr" class="s2072908Normal"><span xml:space="preserve" class="s2072908000001"> </span></p><p dir="ltr" class="s2072908Normal"><span class="s2072908SCL">Source:</span><span xml:space="preserve" class="s2072908SCL-000002"> SL 2019, ch 210, § 7.</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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS 55-13-12 </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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; } </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><br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55 - FIDUCIARIES AND TRUSTS 55-13A UNIFORM PRINCIPAL AND INCOME ACT </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-13A UNIFORM PRINCIPAL AND INCOME ACT "> <META NAME="Description" Content="South Dakota Codified Laws 55-13A"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-13A <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> UNIFORM PRINCIPAL AND INCOME ACT <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <!-- WP Paired Style On: AHG6 --><Div align="center"><!-- WP Style End: AHG6 --> ARTICLE 1. DEFINITIONS AND FIDUCIARY DUTIES. <!-- WP Paired Style Off: AHG6 --><!-- WP Style End: AHG6 --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-101">55-13A-101</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Short title. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-102">55-13A-102</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Definitions. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-103">55-13A-103</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Fiduciary duties--General principles. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-104">55-13A-104</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Trustee's power to adjust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-105">55-13A-105</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Judicial control of discretionary power. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: AHG6 --><Div align="center"><!-- WP Style End: AHG6 --> ARTICLE 2. DECEDENT'S ESTATE OR TERMINATING INCOME INTEREST. <!-- WP Paired Style Off: AHG6 --><!-- WP Style End: AHG6 --> </Div> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-201">55-13A-201</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Determination and distribution of net income. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-202">55-13A-202</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Distribution to residuary and remainder beneficiaries. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: AHG6 --><Div align="center"><!-- WP Style End: AHG6 --> ARTICLE 3. APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST. <!-- WP Paired Style Off: AHG6 --><!-- WP Style End: AHG6 --> </Div> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-301">55-13A-301</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> When right to income begins and ends. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-302">55-13A-302</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Apportionment of receipts and disbursements when decedent dies or income interest begins. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-303">55-13A-303</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Apportionment when income interest ends. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: AHG6 --><Div align="center"><!-- WP Style End: AHG6 --> ARTICLE 4. ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST. <!-- WP Paired Style Off: AHG6 --><!-- WP Style End: AHG6 --> </Div> <br> <!-- WP Paired Style On: AHG8 --><Div align="center"><!-- WP Style End: AHG8 --> PART 1. RECEIPTS FROM ENTITIES. <!-- WP Paired Style Off: AHG8 --><!-- WP Style End: AHG8 --> </Div> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-401">55-13A-401</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Character of receipts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-402">55-13A-402</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Distribution from trust or estate. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-403">55-13A-403</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Business and other activities conducted by trustee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: AHG8 --><Div align="center"><!-- WP Style End: AHG8 --> PART 2. RECEIPTS NOT NORMALLY APPORTIONED. <!-- WP Paired Style Off: AHG8 --><!-- WP Style End: AHG8 --> </Div> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-404">55-13A-404</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Principal receipts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-405">55-13A-405</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Rental property. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-406">55-13A-406</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Obligation to pay money. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-407">55-13A-407</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Insurance policies and similar contracts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: AHG8 --><Div align="center"><!-- WP Style End: AHG8 --> PART 3. RECEIPTS NORMALLY APPORTIONED. <!-- WP Paired Style Off: AHG8 --><!-- WP Style End: AHG8 --> </Div> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-408">55-13A-408</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Insubstantial allocations not required. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-409">55-13A-409</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Deferred compensation, annuities, and similar payments. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-410">55-13A-410</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liquidating asset. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-411">55-13A-411</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Minerals, water, and other natural resources. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-412">55-13A-412</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Timber. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-413">55-13A-413</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Property not productive of income. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-414">55-13A-414</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Derivatives and options. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-415">55-13A-415</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Asset-backed securities. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: AHG6 --><Div align="center"><!-- WP Style End: AHG6 --> ARTICLE 5. ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF</Div> TRUST. <!-- WP Paired Style Off: AHG6 --><!-- WP Style End: AHG6 --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-501">55-13A-501</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Disbursements from income. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-502">55-13A-502</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Disbursements from principal. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-503">55-13A-503</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Transfers from income to principal for depreciation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-504">55-13A-504</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Transfers from income to reimburse principal. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-505">55-13A-505</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Income taxes. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-506">55-13A-506</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Adjustments between principal and income because of taxes. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: AHG6 --><Div align="center"><!-- WP Style End: AHG6 --> ARTICLE 6. MISCELLANEOUS PROVISIONS. <!-- WP Paired Style Off: AHG6 --><!-- WP Style End: AHG6 --> </Div> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-601">55-13A-601</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Uniformity of application and construction. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-13A-602">55-13A-602</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Application of chapter to existing trusts and estates. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072929Normal { 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.s2072929SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072929CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072929Normal-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.s2072929DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072929000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072929SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072929SCL-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="s2072929Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-101"><span class="s2072929SENU">55-13A-101</span></a><span xml:space="preserve" class="s2072929SENU">. </span><span class="s2072929CL">Short title.</span></p><p dir="ltr" class="s2072929Normal-000000"><span class="s2072929DefaultParagraphFont">This chapter may be cited as the Uniform Principal and Income Act.</span></p><p dir="ltr" class="s2072929Normal"><span xml:space="preserve" class="s2072929000001"> </span></p><p dir="ltr" class="s2072929Normal"><span class="s2072929SCL">Source:</span><span xml:space="preserve" class="s2072929SCL-000002"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072930Normal { 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.s2072930SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072930CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072930Normal-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.s2072930DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072930Normal-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.s2072930000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072930SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072930SCL-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="s2072930Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-102"><span class="s2072930SENU">55-13A-102</span></a><span xml:space="preserve" class="s2072930SENU">. </span><span class="s2072930CL">Definitions.</span></p><p dir="ltr" class="s2072930Normal-000000"><span class="s2072930DefaultParagraphFont">In this chapter:</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(1)    "Accounting period" means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(2)    "Beneficiary" includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(3)    "Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function;</span></p><p dir="ltr" class="s2072930Normal-000001"><span xml:space="preserve" class="s2072930DefaultParagraphFont">(4)    "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in §§ 55-13A- 401 to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-415"><span class="s2072930DefaultParagraphFont">55-13A-415</span></a><span class="s2072930DefaultParagraphFont">, inclusive;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(5)    "Income beneficiary" means a person to whom net income of a trust is or may be payable;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(6)    "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(7)    "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(8)    "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(9)    "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(10)    "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(11)    "Remainder beneficiary" means a person entitled to receive principal when an income interest ends;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(12)    "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct;</span></p><p dir="ltr" class="s2072930Normal-000001"><span class="s2072930DefaultParagraphFont">(13)    "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.</span></p><p dir="ltr" class="s2072930Normal"><span xml:space="preserve" class="s2072930000002"> </span></p><p dir="ltr" class="s2072930Normal"><span class="s2072930SCL">Source:</span><span xml:space="preserve" class="s2072930SCL-000003"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072931Normal { 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.s2072931SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072931CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072931Normal-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.s2072931DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072931Normal-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; } p.s2072931Normal-000002 { text-indent: 0.25in; 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.s2072931000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072931SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072931SCL-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="s2072931Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-103"><span class="s2072931SENU">55-13A-103</span></a><span xml:space="preserve" class="s2072931SENU">. </span><span class="s2072931CL">Fiduciary duties--General principles.</span></p><p dir="ltr" class="s2072931Normal-000000"><span class="s2072931DefaultParagraphFont">(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Articles 2 and 3, a fiduciary:</span></p><p dir="ltr" class="s2072931Normal-000001"><span class="s2072931DefaultParagraphFont">(1)    Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter;</span></p><p dir="ltr" class="s2072931Normal-000001"><span class="s2072931DefaultParagraphFont">(2)    May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this chapter;</span></p><p dir="ltr" class="s2072931Normal-000001"><span class="s2072931DefaultParagraphFont">(3)    Shall administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and</span></p><p dir="ltr" class="s2072931Normal-000001"><span class="s2072931DefaultParagraphFont">(4)    Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.</span></p><p dir="ltr" class="s2072931Normal-000002"><span class="s2072931DefaultParagraphFont">(b) In exercising the power to adjust under § 55-13A-104(a) or a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries.</span></p><p dir="ltr" class="s2072931Normal"><span xml:space="preserve" class="s2072931000003"> </span></p><p dir="ltr" class="s2072931Normal"><span class="s2072931SCL">Source:</span><span xml:space="preserve" class="s2072931SCL-000004"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072932Normal { 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.s2072932SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072932CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072932Normal-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.s2072932DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072932Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2072932Normal-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.s2072932000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072932SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072932SCL-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="s2072932Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-104"><span class="s2072932SENU">55-13A-104</span></a><span xml:space="preserve" class="s2072932SENU">. </span><span class="s2072932CL">Trustee's power to adjust.</span></p><p dir="ltr" class="s2072932Normal-000000"><span class="s2072932DefaultParagraphFont">(a) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent investor, the terms of the trust describe the amount that may or must be distributed to a beneficiary by referring to the trust's income, and the trustee determines, after applying the rules in § 55-13A-103(a), that the trustee is unable to comply with § 55-13A-103(b).</span></p><p dir="ltr" class="s2072932Normal-000001"><span class="s2072932DefaultParagraphFont">(b) In deciding whether and to what extent to exercise the power conferred by subsection (a), a trustee shall consider all factors relevant to the trust and its beneficiaries, including the following factors to the extent they are relevant:</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(1)    The nature, purpose, and expected duration of the trust;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(2)    The intent of the settlor;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(3)    The identity and circumstances of the beneficiaries;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(4)    The needs for liquidity, regularity of income, and preservation and appreciation of capital;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(5)    The assets held in the trust; the extent to which they consist of financial assets, interests in closely held enterprises, tangible and intangible personal property, or real property; the extent to which an asset is used by a beneficiary; and whether an asset was purchased by the trustee or received from the settlor;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(6)    The net amount allocated to income under the other sections of this chapter and the increase or decrease in the value of the principal assets, which the trustee may estimate as to assets for which market values are not readily available;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(7)    Whether and to what extent the terms of the trust give the trustee the power to invade principal or accumulate income or prohibit the trustee from invading principal or accumulating income, and the extent to which the trustee has exercised a power from time to time to invade principal or accumulate income;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(8)    The actual and anticipated effect of economic conditions on principal and income and effects of inflation and deflation; and</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(9)    The anticipated tax consequences of an adjustment.</span></p><p dir="ltr" class="s2072932Normal-000001"><span class="s2072932DefaultParagraphFont">(c) A trustee may not make an adjustment:</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(1)    That diminishes the income interest in a trust that requires all of the income to be paid at least annually to a spouse and for which an estate tax or gift tax marital deduction would be allowed, in whole or in part, if the trustee did not have the power to make the adjustment;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(2)    That reduces the actuarial value of the income interest in a trust to which a person transfers property with the intent to qualify for a gift tax exclusion;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(3)    That changes the amount payable to a beneficiary as a fixed annuity or a fixed fraction of the value of the trust assets;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(4)    From any amount that is permanently set aside for charitable purposes under a will or the terms of a trust unless both income and principal are so set aside;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(5)    If possessing or exercising the power to make an adjustment causes an individual to be treated as the owner of all or part of the trust for income tax purposes, and the individual would not be treated as the owner if the trustee did not possess the power to make an adjustment;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(6)    If possessing or exercising the power to make an adjustment causes all or part of the trust assets to be included for estate tax purposes in the estate of an individual who has the power to remove a trustee or appoint a trustee, or both, and the assets would not be included in the estate of the individual if the trustee did not possess the power to make an adjustment;</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(7)    If the trustee is a beneficiary of the trust; or</span></p><p dir="ltr" class="s2072932Normal-000002"><span class="s2072932DefaultParagraphFont">(8)    If the trustee is not a beneficiary, but the adjustment would benefit the trustee directly or indirectly.</span></p><p dir="ltr" class="s2072932Normal-000002"><span xml:space="preserve" class="s2072932000003"> </span></p></div><div><p dir="ltr" class="s2072932Normal-000001"><span class="s2072932DefaultParagraphFont">(d) If subsection (c)(5), (6), (7), or (8) applies to a trustee and there is more than one trustee, a cotrustee to whom the provision does not apply may make the adjustment unless the exercise of the power by the remaining trustee or trustees is not permitted by the terms of the trust.</span></p><p dir="ltr" class="s2072932Normal-000001"><span class="s2072932DefaultParagraphFont">(e) A trustee may release the entire power conferred by subsection (a) or may release only the power to adjust from income to principal or the power to adjust from principal to income if the trustee is uncertain about whether possessing or exercising the power will cause a result described in subsection (c)(1) through (6) or (c)(8) or if the trustee determines that possessing or exercising the power will or may deprive the trust of a tax benefit or impose a tax burden not described in subsection (c). The release may be permanent or for a specified period, including a period measured by the life of an individual.</span></p><p dir="ltr" class="s2072932Normal-000001"><span class="s2072932DefaultParagraphFont">(f) Terms of a trust that limit the power of a trustee to make an adjustment between principal and income do not affect the application of this section unless it is clear from the terms of the trust that the terms are intended to deny the trustee the power of adjustment conferred by subsection (a).</span></p><p dir="ltr" class="s2072932Normal-000001"><span class="s2072932DefaultParagraphFont">(g) Unless prohibited by the governing instrument, the trustee of a trust has the power to consider gains from the sale of capital assets in the trust to be part of a distribution of principal to a beneficiary, or part of an adjustment from principal to income, and if such power is exercised, such gains shall be treated consistently by the trustee on the trust's books, records, and tax returns as part of a distribution to a beneficiary.</span></p><p dir="ltr" class="s2072932Normal"><span xml:space="preserve" class="s2072932000003"> </span></p><p dir="ltr" class="s2072932Normal"><span class="s2072932SCL">Source:</span><span xml:space="preserve" class="s2072932SCL-000004"> SL 2007, ch 282, § 4; SL 2009, ch 252, § 33.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072933Normal { 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.s2072933SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072933CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072933Normal-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.s2072933DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072933Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2072933Normal-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.s2072933000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072933SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072933SCL-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="s2072933Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-105"><span class="s2072933SENU">55-13A-105</span></a><span xml:space="preserve" class="s2072933SENU">. </span><span class="s2072933CL">Judicial control of discretionary power.</span></p><p dir="ltr" class="s2072933Normal-000000"><span class="s2072933DefaultParagraphFont">(a) The court may not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this chapter unless it determines that the decision was an abuse of the fiduciary's discretion. A fiduciary's decision is not an abuse of discretion merely because the court would have exercised the power in a different manner or would not have exercised the power.</span></p><p dir="ltr" class="s2072933Normal-000001"><span class="s2072933DefaultParagraphFont">(b) The decisions to which subsection (a) applies include:</span></p><p dir="ltr" class="s2072933Normal-000002"><span class="s2072933DefaultParagraphFont">(1)    A decision under § 55-13A-104(a) as to whether and to what extent an amount should be transferred from principal to income or from income to principal;</span></p><p dir="ltr" class="s2072933Normal-000002"><span class="s2072933DefaultParagraphFont">(2)    A decision regarding the factors that are relevant to the trust and its beneficiaries, the extent to which the factors are relevant, and the weight, if any, to be given to those factors, in deciding whether and to what extent to exercise the discretionary power conferred by § 55-13A-104(a).</span></p><p dir="ltr" class="s2072933Normal-000001"><span class="s2072933DefaultParagraphFont">(c) If the court determines that a fiduciary has abused the fiduciary's discretion, the court may place the income and remainder beneficiaries in the positions they would have occupied if the discretion had not been abused, according to the following rules:</span></p><p dir="ltr" class="s2072933Normal-000002"><span class="s2072933DefaultParagraphFont">(1)    To the extent that the abuse of discretion has resulted in no distribution to a beneficiary or in a distribution that is too small, the court shall order the fiduciary to distribute from the trust to the beneficiary an amount that the court determines will restore the beneficiary, in whole or in part, to the beneficiary's appropriate position;</span></p><p dir="ltr" class="s2072933Normal-000002"><span class="s2072933DefaultParagraphFont">(2)    To the extent that the abuse of discretion has resulted in a distribution to a beneficiary which is too large, the court shall place the beneficiaries, the trust, or both, in whole or in part, in their appropriate positions by ordering the fiduciary to withhold an amount from one or more future distributions to the beneficiary who received the distribution that was too large or ordering that beneficiary to return some or all of the distribution to the trust;</span></p><p dir="ltr" class="s2072933Normal-000002"><span class="s2072933DefaultParagraphFont">(3)    To the extent that the court is unable, after applying paragraphs (1) and (2), to place the beneficiaries, the trust, or both, in the positions they would have occupied if the discretion had not been abused, the court may order the fiduciary to pay an appropriate amount from its own funds to one or more of the beneficiaries or the trust or both.</span></p><p dir="ltr" class="s2072933Normal-000001"><span class="s2072933DefaultParagraphFont">(d) Upon petition by the fiduciary, the court having jurisdiction over a trust or estate shall determine whether a proposed exercise or nonexercise by the fiduciary of a discretionary power conferred by this chapter will result in an abuse of the fiduciary's discretion. If the petition describes the proposed exercise or nonexercise of the power and contains sufficient information to inform the beneficiaries of the reasons for the proposal, the facts upon which the fiduciary relies, and an explanation of how the income and remainder beneficiaries will be affected by the proposed exercise or nonexercise of the power, a beneficiary who challenges the proposed exercise or nonexercise has the burden of establishing that it will result in an abuse of discretion.</span></p><p dir="ltr" class="s2072933Normal"><span xml:space="preserve" class="s2072933000003"> </span></p><p dir="ltr" class="s2072933Normal"><span class="s2072933SCL">Source:</span><span xml:space="preserve" class="s2072933SCL-000004"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072934Normal { 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.s2072934SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072934CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072934Normal-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.s2072934DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072934Normal-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.s2072934Normal-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.s2072934000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072934SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072934SCL-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="s2072934Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-201"><span class="s2072934SENU">55-13A-201</span></a><span xml:space="preserve" class="s2072934SENU">. </span><span class="s2072934CL">Determination and distribution of net income.</span></p><p dir="ltr" class="s2072934Normal-000000"><span class="s2072934DefaultParagraphFont">After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply:</span></p><p dir="ltr" class="s2072934Normal-000001"><span class="s2072934DefaultParagraphFont">(1)    A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received from property specifically given to a beneficiary under the rules in Articles 3 through 5 which apply to trustees and the rules in paragraph (5). The fiduciary shall distribute the net income and net principal receipts to the beneficiary who is to receive the specific property;</span></p><p dir="ltr" class="s2072934Normal-000001"><span class="s2072934DefaultParagraphFont">(2)    A fiduciary shall determine the remaining net income of a decedent's estate or a terminating income interest under the rules in Articles 3 through 5 which apply to trustees and by:</span></p><p dir="ltr" class="s2072934Normal-000002"><span class="s2072934DefaultParagraphFont">(A)    Including in net income all income from property used to discharge liabilities;</span></p><p dir="ltr" class="s2072934Normal-000002"><span class="s2072934DefaultParagraphFont">(B)    Paying from income or principal, in the fiduciary's discretion, fees of attorneys, accountants, and fiduciaries; court costs and other expenses of administration; and interest on death taxes, but the fiduciary may pay those expenses from income of property passing to a trust for which the fiduciary claims an estate tax marital or charitable deduction only to the extent that the payment of those expenses from income will not cause the reduction or loss of the deduction; and</span></p><p dir="ltr" class="s2072934Normal-000002"><span class="s2072934DefaultParagraphFont">(C)    Paying from principal all other disbursements made or incurred in connection with the settlement of a decedent's estate or the winding up of a terminating income interest, including debts, funeral expenses, disposition of remains, family allowances, and death taxes and related penalties that are apportioned to the estate or terminating income interest by the will, the terms of the trust, or applicable law.</span></p><p dir="ltr" class="s2072934Normal-000001"><span class="s2072934DefaultParagraphFont">(3)    A fiduciary shall distribute to a beneficiary who receives a pecuniary amount outright the interest or any other amount provided by the will, the terms of the trust, or applicable law from net income determined under paragraph (2) or from principal to the extent that net income is insufficient. If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends and no interest or other amount is provided for by the terms of the trust or applicable law, the fiduciary shall distribute the interest or other amount to which the beneficiary would be entitled under applicable law if the pecuniary amount were required to be paid under a will.</span></p><p dir="ltr" class="s2072934Normal-000001"><span xml:space="preserve" class="s2072934DefaultParagraphFont">(4)    A fiduciary shall distribute the net income remaining after distributions required by paragraph (3) in the manner described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-202"><span class="s2072934DefaultParagraphFont">55-13A-202</span></a><span xml:space="preserve" class="s2072934DefaultParagraphFont"> to all other beneficiaries, including a beneficiary who receives a pecuniary amount in trust, even if the beneficiary holds an unqualified power to withdraw assets from the trust or other presently exercisable general power of appointment over the trust.</span></p><p dir="ltr" class="s2072934Normal-000001"><span xml:space="preserve" class="s2072934DefaultParagraphFont">(5)    A fiduciary may not reduce principal or income receipts from property described in paragraph (1) because of a payment described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-501"><span class="s2072934DefaultParagraphFont">55-13A-501</span></a><span xml:space="preserve" class="s2072934DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-502"><span class="s2072934DefaultParagraphFont">55-13A-502</span></a><span xml:space="preserve" class="s2072934DefaultParagraphFont"> to the extent that the will, the terms of the trust, or applicable law requires the fiduciary to make the payment from assets other than the property or to the extent that the fiduciary recovers or expects to recover the payment from a third party. The net income and principal receipts from the property are determined by including all of the amounts the fiduciary receives or pays with respect to the property, whether those amounts accrued or became due before, on, or after the date of a decedent's death or an income interest's terminating event, and by making a reasonable provision for amounts that the fiduciary believes the estate or terminating income interest may become obligated to pay after the property is distributed.</span></p><p dir="ltr" class="s2072934Normal"><span xml:space="preserve" class="s2072934000003"> </span></p><p dir="ltr" class="s2072934Normal"><span class="s2072934SCL">Source:</span><span xml:space="preserve" class="s2072934SCL-000004"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072935Normal { 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.s2072935SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072935CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072935Normal-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.s2072935DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072935Normal-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; } p.s2072935Normal-000002 { text-indent: 0.25in; 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.s2072935000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072935SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072935SCL-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="s2072935Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-202"><span class="s2072935SENU">55-13A-202</span></a><span xml:space="preserve" class="s2072935SENU">. </span><span class="s2072935CL">Distribution to residuary and remainder beneficiaries.</span></p><p dir="ltr" class="s2072935Normal-000000"><span class="s2072935DefaultParagraphFont">(a) Notwithstanding any contrary provision of this chapter, if the trust instrument adopts the provisions of this section by reference, an increase in the value of the following investments owned by a charitable remainder unitrust, of the type authorized in § 664(d)(3) of the Internal Revenue Code (26 U.S.C. § 664), as of January 1, 2009, is distributable as income when it becomes available for distribution:</span></p><p dir="ltr" class="s2072935Normal-000001"><span class="s2072935DefaultParagraphFont">(1)    A zero coupon bond;</span></p><p dir="ltr" class="s2072935Normal-000001"><span class="s2072935DefaultParagraphFont">(2)    An annuity contract before annuitization;</span></p><p dir="ltr" class="s2072935Normal-000001"><span class="s2072935DefaultParagraphFont">(3)    A life insurance contract before the death of the insured;</span></p><p dir="ltr" class="s2072935Normal-000001"><span class="s2072935DefaultParagraphFont">(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="s2072935Normal-000001"><span class="s2072935DefaultParagraphFont">(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="s2072935Normal-000001"><span class="s2072935DefaultParagraphFont">(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="s2072935Normal-000002"><span class="s2072935DefaultParagraphFont">(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="s2072935Normal-000002"><span class="s2072935DefaultParagraphFont">(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="s2072935Normal"><span xml:space="preserve" class="s2072935000003"> </span></p><p dir="ltr" class="s2072935Normal"><span class="s2072935SCL">Source:</span><span xml:space="preserve" class="s2072935SCL-000004"> SL 2007, ch 282, § 7; SL 2009, ch 252, § 34.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072936Normal { 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.s2072936SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072936CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072936Normal-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.s2072936DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072936Normal-000001 { text-indent: 0.25in; 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.s2072936Normal-000002 { 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.s2072936000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072936SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072936SCL-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="s2072936Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-301"><span class="s2072936SENU">55-13A-301</span></a><span xml:space="preserve" class="s2072936SENU">. </span><span class="s2072936CL">When right to income begins and ends.</span></p><p dir="ltr" class="s2072936Normal-000000"><span class="s2072936DefaultParagraphFont">(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.</span></p><p dir="ltr" class="s2072936Normal-000001"><span class="s2072936DefaultParagraphFont">(b) An asset becomes subject to a trust:</span></p><p dir="ltr" class="s2072936Normal-000002"><span class="s2072936DefaultParagraphFont">(1)    On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;</span></p><p dir="ltr" class="s2072936Normal-000002"><span class="s2072936DefaultParagraphFont">(2)    On the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or</span></p><p dir="ltr" class="s2072936Normal-000002"><span class="s2072936DefaultParagraphFont">(3)    On the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.</span></p><p dir="ltr" class="s2072936Normal-000001"><span class="s2072936DefaultParagraphFont">(c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (d), even if there is an intervening period of administration to wind up the preceding income interest.</span></p><p dir="ltr" class="s2072936Normal-000001"><span class="s2072936DefaultParagraphFont">(d) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.</span></p><p dir="ltr" class="s2072936Normal"><span xml:space="preserve" class="s2072936000003"> </span></p><p dir="ltr" class="s2072936Normal"><span class="s2072936SCL">Source:</span><span xml:space="preserve" class="s2072936SCL-000004"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072937Normal { 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.s2072937SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072937CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072937Normal-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.s2072937DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072937Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072937000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072937SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072937SCL-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="s2072937Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-302"><span class="s2072937SENU">55-13A-302</span></a><span xml:space="preserve" class="s2072937SENU">. </span><span class="s2072937CL">Apportionment of receipts and disbursements when decedent dies or income interest begins.</span></p><p dir="ltr" class="s2072937Normal-000000"><span class="s2072937DefaultParagraphFont">(a) A trustee shall allocate an income receipt or disbursement other than one to which § 55-13A-201(1) applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.</span></p><p dir="ltr" class="s2072937Normal-000001"><span class="s2072937DefaultParagraphFont">(b) A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal and the balance must be allocated to income.</span></p><p dir="ltr" class="s2072937Normal-000001"><span xml:space="preserve" class="s2072937DefaultParagraphFont">(c) An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-401"><span class="s2072937DefaultParagraphFont">55-13A-401</span></a><span xml:space="preserve" class="s2072937DefaultParagraphFont"> applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.</span></p><p dir="ltr" class="s2072937Normal"><span xml:space="preserve" class="s2072937000002"> </span></p><p dir="ltr" class="s2072937Normal"><span class="s2072937SCL">Source:</span><span xml:space="preserve" class="s2072937SCL-000003"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072938Normal { 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.s2072938SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072938CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072938Normal-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.s2072938DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072938Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072938000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072938SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072938SCL-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="s2072938Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-303"><span class="s2072938SENU">55-13A-303</span></a><span xml:space="preserve" class="s2072938SENU">. </span><span class="s2072938CL">Apportionment when income interest ends.</span></p><p dir="ltr" class="s2072938Normal-000000"><span class="s2072938DefaultParagraphFont">(a) In this section, the term, undistributed income, means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.</span></p><p dir="ltr" class="s2072938Normal-000001"><span class="s2072938DefaultParagraphFont">(b) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than five percent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.</span></p><p dir="ltr" class="s2072938Normal-000001"><span class="s2072938DefaultParagraphFont">(c) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate, or other tax requirements.</span></p><p dir="ltr" class="s2072938Normal"><span xml:space="preserve" class="s2072938000002"> </span></p><p dir="ltr" class="s2072938Normal"><span class="s2072938SCL">Source:</span><span xml:space="preserve" class="s2072938SCL-000003"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072939Normal { 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.s2072939SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072939CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072939Normal-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.s2072939DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072939Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2072939Normal-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.s2072939000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072939SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072939SCL-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="s2072939Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-401"><span class="s2072939SENU">55-13A-401</span></a><span xml:space="preserve" class="s2072939SENU">. </span><span class="s2072939CL">Character of receipts.</span></p><p dir="ltr" class="s2072939Normal-000000"><span xml:space="preserve" class="s2072939DefaultParagraphFont">(a) In this section, the term, entity, means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-402"><span class="s2072939DefaultParagraphFont">55-13A-402</span></a><span xml:space="preserve" class="s2072939DefaultParagraphFont"> applies, a business or activity to which § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-403"><span class="s2072939DefaultParagraphFont">55-13A-403</span></a><span xml:space="preserve" class="s2072939DefaultParagraphFont"> applies, or an asset-backed security to which § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-415"><span class="s2072939DefaultParagraphFont">55-13A-415</span></a><span xml:space="preserve" class="s2072939DefaultParagraphFont"> applies.</span></p><p dir="ltr" class="s2072939Normal-000001"><span class="s2072939DefaultParagraphFont">(b) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.</span></p><p dir="ltr" class="s2072939Normal-000001"><span class="s2072939DefaultParagraphFont">(c) A trustee shall allocate the following receipts from an entity to principal:</span></p><p dir="ltr" class="s2072939Normal-000002"><span class="s2072939DefaultParagraphFont">(1)    Property other than money;</span></p><p dir="ltr" class="s2072939Normal-000002"><span class="s2072939DefaultParagraphFont">(2)    Money received in one distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity;</span></p><p dir="ltr" class="s2072939Normal-000002"><span class="s2072939DefaultParagraphFont">(3)    Money received in total or partial liquidation of the entity; and</span></p><p dir="ltr" class="s2072939Normal-000002"><span class="s2072939DefaultParagraphFont">(4)    Money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capital gain dividend for federal income tax purposes.</span></p><p dir="ltr" class="s2072939Normal-000001"><span class="s2072939DefaultParagraphFont">(d) Money is received in partial liquidation:</span></p><p dir="ltr" class="s2072939Normal-000002"><span class="s2072939DefaultParagraphFont">(1)    To the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; or</span></p><p dir="ltr" class="s2072939Normal-000002"><span class="s2072939DefaultParagraphFont">(2)    If the total amount of money and property received in a distribution or series of related distributions is greater than twenty percent of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt.</span></p><p dir="ltr" class="s2072939Normal-000001"><span class="s2072939DefaultParagraphFont">(e) Money is not received in partial liquidation, nor may it be taken into account under subsection (d)(2), to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money.</span></p><p dir="ltr" class="s2072939Normal-000001"><span class="s2072939DefaultParagraphFont">(f) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors.</span></p><p dir="ltr" class="s2072939Normal"><span xml:space="preserve" class="s2072939000003"> </span></p><p dir="ltr" class="s2072939Normal"><span class="s2072939SCL">Source:</span><span xml:space="preserve" class="s2072939SCL-000004"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072940Normal { 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.s2072940SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072940CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072940Normal-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.s2072940DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072940000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072940SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072940SCL-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="s2072940Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-402"><span class="s2072940SENU">55-13A-402</span></a><span xml:space="preserve" class="s2072940SENU">. </span><span class="s2072940CL">Distribution from trust or estate.</span></p><p dir="ltr" class="s2072940Normal-000000"><span xml:space="preserve" class="s2072940DefaultParagraphFont">A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-401"><span class="s2072940DefaultParagraphFont">55-13A-401</span></a><span xml:space="preserve" class="s2072940DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-415"><span class="s2072940DefaultParagraphFont">55-13A-415</span></a><span xml:space="preserve" class="s2072940DefaultParagraphFont"> applies to a receipt from the trust.</span></p><p dir="ltr" class="s2072940Normal"><span xml:space="preserve" class="s2072940000001"> </span></p><p dir="ltr" class="s2072940Normal"><span class="s2072940SCL">Source:</span><span xml:space="preserve" class="s2072940SCL-000002"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072941Normal { 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.s2072941SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072941CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072941Normal-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.s2072941DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072941Normal-000001 { text-indent: 0.25in; 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.s2072941Normal-000002 { 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.s2072941000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072941SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072941SCL-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="s2072941Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-403"><span class="s2072941SENU">55-13A-403</span></a><span xml:space="preserve" class="s2072941SENU">. </span><span class="s2072941CL">Business and other activities conducted by trustee.</span></p><p dir="ltr" class="s2072941Normal-000000"><span class="s2072941DefaultParagraphFont">(a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.</span></p><p dir="ltr" class="s2072941Normal-000001"><span class="s2072941DefaultParagraphFont">(b) A trustee who accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.</span></p><p dir="ltr" class="s2072941Normal-000001"><span class="s2072941DefaultParagraphFont">(c) Activities for which a trustee may maintain separate accounting records include:</span></p><p dir="ltr" class="s2072941Normal-000002"><span class="s2072941DefaultParagraphFont">(1)    Retail, manufacturing, service, and other traditional business activities;</span></p><p dir="ltr" class="s2072941Normal-000002"><span class="s2072941DefaultParagraphFont">(2)    Farming;</span></p><p dir="ltr" class="s2072941Normal-000002"><span class="s2072941DefaultParagraphFont">(3)    Raising and selling livestock and other animals;</span></p><p dir="ltr" class="s2072941Normal-000002"><span class="s2072941DefaultParagraphFont">(4)    Management of rental properties;</span></p><p dir="ltr" class="s2072941Normal-000002"><span class="s2072941DefaultParagraphFont">(5)    Extraction of minerals and other natural resources;</span></p><p dir="ltr" class="s2072941Normal-000002"><span class="s2072941DefaultParagraphFont">(6)    Timber operations; and</span></p><p dir="ltr" class="s2072941Normal-000002"><span xml:space="preserve" class="s2072941DefaultParagraphFont">(7)    Activities to which § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-414"><span class="s2072941DefaultParagraphFont">55-13A-414</span></a><span xml:space="preserve" class="s2072941DefaultParagraphFont"> applies.</span></p><p dir="ltr" class="s2072941Normal"><span xml:space="preserve" class="s2072941000003"> </span></p><p dir="ltr" class="s2072941Normal"><span class="s2072941SCL">Source:</span><span xml:space="preserve" class="s2072941SCL-000004"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072942Normal { 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.s2072942SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072942CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072942Normal-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.s2072942DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072942Normal-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.s2072942000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072942SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072942SCL-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="s2072942Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-404"><span class="s2072942SENU">55-13A-404</span></a><span xml:space="preserve" class="s2072942SENU">. </span><span class="s2072942CL">Principal receipts.</span></p><p dir="ltr" class="s2072942Normal-000000"><span class="s2072942DefaultParagraphFont">A trustee shall allocate to principal:</span></p><p dir="ltr" class="s2072942Normal-000001"><span class="s2072942DefaultParagraphFont">(1)    To the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;</span></p><p dir="ltr" class="s2072942Normal-000001"><span class="s2072942DefaultParagraphFont">(2)    Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this article;</span></p><p dir="ltr" class="s2072942Normal-000001"><span class="s2072942DefaultParagraphFont">(3)    Amounts recovered from third parties to reimburse the trust because of disbursements described in § 55-13A-502(a)(7) or for other reasons to the extent not based on the loss of income;</span></p><p dir="ltr" class="s2072942Normal-000001"><span class="s2072942DefaultParagraphFont">(4)    Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;</span></p><p dir="ltr" class="s2072942Normal-000001"><span class="s2072942DefaultParagraphFont">(5)    Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and</span></p><p dir="ltr" class="s2072942Normal-000001"><span xml:space="preserve" class="s2072942DefaultParagraphFont">(6)    Other receipts as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-408"><span class="s2072942DefaultParagraphFont">55-13A-408</span></a><span xml:space="preserve" class="s2072942DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-415"><span class="s2072942DefaultParagraphFont">55-13A-415</span></a><span class="s2072942DefaultParagraphFont">, inclusive.</span></p><p dir="ltr" class="s2072942Normal"><span xml:space="preserve" class="s2072942000002"> </span></p><p dir="ltr" class="s2072942Normal"><span class="s2072942SCL">Source:</span><span xml:space="preserve" class="s2072942SCL-000003"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072943Normal { 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.s2072943SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072943CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072943Normal-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.s2072943DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072943000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072943SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072943SCL-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="s2072943Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-405"><span class="s2072943SENU">55-13A-405</span></a><span xml:space="preserve" class="s2072943SENU">. </span><span class="s2072943CL">Rental property.</span></p><p dir="ltr" class="s2072943Normal-000000"><span class="s2072943DefaultParagraphFont">To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.</span></p><p dir="ltr" class="s2072943Normal"><span xml:space="preserve" class="s2072943000001"> </span></p><p dir="ltr" class="s2072943Normal"><span class="s2072943SCL">Source:</span><span xml:space="preserve" class="s2072943SCL-000002"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072944Normal { 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.s2072944SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072944CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072944Normal-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.s2072944DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072944Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072944000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072944SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072944SCL-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="s2072944Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-406"><span class="s2072944SENU">55-13A-406</span></a><span xml:space="preserve" class="s2072944SENU">. </span><span class="s2072944CL">Obligation to pay money.</span></p><p dir="ltr" class="s2072944Normal-000000"><span class="s2072944DefaultParagraphFont">(a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium.</span></p><p dir="ltr" class="s2072944Normal-000001"><span class="s2072944DefaultParagraphFont">(b) A trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust must be allocated to income.</span></p><p dir="ltr" class="s2072944Normal-000001"><span xml:space="preserve" class="s2072944DefaultParagraphFont">(c) This section does not apply to an obligation to which § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-409"><span class="s2072944DefaultParagraphFont">55-13A-409</span></a><span xml:space="preserve" class="s2072944DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-410"><span class="s2072944DefaultParagraphFont">55-13A-410</span></a><span xml:space="preserve" class="s2072944DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-411"><span class="s2072944DefaultParagraphFont">55-13A-411</span></a><span xml:space="preserve" class="s2072944DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-412"><span class="s2072944DefaultParagraphFont">55-13A-412</span></a><span xml:space="preserve" class="s2072944DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-414"><span class="s2072944DefaultParagraphFont">55-13A-414</span></a><span xml:space="preserve" class="s2072944DefaultParagraphFont">, or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-415"><span class="s2072944DefaultParagraphFont">55-13A-415</span></a><span xml:space="preserve" class="s2072944DefaultParagraphFont"> applies.</span></p><p dir="ltr" class="s2072944Normal"><span xml:space="preserve" class="s2072944000002"> </span></p><p dir="ltr" class="s2072944Normal"><span class="s2072944SCL">Source:</span><span xml:space="preserve" class="s2072944SCL-000003"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072945Normal { 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.s2072945SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072945CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072945Normal-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.s2072945DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072945Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072945000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072945SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072945SCL-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="s2072945Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-407"><span class="s2072945SENU">55-13A-407</span></a><span xml:space="preserve" class="s2072945SENU">. </span><span class="s2072945CL">Insurance policies and similar contracts.</span></p><p dir="ltr" class="s2072945Normal-000000"><span class="s2072945DefaultParagraphFont">(a) Except as otherwise provided in subsection (b), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.</span></p><p dir="ltr" class="s2072945Normal-000001"><span xml:space="preserve" class="s2072945DefaultParagraphFont">(b) A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-403"><span class="s2072945DefaultParagraphFont">55-13A-403</span></a><span class="s2072945DefaultParagraphFont">, loss of profits from a business.</span></p><p dir="ltr" class="s2072945Normal-000001"><span xml:space="preserve" class="s2072945DefaultParagraphFont">(c) This section does not apply to a contract to which § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-409"><span class="s2072945DefaultParagraphFont">55-13A-409</span></a><span xml:space="preserve" class="s2072945DefaultParagraphFont"> applies.</span></p><p dir="ltr" class="s2072945Normal"><span xml:space="preserve" class="s2072945000002"> </span></p><p dir="ltr" class="s2072945Normal"><span class="s2072945SCL">Source:</span><span xml:space="preserve" class="s2072945SCL-000003"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072946Normal { 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.s2072946SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072946CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072946Normal-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.s2072946DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072946Normal-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.s2072946000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072946SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072946SCL-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="s2072946Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-408"><span class="s2072946SENU">55-13A-408</span></a><span xml:space="preserve" class="s2072946SENU">. </span><span class="s2072946CL">Insubstantial allocations not required.</span></p><p dir="ltr" class="s2072946Normal-000000"><span xml:space="preserve" class="s2072946DefaultParagraphFont">If a trustee determines that an allocation between principal and income required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-409"><span class="s2072946DefaultParagraphFont">55-13A-409</span></a><span xml:space="preserve" class="s2072946DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-410"><span class="s2072946DefaultParagraphFont">55-13A-410</span></a><span xml:space="preserve" class="s2072946DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-411"><span class="s2072946DefaultParagraphFont">55-13A-411</span></a><span xml:space="preserve" class="s2072946DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-412"><span class="s2072946DefaultParagraphFont">55-13A-412</span></a><span xml:space="preserve" class="s2072946DefaultParagraphFont">, or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-415"><span class="s2072946DefaultParagraphFont">55-13A-415</span></a><span xml:space="preserve" class="s2072946DefaultParagraphFont"> is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in § 55-13A-104(c) applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in § 55-13A-104(d) and may be released for the reasons and in the manner described in § 55-13A-104(e). An allocation is presumed to be insubstantial if:</span></p><p dir="ltr" class="s2072946Normal-000001"><span class="s2072946DefaultParagraphFont">(1)    The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than ten percent; or</span></p><p dir="ltr" class="s2072946Normal-000001"><span class="s2072946DefaultParagraphFont">(2)    The value of the asset producing the receipt for which the allocation would be made is less than ten percent of the total value of the trust's assets at the beginning of the accounting period.</span></p><p dir="ltr" class="s2072946Normal"><span xml:space="preserve" class="s2072946000002"> </span></p><p dir="ltr" class="s2072946Normal"><span class="s2072946SCL">Source:</span><span xml:space="preserve" class="s2072946SCL-000003"> SL 2007, ch 282, § 18.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072947Normal { 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.s2072947SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072947CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072947Normal-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.s2072947DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072947Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2072947Normal-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; } p.s2072947Normal-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.s2072947000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072947SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072947SCL-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="s2072947Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-409"><span class="s2072947SENU">55-13A-409</span></a><span xml:space="preserve" class="s2072947SENU">. </span><span class="s2072947CL">Deferred compensation, annuities, and similar payments.</span></p><p dir="ltr" class="s2072947Normal-000000"><span xml:space="preserve" class="s2072947DefaultParagraphFont"> (a) For the purposes of this section, the term, payment, means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments. The term includes a payment made in money or property from the payer's general assets or from a separate fund created by the payer, including a private or commercial annuity, an individual retirement account, and a pension, profit-sharing, stock-bonus, or stock-ownership plan.</span></p><p dir="ltr" class="s2072947Normal-000001"><span class="s2072947DefaultParagraphFont">(b) To the extent that a payment is characterized as interest or a dividend or a payment made in lieu of interest or a dividend, a trustee shall allocate it to income. The trustee shall allocate to principal the balance of the payment and any other payment received in the same accounting period that is not characterized as interest, a dividend, or an equivalent payment.</span></p><p dir="ltr" class="s2072947Normal-000001"><span class="s2072947DefaultParagraphFont">(c)(1) For purposes of this subsection, plan income means any of the following:</span></p><p dir="ltr" class="s2072947Normal-000002"><span class="s2072947DefaultParagraphFont">(A)    With respect to payments received from a plan that maintains separate accounts or funds for its participants or account holders, such as defined contribution retirement plans, individual retirement accounts, Roth individual retirement accounts, and some types of deferred compensation plans, either the amount of the plan account or fund held for the benefit of the trust that, if the plan account or fund were a trust, would be allocated to income pursuant to subsections (b) and (d) for that accounting period, or four percent of the value of the plan account or fund on the first day of the accounting period. The trustee shall, in his or her discretion, choose the method of determining plan income pursuant to this paragraph, and may change the method of determining plan income pursuant to this paragraph for any subsequent accounting period;</span></p><p dir="ltr" class="s2072947Normal-000002"><span class="s2072947DefaultParagraphFont">(B)    With respect to payments received from a plan that does not maintain separate accounts or funds for its participants or account holders, such as defined benefit retirement plans and some types of deferred compensation plans, four percent of the total present value of the trust's interest in the plan as of the first day of the accounting period, based on reasonable actuarial assumptions as determined by the trustee.</span></p><p dir="ltr" class="s2072947Normal-000003"><span class="s2072947DefaultParagraphFont">(2)    For each accounting period of a trust in which the trust receives a payment but no part of any payment is allocated to income pursuant to subsection (b), the trustee shall allocate to income that portion of the aggregate value of all payments received by the trustee in that accounting period that is equal to the amount of plan income that is attributable to the trust's interest in the plan from which payment is received for that accounting period. The trustee shall allocate the balance of any payments to principal.</span></p><p dir="ltr" class="s2072947Normal-000001"><span class="s2072947DefaultParagraphFont">(d) If, to obtain an estate or gift tax marital deduction for an interest in a trust, a trustee must allocate more of a payment to income than provided for by this section, the trustee shall allocate to income the additional amount necessary to obtain the marital deduction.</span></p><p dir="ltr" class="s2072947Normal-000001"><span xml:space="preserve" class="s2072947DefaultParagraphFont">(e) This section does not apply to payments to which § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-410"><span class="s2072947DefaultParagraphFont">55-13A-410</span></a><span xml:space="preserve" class="s2072947DefaultParagraphFont"> applies.</span></p><p dir="ltr" class="s2072947Normal"><span xml:space="preserve" class="s2072947000004"> </span></p><p dir="ltr" class="s2072947Normal"><span class="s2072947SCL">Source:</span><span xml:space="preserve" class="s2072947SCL-000005"> SL 2007, ch 282, § 19; SL 2009, ch 252, § 35; SL 2010, ch 232, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072948Normal { 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.s2072948SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072948CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072948Normal-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.s2072948DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072948Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072948000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072948SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072948SCL-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="s2072948Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-410"><span class="s2072948SENU">55-13A-410</span></a><span xml:space="preserve" class="s2072948SENU">. </span><span class="s2072948CL">Liquidating asset.</span></p><p dir="ltr" class="s2072948Normal-000000"><span xml:space="preserve" class="s2072948DefaultParagraphFont">(a) In this section, the term, liquidating asset, means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-409"><span class="s2072948DefaultParagraphFont">55-13A-409</span></a><span xml:space="preserve" class="s2072948DefaultParagraphFont">, resources subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-411"><span class="s2072948DefaultParagraphFont">55-13A-411</span></a><span xml:space="preserve" class="s2072948DefaultParagraphFont">, timber subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-412"><span class="s2072948DefaultParagraphFont">55-13A-412</span></a><span xml:space="preserve" class="s2072948DefaultParagraphFont">, an activity subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-414"><span class="s2072948DefaultParagraphFont">55-13A-414</span></a><span xml:space="preserve" class="s2072948DefaultParagraphFont">, an asset subject to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-415"><span class="s2072948DefaultParagraphFont">55-13A-415</span></a><span xml:space="preserve" class="s2072948DefaultParagraphFont">, or any asset for which the trustee establishes a reserve for depreciation under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-503"><span class="s2072948DefaultParagraphFont">55-13A-503</span></a><span class="s2072948DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072948Normal-000001"><span class="s2072948DefaultParagraphFont">(b) A trustee shall allocate to income ten percent of the receipts from a liquidating asset and the balance to principal.</span></p><p dir="ltr" class="s2072948Normal"><span xml:space="preserve" class="s2072948000002"> </span></p><p dir="ltr" class="s2072948Normal"><span class="s2072948SCL">Source:</span><span xml:space="preserve" class="s2072948SCL-000003"> SL 2007, ch 282, § 20.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072949Normal { 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.s2072949SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072949CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072949Normal-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.s2072949DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072949Normal-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; } p.s2072949Normal-000002 { text-indent: 0.25in; 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.s2072949000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072949SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072949SCL-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="s2072949Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-411"><span class="s2072949SENU">55-13A-411</span></a><span xml:space="preserve" class="s2072949SENU">. </span><span class="s2072949CL">Minerals, water, and other natural resources.</span></p><p dir="ltr" class="s2072949Normal-000000"><span class="s2072949DefaultParagraphFont">(a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:</span></p><p dir="ltr" class="s2072949Normal-000001"><span class="s2072949DefaultParagraphFont">(1)    If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income;</span></p><p dir="ltr" class="s2072949Normal-000001"><span class="s2072949DefaultParagraphFont">(2)    If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance must be allocated to principal;</span></p><p dir="ltr" class="s2072949Normal-000001"><span class="s2072949DefaultParagraphFont">(3)    If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus, or delay rental is more than nominal, ninety percent must be allocated to principal and the balance to income;</span></p><p dir="ltr" class="s2072949Normal-000001"><span class="s2072949DefaultParagraphFont">(4)    If an amount is received from a working interest or any other interest not provided for in paragraph (1), (2), or (3), ninety percent of the net amount received must be allocated to principal and the balance to income.</span></p><p dir="ltr" class="s2072949Normal-000002"><span class="s2072949DefaultParagraphFont">(b) An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, ninety percent of the amount must be allocated to principal and the balance to income.</span></p><p dir="ltr" class="s2072949Normal-000002"><span class="s2072949DefaultParagraphFont">(c) This chapter applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.</span></p><p dir="ltr" class="s2072949Normal-000002"><span class="s2072949DefaultParagraphFont">(d) If a trust owns an interest in minerals, water, or other natural resources on July 1, 2005, the trustee may allocate receipts from the interest as provided in this chapter or in the manner used by the trustee before July 1, 2005. If the trust acquires an interest in minerals, water, or other natural resources after July 1, 2005, the trustee shall allocate receipts from the interest as provided in this chapter.</span></p><p dir="ltr" class="s2072949Normal"><span xml:space="preserve" class="s2072949000003"> </span></p><p dir="ltr" class="s2072949Normal"><span class="s2072949SCL">Source:</span><span xml:space="preserve" class="s2072949SCL-000004"> SL 2007, ch 282, § 21.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072950Normal { 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.s2072950SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072950CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072950Normal-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.s2072950DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072950Normal-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; } p.s2072950Normal-000002 { text-indent: 0.25in; 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.s2072950000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072950SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072950SCL-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="s2072950Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-412"><span class="s2072950SENU">55-13A-412</span></a><span xml:space="preserve" class="s2072950SENU">. </span><span class="s2072950CL">Timber.</span></p><p dir="ltr" class="s2072950Normal-000000"><span class="s2072950DefaultParagraphFont">(a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts:</span></p><p dir="ltr" class="s2072950Normal-000001"><span class="s2072950DefaultParagraphFont">(1)    To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;</span></p><p dir="ltr" class="s2072950Normal-000001"><span class="s2072950DefaultParagraphFont">(2)    To principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;</span></p><p dir="ltr" class="s2072950Normal-000001"><span class="s2072950DefaultParagraphFont">(3)    To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (1) and (2); or</span></p><p dir="ltr" class="s2072950Normal-000001"><span class="s2072950DefaultParagraphFont">(4)    To principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to paragraph (1), (2), or (3).</span></p><p dir="ltr" class="s2072950Normal-000002"><span class="s2072950DefaultParagraphFont">(b) In determining net receipts to be allocated pursuant to subsection (a), a trustee shall deduct and transfer to principal a reasonable amount for depletion.</span></p><p dir="ltr" class="s2072950Normal-000002"><span class="s2072950DefaultParagraphFont">(c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.</span></p><p dir="ltr" class="s2072950Normal-000002"><span class="s2072950DefaultParagraphFont">(d) If a trust owns an interest in timberland on July 1, 2005, the trustee may allocate net receipts from the sale of timber and related products as provided in this chapter or in the manner used by the trustee before July 1, 2005. If the trust acquires an interest in timberland after July 1, 2005, the trustee shall allocate net receipts from the sale of timber and related products as provided in this chapter.</span></p><p dir="ltr" class="s2072950Normal"><span xml:space="preserve" class="s2072950000003"> </span></p><p dir="ltr" class="s2072950Normal"><span class="s2072950SCL">Source:</span><span xml:space="preserve" class="s2072950SCL-000004"> SL 2007, ch 282, § 22.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072951Normal { 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.s2072951SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072951CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072951Normal-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.s2072951DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072951Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072951000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072951SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072951SCL-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="s2072951Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-413"><span class="s2072951SENU">55-13A-413</span></a><span xml:space="preserve" class="s2072951SENU">. </span><span class="s2072951CL">Property not productive of income.</span></p><p dir="ltr" class="s2072951Normal-000000"><span xml:space="preserve" class="s2072951DefaultParagraphFont">(a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-104"><span class="s2072951DefaultParagraphFont">55-13A-104</span></a><span xml:space="preserve" class="s2072951DefaultParagraphFont"> and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by § 55-13A-104(a). The trustee may decide which action or combination of actions to take.</span></p><p dir="ltr" class="s2072951Normal-000001"><span class="s2072951DefaultParagraphFont">(b) In cases not governed by subsection (a), proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.</span></p><p dir="ltr" class="s2072951Normal"><span xml:space="preserve" class="s2072951000002"> </span></p><p dir="ltr" class="s2072951Normal"><span class="s2072951SCL">Source:</span><span xml:space="preserve" class="s2072951SCL-000003"> SL 2007, ch 282, § 23.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072952Normal { 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.s2072952SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072952CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072952Normal-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.s2072952DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072952Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072952000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072952SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072952SCL-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="s2072952Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-414"><span class="s2072952SENU">55-13A-414</span></a><span xml:space="preserve" class="s2072952SENU">. </span><span class="s2072952CL">Derivatives and options.</span></p><p dir="ltr" class="s2072952Normal-000000"><span class="s2072952DefaultParagraphFont">(a) In this section, the term, derivative, means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.</span></p><p dir="ltr" class="s2072952Normal-000001"><span xml:space="preserve" class="s2072952DefaultParagraphFont">(b) To the extent that a trustee does not account under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-403"><span class="s2072952DefaultParagraphFont">55-13A-403</span></a><span xml:space="preserve" class="s2072952DefaultParagraphFont"> for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.</span></p><p dir="ltr" class="s2072952Normal-000001"><span class="s2072952DefaultParagraphFont">(c) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal.</span></p><p dir="ltr" class="s2072952Normal"><span xml:space="preserve" class="s2072952000002"> </span></p><p dir="ltr" class="s2072952Normal"><span class="s2072952SCL">Source:</span><span xml:space="preserve" class="s2072952SCL-000003"> SL 2007, ch 282, § 24.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072953Normal { 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.s2072953SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072953CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072953Normal-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.s2072953DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072953Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072953000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072953SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072953SCL-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="s2072953Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-415"><span class="s2072953SENU">55-13A-415</span></a><span xml:space="preserve" class="s2072953SENU">. </span><span class="s2072953CL">Asset-backed securities.</span></p><p dir="ltr" class="s2072953Normal-000000"><span xml:space="preserve" class="s2072953DefaultParagraphFont">(a) In this section, the term, asset- backed security, means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-401"><span class="s2072953DefaultParagraphFont">55-13A-401</span></a><span xml:space="preserve" class="s2072953DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-409"><span class="s2072953DefaultParagraphFont">55-13A-409</span></a><span xml:space="preserve" class="s2072953DefaultParagraphFont"> applies.</span></p><p dir="ltr" class="s2072953Normal-000001"><span class="s2072953DefaultParagraphFont">(b) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.</span></p><p dir="ltr" class="s2072953Normal-000001"><span class="s2072953DefaultParagraphFont">(c) If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the trustee shall allocate ten percent of the payment to income and the balance to principal.</span></p><p dir="ltr" class="s2072953Normal"><span xml:space="preserve" class="s2072953000002"> </span></p><p dir="ltr" class="s2072953Normal"><span class="s2072953SCL">Source:</span><span xml:space="preserve" class="s2072953SCL-000003"> SL 2007, ch 282, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072954Normal { 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.s2072954SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072954CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072954Normal-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.s2072954DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072954Normal-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.s2072954000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072954SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072954SCL-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="s2072954Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-501"><span class="s2072954SENU">55-13A-501</span></a><span xml:space="preserve" class="s2072954SENU">. </span><span class="s2072954CL">Disbursements from income.</span></p><p dir="ltr" class="s2072954Normal-000000"><span class="s2072954DefaultParagraphFont">A trustee shall make the following disbursements from income to the extent that they are not disbursements to which § 55-13A-201(2)(B) or (C) applies:</span></p><p dir="ltr" class="s2072954Normal-000001"><span class="s2072954DefaultParagraphFont">(1)    One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;</span></p><p dir="ltr" class="s2072954Normal-000001"><span class="s2072954DefaultParagraphFont">(2)    One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;</span></p><p dir="ltr" class="s2072954Normal-000001"><span class="s2072954DefaultParagraphFont">(3)    All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and</span></p><p dir="ltr" class="s2072954Normal-000001"><span class="s2072954DefaultParagraphFont">(4)    Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.</span></p><p dir="ltr" class="s2072954Normal"><span xml:space="preserve" class="s2072954000002"> </span></p><p dir="ltr" class="s2072954Normal"><span class="s2072954SCL">Source:</span><span xml:space="preserve" class="s2072954SCL-000003"> SL 2007, ch 282, § 26.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072955Normal { 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.s2072955SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072955CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072955Normal-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.s2072955DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072955Normal-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; } p.s2072955Normal-000002 { text-indent: 0.25in; 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.s2072955000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072955SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072955SCL-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="s2072955Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-502"><span class="s2072955SENU">55-13A-502</span></a><span xml:space="preserve" class="s2072955SENU">. </span><span class="s2072955CL">Disbursements from principal.</span></p><p dir="ltr" class="s2072955Normal-000000"><span class="s2072955DefaultParagraphFont">(a) A trustee shall make the following disbursements from principal:</span></p><p dir="ltr" class="s2072955Normal-000001"><span class="s2072955DefaultParagraphFont">(1)    The remaining one-half of the disbursements described in § 55-13A-501(1) and (2);</span></p><p dir="ltr" class="s2072955Normal-000001"><span class="s2072955DefaultParagraphFont">(2)    All of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale;</span></p><p dir="ltr" class="s2072955Normal-000001"><span class="s2072955DefaultParagraphFont">(3)    Payments on the principal of a trust debt;</span></p><p dir="ltr" class="s2072955Normal-000001"><span class="s2072955DefaultParagraphFont">(4)    Expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;</span></p><p dir="ltr" class="s2072955Normal-000001"><span class="s2072955DefaultParagraphFont">(5)    Premiums paid on a policy of insurance not described in § 55-13A-501(4) of which the trust is the owner and beneficiary;</span></p><p dir="ltr" class="s2072955Normal-000001"><span class="s2072955DefaultParagraphFont">(6)    Estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and</span></p><p dir="ltr" class="s2072955Normal-000001"><span class="s2072955DefaultParagraphFont">(7)    Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.</span></p><p dir="ltr" class="s2072955Normal-000002"><span class="s2072955DefaultParagraphFont">(b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.</span></p><p dir="ltr" class="s2072955Normal"><span xml:space="preserve" class="s2072955000003"> </span></p><p dir="ltr" class="s2072955Normal"><span class="s2072955SCL">Source:</span><span xml:space="preserve" class="s2072955SCL-000004"> SL 2007, ch 282, § 27.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072956Normal { 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.s2072956SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072956CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072956Normal-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.s2072956DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072956Normal-000001 { text-indent: 0.25in; 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.s2072956Normal-000002 { 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.s2072956000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072956SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072956SCL-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="s2072956Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-503"><span class="s2072956SENU">55-13A-503</span></a><span xml:space="preserve" class="s2072956SENU">. </span><span class="s2072956CL">Transfers from income to principal for depreciation.</span></p><p dir="ltr" class="s2072956Normal-000000"><span class="s2072956DefaultParagraphFont">(a) In this section, the term, depreciation, means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.</span></p><p dir="ltr" class="s2072956Normal-000001"><span class="s2072956DefaultParagraphFont">(b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:</span></p><p dir="ltr" class="s2072956Normal-000002"><span class="s2072956DefaultParagraphFont">(1)    Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;</span></p><p dir="ltr" class="s2072956Normal-000002"><span class="s2072956DefaultParagraphFont">(2)    During the administration of a decedent's estate; or</span></p><p dir="ltr" class="s2072956Normal-000002"><span xml:space="preserve" class="s2072956DefaultParagraphFont">(3)    Under this section if the trustee is accounting under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-403"><span class="s2072956DefaultParagraphFont">55-13A-403</span></a><span xml:space="preserve" class="s2072956DefaultParagraphFont"> for the business or activity in which the asset is used.</span></p><p dir="ltr" class="s2072956Normal-000001"><span class="s2072956DefaultParagraphFont">(c) An amount transferred to principal need not be held as a separate fund.</span></p><p dir="ltr" class="s2072956Normal"><span xml:space="preserve" class="s2072956000003"> </span></p><p dir="ltr" class="s2072956Normal"><span class="s2072956SCL">Source:</span><span xml:space="preserve" class="s2072956SCL-000004"> SL 2007, ch 282, § 28.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072957Normal { 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.s2072957SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072957CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072957Normal-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.s2072957DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072957Normal-000001 { text-indent: 0.25in; 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.s2072957Normal-000002 { 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.s2072957000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072957SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072957SCL-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="s2072957Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-504"><span class="s2072957SENU">55-13A-504</span></a><span xml:space="preserve" class="s2072957SENU">. </span><span class="s2072957CL">Transfers from income to reimburse principal.</span></p><p dir="ltr" class="s2072957Normal-000000"><span class="s2072957DefaultParagraphFont">(a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.</span></p><p dir="ltr" class="s2072957Normal-000001"><span class="s2072957DefaultParagraphFont">(b) Principal disbursements to which subsection (a) applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:</span></p><p dir="ltr" class="s2072957Normal-000002"><span class="s2072957DefaultParagraphFont">(1)    An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;</span></p><p dir="ltr" class="s2072957Normal-000002"><span class="s2072957DefaultParagraphFont">(2)    A capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments;</span></p><p dir="ltr" class="s2072957Normal-000002"><span class="s2072957DefaultParagraphFont">(3)    Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;</span></p><p dir="ltr" class="s2072957Normal-000002"><span class="s2072957DefaultParagraphFont">(4)    Periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and</span></p><p dir="ltr" class="s2072957Normal-000002"><span class="s2072957DefaultParagraphFont">(5)    Disbursements described in § 55-13A-502(a)(7).</span></p><p dir="ltr" class="s2072957Normal-000001"><span class="s2072957DefaultParagraphFont">(c) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection (a).</span></p><p dir="ltr" class="s2072957Normal"><span xml:space="preserve" class="s2072957000003"> </span></p><p dir="ltr" class="s2072957Normal"><span class="s2072957SCL">Source:</span><span xml:space="preserve" class="s2072957SCL-000004"> SL 2007, ch 282, § 29.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072958Normal { 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.s2072958SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072958CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072958Normal-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.s2072958DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072958Normal-000001 { text-indent: 0.25in; 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.s2072958Normal-000002 { 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.s2072958000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072958SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072958SCL-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="s2072958Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-505"><span class="s2072958SENU">55-13A-505</span></a><span xml:space="preserve" class="s2072958SENU">. </span><span class="s2072958CL">Income taxes.</span></p><p dir="ltr" class="s2072958Normal-000000"><span class="s2072958DefaultParagraphFont">(a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.</span></p><p dir="ltr" class="s2072958Normal-000001"><span class="s2072958DefaultParagraphFont">(b) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.</span></p><p dir="ltr" class="s2072958Normal-000001"><span class="s2072958DefaultParagraphFont">(c) A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid:</span></p><p dir="ltr" class="s2072958Normal-000002"><span class="s2072958DefaultParagraphFont">(1)    From income to the extent that receipts from the entity are allocated only to income;</span></p><p dir="ltr" class="s2072958Normal-000002"><span class="s2072958DefaultParagraphFont">(2)    From principal to the extent that receipts from the entity are allocated only to principal;</span></p><p dir="ltr" class="s2072958Normal-000002"><span class="s2072958DefaultParagraphFont">(3)    Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and</span></p><p dir="ltr" class="s2072958Normal-000002"><span class="s2072958DefaultParagraphFont">(4)    From principal to the extent that the tax exceeds the total receipts from the entity.</span></p><p dir="ltr" class="s2072958Normal-000001"><span class="s2072958DefaultParagraphFont">(d) After applying subsections (a) through (c), the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.</span></p><p dir="ltr" class="s2072958Normal"><span xml:space="preserve" class="s2072958000003"> </span></p><p dir="ltr" class="s2072958Normal"><span class="s2072958SCL">Source:</span><span xml:space="preserve" class="s2072958SCL-000004"> SL 2007, ch 282, § 30; SL 2009, ch 252, § 36.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072959Normal { 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.s2072959SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072959CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072959Normal-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.s2072959DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072959Normal-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; } p.s2072959Normal-000002 { text-indent: 0.25in; 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.s2072959000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072959SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072959SCL-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="s2072959Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-506"><span class="s2072959SENU">55-13A-506</span></a><span xml:space="preserve" class="s2072959SENU">. </span><span class="s2072959CL">Adjustments between principal and income because of taxes.</span></p><p dir="ltr" class="s2072959Normal-000000"><span class="s2072959DefaultParagraphFont">(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:</span></p><p dir="ltr" class="s2072959Normal-000001"><span class="s2072959DefaultParagraphFont">(1)    Elections and decisions, other than those described in subsection (b), that the fiduciary makes from time to time regarding tax matters;</span></p><p dir="ltr" class="s2072959Normal-000001"><span class="s2072959DefaultParagraphFont">(2)    An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or</span></p><p dir="ltr" class="s2072959Normal-000001"><span class="s2072959DefaultParagraphFont">(3)    The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.</span></p><p dir="ltr" class="s2072959Normal-000002"><span class="s2072959DefaultParagraphFont">(b) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.</span></p><p dir="ltr" class="s2072959Normal"><span xml:space="preserve" class="s2072959000003"> </span></p><p dir="ltr" class="s2072959Normal"><span class="s2072959SCL">Source:</span><span xml:space="preserve" class="s2072959SCL-000004"> SL 2007, ch 282, § 31.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072960Normal { 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.s2072960SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072960CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072960Normal-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.s2072960DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072960000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072960SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072960SCL-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="s2072960Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-601"><span class="s2072960SENU">55-13A-601</span></a><span xml:space="preserve" class="s2072960SENU">. </span><span class="s2072960CL">Uniformity of application and construction.</span></p><p dir="ltr" class="s2072960Normal-000000"><span class="s2072960DefaultParagraphFont">In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.</span></p><p dir="ltr" class="s2072960Normal"><span xml:space="preserve" class="s2072960000001"> </span></p><p dir="ltr" class="s2072960Normal"><span class="s2072960SCL">Source:</span><span xml:space="preserve" class="s2072960SCL-000002"> SL 2007, ch 282, § 32.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072961Normal { 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.s2072961SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072961CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072961Normal-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.s2072961DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072961Normal-000001 { text-indent: 0.25in; 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.s2072961Normal-000002 { 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.s2072961000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072961SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072961SCL-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="s2072961Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-602"><span class="s2072961SENU">55-13A-602</span></a><span xml:space="preserve" class="s2072961SENU">. </span><span class="s2072961CL">Application of chapter to existing trusts and estates.</span></p><p dir="ltr" class="s2072961Normal-000000"><span xml:space="preserve" class="s2072961DefaultParagraphFont">This chapter applies to every trust or will created after July 1, 2007, except as otherwise expressly provided in the will or the terms of the trust or in this chapter. No trust or decedent's estate based upon a will executed after July 1, 2007, may utilize the provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13"><span class="s2072961DefaultParagraphFont">55-13</span></a><span xml:space="preserve" class="s2072961DefaultParagraphFont">. Every trust existing on June 30, 2007, or any decedent's estate existing on June 30, 2007, and based upon a will executed prior to July 1, 2007, may elect to apply the provisions of either chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13"><span class="s2072961DefaultParagraphFont">55-13</span></a><span xml:space="preserve" class="s2072961DefaultParagraphFont"> or this chapter. The election may be made by the trustee or personal representative upon providing sixty days written notice of the election to the beneficiaries of the trust or estate, as the case may be.</span></p><p dir="ltr" class="s2072961Normal-000001"><span class="s2072961DefaultParagraphFont">Any election made prior to July 1, 2008, is hereby ratified and remains in full force and effect.</span></p><p dir="ltr" class="s2072961Normal-000001"><span xml:space="preserve" class="s2072961DefaultParagraphFont">The provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-13A-409"><span class="s2072961DefaultParagraphFont">55-13A-409</span></a><span xml:space="preserve" class="s2072961DefaultParagraphFont"> as amended by SL 2009, ch 252, § 35 apply to a trust described in § 55-13A-409(d) on and after the following dates:</span></p><p dir="ltr" class="s2072961Normal-000002"><span class="s2072961DefaultParagraphFont">(1)    If the trust is not funded as of July 1, 2009, the date of the decedent's death;</span></p><p dir="ltr" class="s2072961Normal-000002"><span class="s2072961DefaultParagraphFont">(2)    If the trust is initially funded in the calendar year beginning January 1, 2010, the date of the decedent's death;</span></p><p dir="ltr" class="s2072961Normal-000002"><span class="s2072961DefaultParagraphFont">(3)    If the trust is not described in subdivision (1) or (2), January 1, 2010.</span></p><p dir="ltr" class="s2072961Normal"><span xml:space="preserve" class="s2072961000003"> </span></p><p dir="ltr" class="s2072961Normal"><span class="s2072961SCL">Source:</span><span xml:space="preserve" class="s2072961SCL-000004"> SL 2007, ch 282, § 33; SL 2008, ch 257, § 15; SL 2009, ch 252, § 37.</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 - FIDUCIARIES AND TRUSTS 55-14 MANAGEMENT OF INSTITUTIONAL FUNDS [REPEALED] </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-14 MANAGEMENT OF INSTITUTIONAL FUNDS [REPEALED] "> <META NAME="Description" Content="South Dakota Codified Laws 55-14"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-14 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> MANAGEMENT OF INSTITUTIONAL FUNDS [REPEALED] <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14-1">55-14-1</A> to 55-14-7. <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Repealed. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <p> </BODY> </HTML> <br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55 - FIDUCIARIES AND TRUSTS 55-14-1 </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-14-1 "> <META NAME="Description" Content="South Dakota Codified Laws 55-14-1"> </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 --> 55-14-1 to 55-14-7. <!-- WP Paired Style Off: SENU -->&nbsp;<!-- WP Style End: SENU --> Repealed by SL 2007, ch 283, &#167;&nbsp;11.<p> </BODY> </HTML> <br /><hr><br /> <HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55 - FIDUCIARIES AND TRUSTS 55-14A UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-14A UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT "> <META NAME="Description" Content="South Dakota Codified Laws 55-14A"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-14A <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-1">55-14A-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Short title. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-2">55-14A-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Definitions. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-3">55-14A-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Standard of conduct in managing and investing institutional fund. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-4">55-14A-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Appropriation for expenditure or accumulation of endowment fund--Rules of construction. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-5">55-14A-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Delegation of management and investment functions. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-6">55-14A-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Release or modification of restrictions on management, investment, or purpose. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-7">55-14A-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Reviewing compliance. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-8">55-14A-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Application to existing institutional funds. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-9">55-14A-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Relation to Electronic Signatures in Global and National Commerce Act. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-14A-10">55-14A-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Uniformity of application and construction. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072965Normal { 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.s2072965SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072965CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072965Normal-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.s2072965DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072965000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072965SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072965SCL-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="s2072965Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-1"><span class="s2072965SENU">55-14A-1</span></a><span xml:space="preserve" class="s2072965SENU">. </span><span class="s2072965CL">Short title.</span></p><p dir="ltr" class="s2072965Normal-000000"><span class="s2072965DefaultParagraphFont">This chapter may be cited as the Uniform Prudent Management of Institutional Funds Act.</span></p><p dir="ltr" class="s2072965Normal"><span xml:space="preserve" class="s2072965000001"> </span></p><p dir="ltr" class="s2072965Normal"><span class="s2072965SCL">Source:</span><span xml:space="preserve" class="s2072965SCL-000002"> SL 2007, ch 283, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072966Normal { 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.s2072966SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072966CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072966Normal-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.s2072966DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072966Normal-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.s2072966Normal-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.s2072966000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072966SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072966SCL-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="s2072966Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-2"><span class="s2072966SENU">55-14A-2</span></a><span xml:space="preserve" class="s2072966SENU">. </span><span class="s2072966CL">Definitions.</span></p><p dir="ltr" class="s2072966Normal-000000"><span class="s2072966DefaultParagraphFont">In this chapter:</span></p><p dir="ltr" class="s2072966Normal-000001"><span class="s2072966DefaultParagraphFont">(1)    "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community.</span></p><p dir="ltr" class="s2072966Normal-000001"><span class="s2072966DefaultParagraphFont">(2)    "Endowment fund" means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.</span></p><p dir="ltr" class="s2072966Normal-000001"><span class="s2072966DefaultParagraphFont">(3)    "Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.</span></p><p dir="ltr" class="s2072966Normal-000001"><span class="s2072966DefaultParagraphFont">(4)    "Institution" means:</span></p><p dir="ltr" class="s2072966Normal-000002"><span class="s2072966DefaultParagraphFont">(A)    A person, other than an individual, organized and operated exclusively for charitable purposes;</span></p><p dir="ltr" class="s2072966Normal-000002"><span class="s2072966DefaultParagraphFont">(B)    A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; and</span></p><p dir="ltr" class="s2072966Normal-000002"><span class="s2072966DefaultParagraphFont">(C)    A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.</span></p><p dir="ltr" class="s2072966Normal-000001"><span class="s2072966DefaultParagraphFont">(5)    "Institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include:</span></p><p dir="ltr" class="s2072966Normal-000002"><span class="s2072966DefaultParagraphFont">(A)    Program-related assets;</span></p><p dir="ltr" class="s2072966Normal-000002"><span class="s2072966DefaultParagraphFont">(B)    A fund held for an institution by a trustee that is not an institution; or</span></p><p dir="ltr" class="s2072966Normal-000002"><span class="s2072966DefaultParagraphFont">(C)    A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.</span></p><p dir="ltr" class="s2072966Normal-000001"><span class="s2072966DefaultParagraphFont">(6)    "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.</span></p><p dir="ltr" class="s2072966Normal-000001"><span class="s2072966DefaultParagraphFont">(7)    "Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.</span></p><p dir="ltr" class="s2072966Normal-000001"><span class="s2072966DefaultParagraphFont">(8)    "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.</span></p><p dir="ltr" class="s2072966Normal"><span xml:space="preserve" class="s2072966000003"> </span></p><p dir="ltr" class="s2072966Normal"><span class="s2072966SCL">Source:</span><span xml:space="preserve" class="s2072966SCL-000004"> SL 2007, ch 283, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072967Normal { 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.s2072967SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072967CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072967Normal-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.s2072967DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072967Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } p.s2072967Normal-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; } p.s2072967Normal-000003 { 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.s2072967000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072967SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072967SCL-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="s2072967Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-3"><span class="s2072967SENU">55-14A-3</span></a><span xml:space="preserve" class="s2072967SENU">. </span><span class="s2072967CL">Standard of conduct in managing and investing institutional fund.</span></p><p dir="ltr" class="s2072967Normal-000000"><span class="s2072967DefaultParagraphFont">(a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.</span></p><p dir="ltr" class="s2072967Normal-000001"><span class="s2072967DefaultParagraphFont">(b) In addition to complying with the duty of loyalty imposed by law other than this chapter, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.</span></p><p dir="ltr" class="s2072967Normal-000001"><span class="s2072967DefaultParagraphFont">(c) In managing and investing an institutional fund, an institution:</span></p><p dir="ltr" class="s2072967Normal-000002"><span class="s2072967DefaultParagraphFont">(1)    May incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the institution, and the skills available to the institution; and</span></p><p dir="ltr" class="s2072967Normal-000002"><span class="s2072967DefaultParagraphFont">(2)    Shall make a reasonable effort to verify facts relevant to the management and investment of the fund.</span></p><p dir="ltr" class="s2072967Normal-000001"><span class="s2072967DefaultParagraphFont">(d) An institution may pool two or more institutional funds for purposes of management and investment.</span></p><p dir="ltr" class="s2072967Normal-000001"><span class="s2072967DefaultParagraphFont">(e) Except as otherwise provided by a gift instrument, the following rules apply:</span></p><p dir="ltr" class="s2072967Normal-000002"><span class="s2072967DefaultParagraphFont">(1)    In managing and investing an institutional fund, the following factors, if relevant, must be considered:</span></p><p dir="ltr" class="s2072967Normal-000003"><span class="s2072967DefaultParagraphFont">(A)    General economic conditions;</span></p><p dir="ltr" class="s2072967Normal-000003"><span class="s2072967DefaultParagraphFont">(B)    The possible effect of inflation or deflation;</span></p><p dir="ltr" class="s2072967Normal-000003"><span class="s2072967DefaultParagraphFont">(C)    The expected tax consequences, if any, of investment decisions or strategies;</span></p><p dir="ltr" class="s2072967Normal-000003"><span class="s2072967DefaultParagraphFont">(D)    The role that each investment or course of action plays within the overall investment portfolio of the fund;</span></p><p dir="ltr" class="s2072967Normal-000003"><span class="s2072967DefaultParagraphFont">(E)    The expected total return from income and the appreciation of investments;</span></p><p dir="ltr" class="s2072967Normal-000003"><span class="s2072967DefaultParagraphFont">(F)    Other resources of the institution;</span></p><p dir="ltr" class="s2072967Normal-000003"><span class="s2072967DefaultParagraphFont">(G)    The needs of the institution and the fund to make distributions and to preserve capital; and</span></p><p dir="ltr" class="s2072967Normal-000003"><span class="s2072967DefaultParagraphFont">(H)    An asset's special relationship or special value, if any, to the charitable purposes of the institution.</span></p><p dir="ltr" class="s2072967Normal-000002"><span class="s2072967DefaultParagraphFont">(2)    Management and investment decisions about an individual asset must be made not in isolation but rather in the context of the institutional fund's portfolio of investments as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the fund and to the institution.</span></p><p dir="ltr" class="s2072967Normal-000002"><span class="s2072967DefaultParagraphFont">(3)    Except as otherwise provided by law other than this chapter, an institution may invest in any kind of property or type of investment consistent with this section.</span></p><p dir="ltr" class="s2072967Normal-000002"><span class="s2072967DefaultParagraphFont">(4)    An institution shall diversify the investments of an institutional fund unless the institution reasonably determines that, because of special circumstances, the purposes of the fund are better served without diversification.</span></p><p dir="ltr" class="s2072967Normal-000002"><span class="s2072967DefaultParagraphFont">(5)    Within a reasonable time after receiving property, an institution shall make and carry out decisions concerning the retention or disposition of the property or to rebalance a portfolio, in order to bring the institutional fund into compliance with the purposes, terms, and distribution requirements of the institution as necessary to meet other circumstances of the institution and the requirements of this chapter.</span></p><p dir="ltr" class="s2072967Normal-000002"><span class="s2072967DefaultParagraphFont">(6)    A person that has special skills or expertise, or is selected in reliance upon the person's representation that the person has special skills or expertise, has a duty to use those skills or that expertise in managing and investing institutional funds.</span></p><p dir="ltr" class="s2072967Normal"><span xml:space="preserve" class="s2072967000004"> </span></p><p dir="ltr" class="s2072967Normal"><span class="s2072967SCL">Source:</span><span xml:space="preserve" class="s2072967SCL-000005"> SL 2007, ch 283, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072968Normal { 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.s2072968SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072968CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072968Normal-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.s2072968DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072968Normal-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.s2072968Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072968000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072968SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072968SCL-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="s2072968Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-4"><span class="s2072968SENU">55-14A-4</span></a><span xml:space="preserve" class="s2072968SENU">. </span><span class="s2072968CL">Appropriation for expenditure or accumulation of endowment fund--Rules of construction.</span></p><p dir="ltr" class="s2072968Normal-000000"><span class="s2072968DefaultParagraphFont">(a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:</span></p><p dir="ltr" class="s2072968Normal-000001"><span class="s2072968DefaultParagraphFont">(1)    The duration and preservation of the endowment fund;</span></p><p dir="ltr" class="s2072968Normal-000001"><span class="s2072968DefaultParagraphFont">(2)    The purposes of the institution and the endowment fund;</span></p><p dir="ltr" class="s2072968Normal-000001"><span class="s2072968DefaultParagraphFont">(3)    General economic conditions;</span></p><p dir="ltr" class="s2072968Normal-000001"><span class="s2072968DefaultParagraphFont">(4)    The possible effect of inflation or deflation;</span></p><p dir="ltr" class="s2072968Normal-000001"><span class="s2072968DefaultParagraphFont">(5)    The expected total return from income and the appreciation of investments;</span></p><p dir="ltr" class="s2072968Normal-000001"><span class="s2072968DefaultParagraphFont">(6)    Other resources of the institution; and</span></p><p dir="ltr" class="s2072968Normal-000001"><span class="s2072968DefaultParagraphFont">(7)    The investment policy of the institution.</span></p><p dir="ltr" class="s2072968Normal-000002"><span class="s2072968DefaultParagraphFont">(b) To limit the authority to appropriate for expenditure or accumulate under subsection (a), a gift instrument must specifically state the limitation.</span></p><p dir="ltr" class="s2072968Normal-000002"><span class="s2072968DefaultParagraphFont">(c) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income", "interest", "dividends", or "rents, issues, or profits", or "to preserve the principal intact", or words of similar import:</span></p><p dir="ltr" class="s2072968Normal-000001"><span class="s2072968DefaultParagraphFont">(1)    Create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and</span></p><p dir="ltr" class="s2072968Normal-000001"><span class="s2072968DefaultParagraphFont">(2)    Do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a).</span></p><p dir="ltr" class="s2072968Normal"><span xml:space="preserve" class="s2072968000003"> </span></p><p dir="ltr" class="s2072968Normal"><span class="s2072968SCL">Source:</span><span xml:space="preserve" class="s2072968SCL-000004"> SL 2007, ch 283, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072969Normal { 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.s2072969SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072969CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072969Normal-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.s2072969DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072969Normal-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; } p.s2072969Normal-000002 { text-indent: 0.25in; 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.s2072969000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072969SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072969SCL-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="s2072969Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-5"><span class="s2072969SENU">55-14A-5</span></a><span xml:space="preserve" class="s2072969SENU">. </span><span class="s2072969CL">Delegation of management and investment functions.</span></p><p dir="ltr" class="s2072969Normal-000000"><span class="s2072969DefaultParagraphFont">(a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:</span></p><p dir="ltr" class="s2072969Normal-000001"><span class="s2072969DefaultParagraphFont">(1)    Selecting an agent;</span></p><p dir="ltr" class="s2072969Normal-000001"><span class="s2072969DefaultParagraphFont">(2)    Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and</span></p><p dir="ltr" class="s2072969Normal-000001"><span class="s2072969DefaultParagraphFont">(3)    Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.</span></p><p dir="ltr" class="s2072969Normal-000002"><span class="s2072969DefaultParagraphFont">(b) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.</span></p><p dir="ltr" class="s2072969Normal-000002"><span class="s2072969DefaultParagraphFont">(c) An institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the function was delegated.</span></p><p dir="ltr" class="s2072969Normal-000002"><span class="s2072969DefaultParagraphFont">(d) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.</span></p><p dir="ltr" class="s2072969Normal-000002"><span class="s2072969DefaultParagraphFont">(e) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than this chapter.</span></p><p dir="ltr" class="s2072969Normal"><span xml:space="preserve" class="s2072969000003"> </span></p><p dir="ltr" class="s2072969Normal"><span class="s2072969SCL">Source:</span><span xml:space="preserve" class="s2072969SCL-000004"> SL 2007, ch 283, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072970Normal { 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.s2072970SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072970CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072970Normal-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.s2072970DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072970Normal-000001 { text-indent: 0.25in; 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.s2072970Normal-000002 { 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.s2072970000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072970SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072970SCL-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="s2072970Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-6"><span class="s2072970SENU">55-14A-6</span></a><span xml:space="preserve" class="s2072970SENU">. </span><span class="s2072970CL">Release or modification of restrictions on management, investment, or purpose.</span></p><p dir="ltr" class="s2072970Normal-000000"><span class="s2072970DefaultParagraphFont">(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.</span></p><p dir="ltr" class="s2072970Normal-000001"><span class="s2072970DefaultParagraphFont">(b) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. To the extent practicable, any modification must be made in accordance with the donor's probable intention.</span></p><p dir="ltr" class="s2072970Normal-000001"><span class="s2072970DefaultParagraphFont">(c) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument.</span></p><p dir="ltr" class="s2072970Normal-000001"><span class="s2072970DefaultParagraphFont">(d) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution may release or modify the restriction, in whole or part, if:</span></p><p dir="ltr" class="s2072970Normal-000002"><span class="s2072970DefaultParagraphFont">(1)    The institutional fund subject to the restriction has a total value of less than twenty-five thousand dollars;</span></p><p dir="ltr" class="s2072970Normal-000002"><span class="s2072970DefaultParagraphFont">(2)    More than twenty years have elapsed since the fund was established; and</span></p><p dir="ltr" class="s2072970Normal-000002"><span class="s2072970DefaultParagraphFont">(3)    The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.</span></p><p dir="ltr" class="s2072970Normal"><span xml:space="preserve" class="s2072970000003"> </span></p><p dir="ltr" class="s2072970Normal"><span class="s2072970SCL">Source:</span><span xml:space="preserve" class="s2072970SCL-000004"> SL 2007, ch 283, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072971Normal { 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.s2072971SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072971CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072971Normal-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.s2072971DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072971000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072971SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072971SCL-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="s2072971Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-7"><span class="s2072971SENU">55-14A-7</span></a><span xml:space="preserve" class="s2072971SENU">. </span><span class="s2072971CL">Reviewing compliance.</span></p><p dir="ltr" class="s2072971Normal-000000"><span class="s2072971DefaultParagraphFont">Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.</span></p><p dir="ltr" class="s2072971Normal"><span xml:space="preserve" class="s2072971000001"> </span></p><p dir="ltr" class="s2072971Normal"><span class="s2072971SCL">Source:</span><span xml:space="preserve" class="s2072971SCL-000002"> SL 2007, ch 283, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072972Normal { 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.s2072972SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072972CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072972Normal-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.s2072972DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072972000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072972SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072972SCL-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="s2072972Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-8"><span class="s2072972SENU">55-14A-8</span></a><span xml:space="preserve" class="s2072972SENU">. </span><span class="s2072972CL">Application to existing institutional funds.</span></p><p dir="ltr" class="s2072972Normal-000000"><span class="s2072972DefaultParagraphFont">This chapter applies to institutional funds existing on or established after July 1, 2007. As applied to institutional funds existing on July 1, 2007, this chapter governs only decisions made or actions taken on or after that date. This chapter does not apply to any funds directly held or managed by a governmental agency.</span></p><p dir="ltr" class="s2072972Normal"><span xml:space="preserve" class="s2072972000001"> </span></p><p dir="ltr" class="s2072972Normal"><span class="s2072972SCL">Source:</span><span xml:space="preserve" class="s2072972SCL-000002"> SL 2007, ch 283, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072973Normal { 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.s2072973SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072973CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072973Normal-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.s2072973DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072973000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072973SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072973SCL-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="s2072973Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-9"><span class="s2072973SENU">55-14A-9</span></a><span xml:space="preserve" class="s2072973SENU">. </span><span class="s2072973CL">Relation to Electronic Signatures in Global and National Commerce Act.</span></p><p dir="ltr" class="s2072973Normal-000000"><span class="s2072973DefaultParagraphFont">This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U. S.C. Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 U.S.C. Section 7003(b).</span></p><p dir="ltr" class="s2072973Normal"><span xml:space="preserve" class="s2072973000001"> </span></p><p dir="ltr" class="s2072973Normal"><span class="s2072973SCL">Source:</span><span xml:space="preserve" class="s2072973SCL-000002"> SL 2007, ch 283, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072974Normal { 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.s2072974SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072974CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072974Normal-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.s2072974DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072974000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072974SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072974SCL-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="s2072974Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-14A-10"><span class="s2072974SENU">55-14A-10</span></a><span xml:space="preserve" class="s2072974SENU">. </span><span class="s2072974CL">Uniformity of application and construction.</span></p><p dir="ltr" class="s2072974Normal-000000"><span class="s2072974DefaultParagraphFont">In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.</span></p><p dir="ltr" class="s2072974Normal"><span xml:space="preserve" class="s2072974000001"> </span></p><p dir="ltr" class="s2072974Normal"><span class="s2072974SCL">Source:</span><span xml:space="preserve" class="s2072974SCL-000002"> SL 2007, ch 283, § 10.</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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS 55-15-7 </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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s56d3af848ecf469ead4b213229f788a5Normal { 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.s56d3af848ecf469ead4b213229f788a5SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s56d3af848ecf469ead4b213229f788a5CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s56d3af848ecf469ead4b213229f788a5Statute { 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.s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s56d3af848ecf469ead4b213229f788a5StatuteNumber1 { 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.s56d3af848ecf469ead4b213229f788a5StatuteNumber2 { 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.s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont-000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s56d3af848ecf469ead4b213229f788a5000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s56d3af848ecf469ead4b213229f788a5NoIndent { 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.s56d3af848ecf469ead4b213229f788a5DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; 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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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 - FIDUCIARIES AND TRUSTS </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; } </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><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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083770Normal { 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.s2083770HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083770DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2083770HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083770Normal-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.s2083770B { 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 55-16 - QUALIFIED DISPOSITIONS IN TRUST"><meta property="og:description" content="SDLRC Codified Law 55-16 - QUALIFIED DISPOSITIONS IN TRUST"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-16"><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="s2083770Normal"><span xml:space="preserve" class="s2083770HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16</span></a></p><p dir="ltr" class="s2083770Normal"><span xml:space="preserve" class="s2083770HG4C">QUALIFIED DISPOSITIONS IN TRUST </span></p><p dir="ltr" class="s2083770Normal-000000"><span xml:space="preserve" class="s2083770DefaultParagraphFont"> </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-1" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-1</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Definitions. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-2" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-2</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Trust instrument defined.</span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-3" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-3</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Qualified person defined. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-4" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-4</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Persons and entities not to be considered qualified person--Appointment, removal, or replacement of co-trustee, trust advisor, or trust protector. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-5" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-5</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Service as investment trust advisor--Service as fiduciary by transferor. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-6" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-6</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Successor qualified person. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-7" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-7</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Disposition to more than one trustee--Qualified disposition even if all trustees are not qualified persons. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-8" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-8</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Powers and rights of transferor--Effect on qualified disposition. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Creditors' actions limited to transfers with intent to defraud. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-10" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-10</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Requirements for bringing claim for fraudulent transfer of settlor's assets. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-11" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-11</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Disposition by transferor who is a trustee--Time of disposition. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-12" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-12</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Creditor or other person--Rights with respect to a qualified disposition--Action against trustee, advisor, or trust preparer prohibited. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-13" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-13</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Action against trustee, advisor, or preparer of trust prohibited if action by creditor would be barred--Jurisdiction--Attorneys' fees and costs. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-14" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-14</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Multiple qualified dispositions in same trust instrument. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-15" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-15</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Application of chapter. </span></p><p dir="ltr" class="s2083770B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-16" rel="noopener"><span class="s2083770DefaultParagraphFont">55-16-16</span></a><span xml:space="preserve" class="s2083770DefaultParagraphFont">    Avoidance of qualified disposition. </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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072992Normal { 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.s2072992SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072992CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072992Normal-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.s2072992DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072992Normal-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; } p.s2072992Normal-000002 { text-indent: 0.25in; 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.s2072992000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072992SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072992SCL-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="s2072992Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-1"><span class="s2072992SENU">55-16-1</span></a><span xml:space="preserve" class="s2072992SENU">. </span><span class="s2072992CL">Definitions.</span></p><p dir="ltr" class="s2072992Normal-000000"><span class="s2072992DefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="s2072992Normal-000001"><span class="s2072992DefaultParagraphFont">(1)    "Claim," a right to payment, whether or not the right is reduced to judgment liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured;</span></p><p dir="ltr" class="s2072992Normal-000001"><span class="s2072992DefaultParagraphFont">(2)    "Creditor," with respect to a transferor, a person who has a claim;</span></p><p dir="ltr" class="s2072992Normal-000001"><span class="s2072992DefaultParagraphFont">(3)    "Debt," liability on a claim;</span></p><p dir="ltr" class="s2072992Normal-000001"><span class="s2072992DefaultParagraphFont">(4)    "Disposition," a transfer, conveyance, or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one trustee for another or the addition of one or more new trustees, or the exercise of a power so as to cause a transfer of property to a trustee or trustees. The term does not include the release or relinquishment of an interest in property that theretofore was the subject of a qualified disposition;</span></p><p dir="ltr" class="s2072992Normal-000001"><span class="s2072992DefaultParagraphFont">(5)    "Property," real property, personal property, and interests in real or personal property;</span></p><p dir="ltr" class="s2072992Normal-000001"><span class="s2072992DefaultParagraphFont">(6)    "Qualified disposition," a disposition by or from a transferor to a qualified person or qualified persons, without consideration or for less than fair market value, by means of a trust instrument;</span></p><p dir="ltr" class="s2072992Normal-000001"><span class="s2072992DefaultParagraphFont">(7)    "Spouse" and "former spouse," only persons to whom the transferor was married at, or before, the time the qualified disposition is made;</span></p><p dir="ltr" class="s2072992Normal-000001"><span class="s2072992DefaultParagraphFont">(8)    "Transferor," any person as an owner of property; as a holder of a power of appointment which authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate, or the creditors of the holder's estate; or as a trustee, directly or indirectly, makes a disposition or causes a disposition to be made.</span></p><p dir="ltr" class="s2072992Normal-000002"><span class="s2072992DefaultParagraphFont">The terms, transferor and beneficiary, may be any person as defined in subdivision 55-4-1(2).</span></p><p dir="ltr" class="s2072992Normal"><span xml:space="preserve" class="s2072992000003"> </span></p><p dir="ltr" class="s2072992Normal"><span class="s2072992SCL">Source:</span><span xml:space="preserve" class="s2072992SCL-000004"> SL 2005, ch 261, § 1; SL 2015, ch 240, § 20; SL 2018, ch 275, § 28.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s2083055Normal { 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.s2083055SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083055CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2083055Statute { 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.s2083055DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083055StatuteNumber1 { 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; } p.s2083055StatuteNumber2 { 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; } a.s2083055000000 { text-decoration: none; } p.s2083055Statute-000001 { text-indent: 0.25in; 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.s2083055000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2083055NoIndent { 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.s2083055DefaultParagraphFont-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2083055SCL { 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 55-16-2 - Trust instrument defined."><meta property="og:description" content="SDLRC Codified Law 55-16-2 - Trust instrument defined."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-16-2"><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="s2083055Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-2" rel="noopener"><span class="s2083055SENU">55-16-2</span></a><span xml:space="preserve" class="s2083055SENU">. </span><span xml:space="preserve" class="s2083055CL">Trust instrument defined. </span></p><p dir="ltr" class="s2083055Statute"><span class="s2083055DefaultParagraphFont">For the purposes of this chapter, a trust instrument, is an instrument appointing a qualified person or qualified persons for the property that is the subject of a disposition, which instrument:</span></p><p dir="ltr" class="s2083055StatuteNumber1"><span class="s2083055DefaultParagraphFont">(1)    Expressly incorporates the law of this state to govern the validity, construction, and administration of the trust;</span></p><p dir="ltr" class="s2083055StatuteNumber1"><span class="s2083055DefaultParagraphFont">(2)    Is irrevocable, but a trust instrument may not be deemed revocable on account of its inclusion of one or more of the following:</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(a)    A transferor's power to veto a distribution from the trust;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(b)    An inter vivos power of appointment, other than an inter vivos power exercisable solely by the transferor in favor of the transferor, the transferor's creditors, the transferor's estate, or the creditors of the transferor's estate;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(c)    A testamentary power of appointment;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(d)    The transferor's potential or actual receipt of income, including rights to such income retained in the trust instrument;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(e)    The transferor's potential or actual receipt of income or principal from a charitable remainder unitrust or charitable remainder annuity trust as such terms are defined in § 664 of the Internal Revenue Code of 1986, 26 U.S.C. § 664, as of January 1, 2009;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(f)    The transferor's receipt each year of a percentage of the value as determined from time to time pursuant to the trust instrument, but not exceeding the amount that may be defined as income under § 643(b) of the Internal Revenue Code of 1986, 26 U.S.C. § 643(b), as of January 1, 2009;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span xml:space="preserve" class="s2083055DefaultParagraphFont">(g)    The transferor's potential or actual receipt or use of principal if the potential or actual receipt or use of principal would be the result of a qualified person, including a qualified person acting at the direction of a trust advisor described in this section, acting either in the qualified person's sole discretion or </span><a id="_pagenumber15" class="s2083055000000" rel="noopener"></a><span class="s2083055DefaultParagraphFont">pursuant to an ascertainable standard contained in the trust instrument;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(h)    The transferor's right to remove a trustee, protector, or trust advisor and to appoint a new trustee, protector, or trust advisor, other than a trustee who is a related or subordinate party with respect to the transferor within the meaning of § 672(c) of the Internal Revenue Code of 1986, 26 U.S.C. § 672(c), as of January 1, 2009;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(i)    The transferor's potential or actual use of real property held under a qualified personal residence trust within the meaning of such term as described in the regulations promulgated under § 2702(c) of the Internal Revenue Code of 1986, 26 U.S.C. § 2702(c), as of January 1, 2009;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(j)    A pour back provision that pours back to the transferor's will or revocable trust all or part of the trust assets;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span xml:space="preserve" class="s2083055DefaultParagraphFont">(k)    The transferor's potential or actual receipt of income or principal to pay, in whole or in part, income taxes due on income of the trust if the potential or actual receipt of income or principal is pursuant to a provision in the trust instrument that expressly provides for the payment of the taxes and if the potential or actual receipt of income or principal would be the result of a qualified person's acting in the qualified person's discretion or pursuant to a mandatory direction in the trust instrument or acting at the direction of an advisor described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-4" rel="noopener"><span class="s2083055DefaultParagraphFont">55-16-4</span></a><span class="s2083055DefaultParagraphFont">;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(l)    The ability, whether pursuant to discretion, direction, or the grantor's exercise of a testamentary power of appointment, of a qualified person to pay, after the death of the transferor, all or any part of the debts of the transferor outstanding at the time of the transferor's death, the expenses of administering the transferor's estate, or any estate or inheritance tax imposed on or with respect to the transferor's estate;</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span xml:space="preserve" class="s2083055DefaultParagraphFont">(m)    A transferor's service as a noncontrolling member of a distribution committee that functions as a distribution trust advisor, as defined in subdivision </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-1" rel="noopener"><span class="s2083055DefaultParagraphFont">55-1B-1</span></a><span class="s2083055DefaultParagraphFont">(7); or</span></p><p dir="ltr" class="s2083055StatuteNumber2"><span class="s2083055DefaultParagraphFont">(n)    A transferor's enjoyment of a power to reacquire the trust corpus by substituting other property of an equivalent value within the meaning of § 675(4)(C) of the Internal Revenue Code of 1986, 26 U.S.C. § 675(4)(C), as of January 1, 2021; and</span></p><p dir="ltr" class="s2083055StatuteNumber1"><span xml:space="preserve" class="s2083055DefaultParagraphFont">(3)    Provides that the interest of the transferor or other beneficiary in the trust property or the income from the trust property may not be transferred, assigned, pledged, or mortgaged, whether voluntarily or involuntarily, before the qualified person distributes the property or income from the property to the beneficiary, and such provision of the trust instrument constitutes a restriction on the transfer of the transferor's beneficial interest in the trust that is enforceable under </span><a id="_pagenumber16" class="s2083055000000" rel="noopener"></a><span class="s2083055DefaultParagraphFont">applicable nonbankruptcy law within the meaning of § 541(c)(2) of the Bankruptcy Code, 11 U.S.C. § 541(c)(2), as of January 1, 2009.</span></p><p dir="ltr" class="s2083055Statute-000001"><span class="s2083055DefaultParagraphFont">A disposition by a trustee that is not a qualified person to a trustee that is a qualified person may not be treated as other than a qualified disposition solely because the trust instrument fails to meet the requirements of subdivision (1) of this section.</span></p><p dir="ltr" class="s2083055Normal"><span xml:space="preserve" class="s2083055000002"> </span></p><p dir="ltr" class="s2083055NoIndent"><span xml:space="preserve" class="s2083055DefaultParagraphFont-000003">Source: </span><span class="s2083055SCL">SL 2005, ch 261, § 2; SL 2007, ch 247, § 11; SL 2009, ch 252, § 41; SL 2012, ch 233, § 19; SL 2013, ch 239, § 18; SL 2014, ch 226, § 22; SL 2020, ch 206, § 16; SL 2021, ch 207, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072994Normal { 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.s2072994SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072994CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072994Normal-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.s2072994DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072994000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072994SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072994SCL-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="s2072994Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-3"><span class="s2072994SENU">55-16-3</span></a><span xml:space="preserve" class="s2072994SENU">. </span><span class="s2072994CL">Qualified person defined.</span></p><p dir="ltr" class="s2072994Normal-000000"><span xml:space="preserve" class="s2072994DefaultParagraphFont">For the purposes of this chapter, a qualified person is any person who qualifies as a qualified person under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-41"><span class="s2072994DefaultParagraphFont">55-3-41</span></a><span xml:space="preserve" class="s2072994DefaultParagraphFont"> and who meets all the requirements of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-39"><span class="s2072994DefaultParagraphFont">55-3-39</span></a><span xml:space="preserve" class="s2072994DefaultParagraphFont"> other than the transferor.</span></p><p dir="ltr" class="s2072994Normal"><span xml:space="preserve" class="s2072994000001"> </span></p><p dir="ltr" class="s2072994Normal"><span class="s2072994SCL">Source:</span><span xml:space="preserve" class="s2072994SCL-000002"> SL 2005, ch 261, § 3; SL 2009, ch 252, § 42.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072995Normal { 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.s2072995SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072995CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072995Normal-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.s2072995DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072995000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072995SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072995SCL-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="s2072995Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-4"><span class="s2072995SENU">55-16-4</span></a><span xml:space="preserve" class="s2072995SENU">. </span><span class="s2072995CL">Persons and entities not to be considered qualified person--Appointment, removal, or replacement of co-trustee, trust advisor, or trust protector.</span></p><p dir="ltr" class="s2072995Normal-000000"><span xml:space="preserve" class="s2072995DefaultParagraphFont">Neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-3"><span class="s2072995DefaultParagraphFont">55-16-3</span></a><span xml:space="preserve" class="s2072995DefaultParagraphFont"> may be considered a qualified person. However, nothing in this chapter precludes a transferor from appointing, removing, or replacing one or more co-trustees, trust advisors, or trust protectors, regardless of whether or not such trust advisor or trust protector is a fiduciary.</span></p><p dir="ltr" class="s2072995Normal"><span xml:space="preserve" class="s2072995000001"> </span></p><p dir="ltr" class="s2072995Normal"><span class="s2072995SCL">Source:</span><span xml:space="preserve" class="s2072995SCL-000002"> SL 2005, ch 261, § 4; SL 2006, ch 243, § 5; SL 2011, ch 212, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2079874Normal { 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.s2079874SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079874CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2079874Statute { 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.s2079874DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079874000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2079874DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2079874SCL { 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="s2079874Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-5"><span class="s2079874SENU">55-16-5</span></a><span xml:space="preserve" class="s2079874SENU">. </span><span class="s2079874CL">Service as investment trust advisor--Service as fiduciary by transferor.</span></p><p dir="ltr" class="s2079874Statute"><span xml:space="preserve" class="s2079874DefaultParagraphFont">Any person may serve as an investment trust advisor, as defined in subdivision </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1B-1"><span class="s2079874DefaultParagraphFont">55-1B-1</span></a><span xml:space="preserve" class="s2079874DefaultParagraphFont">(6), notwithstanding that the person is the transferor of the qualified disposition, but a transferor may not otherwise serve as a fiduciary under a trust instrument except as stated in subdivision </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-2"><span class="s2079874DefaultParagraphFont">55-16-2</span></a><span class="s2079874DefaultParagraphFont">(2). While serving as an investment trust advisor of the trust, the person may have all powers authorized by statute or by the trust instrument, including the power to vote by proxy any stock owned by the trust.</span></p><p dir="ltr" class="s2079874Normal"><span xml:space="preserve" class="s2079874000000"> </span></p><p dir="ltr" class="s2079874Normal"><span xml:space="preserve" class="s2079874DefaultParagraphFont-000001">Source: </span><span class="s2079874SCL">SL 2005, ch 261, § 5; SL 2006, ch 243, § 6; SL 2010, ch 232, § 28; SL 2012, ch 233, § 15; SL 2019, ch 209, § 8; SL 2020, ch 206, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072997Normal { 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.s2072997SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072997CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072997Normal-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.s2072997DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072997000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072997SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072997SCL-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="s2072997Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-6"><span class="s2072997SENU">55-16-6</span></a><span xml:space="preserve" class="s2072997SENU">. </span><span class="s2072997CL">Successor qualified person.</span></p><p dir="ltr" class="s2072997Normal-000000"><span xml:space="preserve" class="s2072997DefaultParagraphFont">If a qualified person of a trust ceases to meet the requirements of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-3"><span class="s2072997DefaultParagraphFont">55-16-3</span></a><span class="s2072997DefaultParagraphFont">, and there remains no trustee that meets such requirements, such qualified person shall be deemed to have resigned as of the time of such cessation, and thereupon the successor qualified person provided for in the trust instrument shall become a qualified person of the trust, or in the absence of any successor qualified person provided for in the trust instrument, the circuit court shall, upon application of any interested party, appoint a successor qualified person.</span></p><p dir="ltr" class="s2072997Normal"><span xml:space="preserve" class="s2072997000001"> </span></p><p dir="ltr" class="s2072997Normal"><span class="s2072997SCL">Source:</span><span xml:space="preserve" class="s2072997SCL-000002"> SL 2005, ch 261, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072998Normal { 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.s2072998SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072998CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072998Normal-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.s2072998DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072998000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072998SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072998SCL-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="s2072998Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-7"><span class="s2072998SENU">55-16-7</span></a><span xml:space="preserve" class="s2072998SENU">. </span><span class="s2072998CL">Disposition to more than one trustee--Qualified disposition even if all trustees are not qualified persons.</span></p><p dir="ltr" class="s2072998Normal-000000"><span class="s2072998DefaultParagraphFont">In the case of a disposition to more than one trustee, a disposition that is otherwise a qualified disposition may not be treated as other than a qualified disposition solely because not all of the trustees are qualified persons.</span></p><p dir="ltr" class="s2072998Normal"><span xml:space="preserve" class="s2072998000001"> </span></p><p dir="ltr" class="s2072998Normal"><span class="s2072998SCL">Source:</span><span xml:space="preserve" class="s2072998SCL-000002"> SL 2005, ch 261, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072999Normal { 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.s2072999SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072999CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072999Normal-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.s2072999DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072999000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072999SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072999SCL-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="s2072999Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-8"><span class="s2072999SENU">55-16-8</span></a><span xml:space="preserve" class="s2072999SENU">. </span><span class="s2072999CL">Powers and rights of transferor--Effect on qualified disposition.</span></p><p dir="ltr" class="s2072999Normal-000000"><span xml:space="preserve" class="s2072999DefaultParagraphFont">A qualified disposition is subject to §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2072999DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2072999DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-14"><span class="s2072999DefaultParagraphFont">55-16-14</span></a><span xml:space="preserve" class="s2072999DefaultParagraphFont">, inclusive, notwithstanding a transferor's retention of any or all of the powers and rights described in subdivision 55-16-2(2) and the transferor's service as trust advisor pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-5"><span class="s2072999DefaultParagraphFont">55-16-5</span></a><span xml:space="preserve" class="s2072999DefaultParagraphFont">. The transferor has only such powers and rights as are conferred by the trust instrument. Except as permitted by §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-2"><span class="s2072999DefaultParagraphFont">55-16-2</span></a><span xml:space="preserve" class="s2072999DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-5"><span class="s2072999DefaultParagraphFont">55-16-5</span></a><span class="s2072999DefaultParagraphFont">, a transferor has no rights or authority with respect to the property that is the subject of a qualified disposition or the income therefrom, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority is void.</span></p><p dir="ltr" class="s2072999Normal"><span xml:space="preserve" class="s2072999000001"> </span></p><p dir="ltr" class="s2072999Normal"><span class="s2072999SCL">Source:</span><span xml:space="preserve" class="s2072999SCL-000002"> SL 2005, ch 261, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073000Normal { 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.s2073000SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073000CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073000Normal-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.s2073000DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073000000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073000SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073000SCL-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="s2073000Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073000SENU">55-16-9</span></a><span xml:space="preserve" class="s2073000SENU">. </span><span class="s2073000CL">Creditors' actions limited to transfers with intent to defraud.</span></p><p dir="ltr" class="s2073000Normal-000000"><span xml:space="preserve" class="s2073000DefaultParagraphFont">Notwithstanding any other provision of law, including chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-8A"><span class="s2073000DefaultParagraphFont">54-8A</span></a><span xml:space="preserve" class="s2073000DefaultParagraphFont">, no action of any kind, including an action to enforce a judgment entered by a court or other body having adjudicative authority, may be brought at law or in equity for an attachment or other provisional remedy against property that is the subject of a qualified disposition or for avoidance of a qualified disposition unless the settlor's transfer of property was made with the intent to defraud that specific creditor. In the event of any conflict between any provision of this chapter and any provision of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-8A"><span class="s2073000DefaultParagraphFont">54-8A</span></a><span xml:space="preserve" class="s2073000DefaultParagraphFont"> or any other provision of law similar to any provision of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-8A"><span class="s2073000DefaultParagraphFont">54-8A</span></a><span class="s2073000DefaultParagraphFont">, the provisions of this chapter control and prevail.</span></p><p dir="ltr" class="s2073000Normal"><span xml:space="preserve" class="s2073000000001"> </span></p><p dir="ltr" class="s2073000Normal"><span class="s2073000SCL">Source:</span><span xml:space="preserve" class="s2073000SCL-000002"> SL 2005, ch 261, § 9; SL 2008, ch 257, § 16; SL 2014, ch 226, § 21.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073001Normal { 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.s2073001SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073001CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073001Normal-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.s2073001DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073001Normal-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.s2073001Normal-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; } p.s2073001Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.58in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2073001Normal-000004 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073001000005 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073001SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073001SCL-000006 { 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="s2073001Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-10"><span class="s2073001SENU">55-16-10</span></a><span xml:space="preserve" class="s2073001SENU">. </span><span class="s2073001CL">Requirements for bringing claim for fraudulent transfer of settlor's assets.</span></p><p dir="ltr" class="s2073001Normal-000000"><span xml:space="preserve" class="s2073001DefaultParagraphFont">A cause of action or claim for relief with respect to a fraudulent transfer of a settlor's assets under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073001DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2073001DefaultParagraphFont"> is extinguished unless the action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073001DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2073001DefaultParagraphFont"> is brought by a creditor of the settlor who meets one of the following requirements:</span></p><p dir="ltr" class="s2073001Normal-000001"><span xml:space="preserve" class="s2073001DefaultParagraphFont">(1)    Is a creditor of the settlor before the settlor's assets are transferred to the trust, and the action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073001DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2073001DefaultParagraphFont"> is brought within the later of:</span></p><p dir="ltr" class="s2073001Normal-000002"><span class="s2073001DefaultParagraphFont">(a)    Two years after the transfer is made; or</span></p><p dir="ltr" class="s2073001Normal-000002"><span class="s2073001DefaultParagraphFont">(b)    Six months after the transfer is or reasonably could have been discovered by the creditor if the creditor:</span></p><p dir="ltr" class="s2073001Normal-000003"><span class="s2073001DefaultParagraphFont">(i)    Can demonstrate that the creditor asserted a specific claim against the settlor before the transfer; or</span></p><p dir="ltr" class="s2073001Normal-000003"><span xml:space="preserve" class="s2073001DefaultParagraphFont">(ii)    Files another action, other than an action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073001DefaultParagraphFont">55-16-9</span></a><span class="s2073001DefaultParagraphFont">, against the settlor that asserts a claim based on an act or omission of the settlor that occurred before the transfer, and the action described in this sub-subsection is filed within two years after the transfer;</span></p><p dir="ltr" class="s2073001Normal-000001"><span xml:space="preserve" class="s2073001DefaultParagraphFont">(2)    Becomes a creditor subsequent to the transfer into trust, and the action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073001DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2073001DefaultParagraphFont"> is brought within two years after the transfer is made;</span></p><p dir="ltr" class="s2073001Normal-000001"><span xml:space="preserve" class="s2073001DefaultParagraphFont">(3)    In any action described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073001DefaultParagraphFont">55-16-9</span></a><span class="s2073001DefaultParagraphFont">, the burden to prove the matter by clear and convincing evidence is upon the creditor;</span></p><p dir="ltr" class="s2073001Normal-000001"><span xml:space="preserve" class="s2073001DefaultParagraphFont">(4)    A person is deemed to have discovered a transfer at the time a public record of the transfer is made, including the conveyance of an interest in real property that is recorded in the appropriate public filing office where the property is located, the filing of a financing statement pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=57A-9"><span class="s2073001DefaultParagraphFont">57A-9</span></a><span class="s2073001DefaultParagraphFont">, or the filing of a bill of sale or other transfer instrument regarding personal property; or</span></p><p dir="ltr" class="s2073001Normal-000001"><span class="s2073001DefaultParagraphFont">(5)    The filing of a bill of sale or other transfer instrument which conveys personal property to a trust which is governed by this chapter shall be filed in the applicable public filing office determined as follows:</span></p><p dir="ltr" class="s2073001Normal-000002"><span class="s2073001DefaultParagraphFont">(a)    If the transferor is a natural person and is a resident of this state, the personal property transfer instrument shall be recorded in the county in this state where the transferor maintains the transferor's principal residence; and</span></p><p dir="ltr" class="s2073001Normal-000002"><span class="s2073001DefaultParagraphFont">(b)    In all other cases, the personal property transfer instrument shall be recorded in the county in this state where the trustee of the trust maintains a principal residence or principal place of business.</span></p><p dir="ltr" class="s2073001Normal-000004"><span xml:space="preserve" class="s2073001DefaultParagraphFont">This section and §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073001DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2073001DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-11"><span class="s2073001DefaultParagraphFont">55-16-11</span></a><span xml:space="preserve" class="s2073001DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-13"><span class="s2073001DefaultParagraphFont">55-16-13</span></a><span class="s2073001DefaultParagraphFont">, inclusive, are inseparably interwoven with substantive rights that a deprivation of legal rights would result if another jurisdiction's laws and regulations to the contrary are applied to a claim or cause of action described therein.</span></p><p dir="ltr" class="s2073001Normal"><span xml:space="preserve" class="s2073001000005"> </span></p><p dir="ltr" class="s2073001Normal"><span class="s2073001SCL">Source:</span><span xml:space="preserve" class="s2073001SCL-000006"> SL 2005, ch 261, § 10; SL 2008, ch 257, § 17; SL 2012, ch 233, § 16; SL 2016, ch 231, § 24; SL 2017, ch 204, § 22.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073002Normal { 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.s2073002SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073002CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073002Normal-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.s2073002DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073002Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073002000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073002SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073002SCL-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="s2073002Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-11"><span class="s2073002SENU">55-16-11</span></a><span xml:space="preserve" class="s2073002SENU">. </span><span class="s2073002CL">Disposition by transferor who is a trustee--Time of disposition.</span></p><p dir="ltr" class="s2073002Normal-000000"><span class="s2073002DefaultParagraphFont">A qualified disposition that is made by means of a disposition by a transferor who is a trustee is deemed to have been made as of the time, whether before, on, or after July 1, 2005, the property that is the subject of the qualified disposition was originally transferred to the transferor, or any predecessor trustee, making the qualified disposition in a form that meets the requirements of subdivisions 55-16-2(2) and (3). Further, the provisions of this section apply to determine the date the transfer is deemed to have been made, notwithstanding that the original transfer was to a trust originally within or outside of the jurisdiction of South Dakota.</span></p><p dir="ltr" class="s2073002Normal-000001"><span class="s2073002DefaultParagraphFont">If property transferred to a spendthrift trust is conveyed to the settlor or to a beneficiary for the purpose of obtaining a loan secured by a mortgage or deed of trust on the property and then reconveyed to the trust within one hundred eighty days of recording the mortgage or deed of trust, for purposes of subdivision 55-16-10(1), the transfer is disregarded and the reconveyance relates back to the date the property was originally transferred to the trust. The mortgage or deed of trust on the property is enforceable against the trust.</span></p><p dir="ltr" class="s2073002Normal"><span xml:space="preserve" class="s2073002000002"> </span></p><p dir="ltr" class="s2073002Normal"><span class="s2073002SCL">Source:</span><span xml:space="preserve" class="s2073002SCL-000003"> SL 2005, ch 261, § 11; SL 2012, ch 233, § 17; SL 2016, ch 231, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073003Normal { 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.s2073003SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073003CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073003Normal-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.s2073003DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073003000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073003SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073003SCL-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="s2073003Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-12"><span class="s2073003SENU">55-16-12</span></a><span xml:space="preserve" class="s2073003SENU">. </span><span class="s2073003CL">Creditor or other person--Rights with respect to a qualified disposition--Action against trustee, advisor, or trust preparer prohibited.</span></p><p dir="ltr" class="s2073003Normal-000000"><span xml:space="preserve" class="s2073003DefaultParagraphFont">Notwithstanding any law to the contrary, a creditor, including a creditor whose claim arose before or after a qualified disposition, or any other person has only such rights with respect to a qualified disposition as are provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073003DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2073003DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-16"><span class="s2073003DefaultParagraphFont">55-16-16</span></a><span xml:space="preserve" class="s2073003DefaultParagraphFont">, inclusive, and no such creditor nor any other person has any claim or cause of action against the trustee, or advisor, described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-4"><span class="s2073003DefaultParagraphFont">55-16-4</span></a><span xml:space="preserve" class="s2073003DefaultParagraphFont">, of a trust that is the subject of a qualified disposition, or against any person involved in the counseling, drafting, preparation, execution, or funding of a trust that is the subject of a qualified disposition. In addition to the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-43"><span class="s2073003DefaultParagraphFont">55-1-43</span></a><span xml:space="preserve" class="s2073003DefaultParagraphFont">, at no time is a qualified person, as defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-3"><span class="s2073003DefaultParagraphFont">55-16-3</span></a><span xml:space="preserve" class="s2073003DefaultParagraphFont">, personally liable to a creditor of a transferor or any other person for distributions made by the qualified person, before the creditor or person notified the qualified person, in writing, that a claim or cause of action existed. This applies regardless of whether the distributions are made to or for the benefit of the transferor or a beneficiary during the period in which a creditor or other person could make a claim as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-10"><span class="s2073003DefaultParagraphFont">55-16-10</span></a><span class="s2073003DefaultParagraphFont">.</span></p><p dir="ltr" class="s2073003Normal"><span xml:space="preserve" class="s2073003000001"> </span></p><p dir="ltr" class="s2073003Normal"><span class="s2073003SCL">Source:</span><span xml:space="preserve" class="s2073003SCL-000002"> SL 2005, ch 261, § 12; SL 2012, ch 233, § 18.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073004Normal { 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.s2073004SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073004CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073004Normal-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.s2073004DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073004000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073004SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073004SCL-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="s2073004Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-13"><span class="s2073004SENU">55-16-13</span></a><span xml:space="preserve" class="s2073004SENU">. </span><span class="s2073004CL">Action against trustee, advisor, or preparer of trust prohibited if action by creditor would be barred--Jurisdiction--Attorneys' fees and costs.</span></p><p dir="ltr" class="s2073004Normal-000000"><span xml:space="preserve" class="s2073004DefaultParagraphFont">Notwithstanding any other provision of law, no action of any kind, including an action to enforce a judgment entered by a court or other body having adjudicative authority, may be brought at law or in equity against the trustee, or advisor described in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-4"><span class="s2073004DefaultParagraphFont">55-16-4</span></a><span xml:space="preserve" class="s2073004DefaultParagraphFont">, of a trust that is the subject of a qualified disposition, or against any person involved in the counseling, drafting, preparation, execution, or funding of a trust that is the subject of a qualified disposition, if, as of the date such action is brought, an action by a creditor with respect to such qualified disposition would be barred under §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073004DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2073004DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-12"><span class="s2073004DefaultParagraphFont">55-16-12</span></a><span class="s2073004DefaultParagraphFont">, inclusive. A court of this state has exclusive jurisdiction over an action brought under a claim for relief that is based on a transfer of property to a trust that is the subject of this section. A court of this state may award attorneys' fees and costs to the prevailing party in such an action. In any action described in this section, the burden to prove the matter by clear and convincing evidence is upon the creditor.</span></p><p dir="ltr" class="s2073004Normal"><span xml:space="preserve" class="s2073004000001"> </span></p><p dir="ltr" class="s2073004Normal"><span class="s2073004SCL">Source:</span><span xml:space="preserve" class="s2073004SCL-000002"> SL 2005, ch 261, § 13; SL 2007, ch 247, § 12; SL 2009, ch 252, § 44; SL 2016, ch 231, § 26.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073005Normal { 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.s2073005SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073005CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073005Normal-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.s2073005DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073005Normal-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.s2073005000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073005SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073005SCL-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="s2073005Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-14"><span class="s2073005SENU">55-16-14</span></a><span xml:space="preserve" class="s2073005SENU">. </span><span class="s2073005CL">Multiple qualified dispositions in same trust instrument.</span></p><p dir="ltr" class="s2073005Normal-000000"><span class="s2073005DefaultParagraphFont">If more than one qualified disposition is made by means of the same trust instrument:</span></p><p dir="ltr" class="s2073005Normal-000001"><span xml:space="preserve" class="s2073005DefaultParagraphFont">(1)    The making of a subsequent qualified disposition shall be disregarded in determining whether a creditor's claim with respect to a prior qualified disposition is extinguished as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-10"><span class="s2073005DefaultParagraphFont">55-16-10</span></a><span class="s2073005DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2073005Normal-000001"><span class="s2073005DefaultParagraphFont">(2)    Any distribution to a beneficiary is deemed to have been made from the latest such qualified disposition.</span></p><p dir="ltr" class="s2073005Normal"><span xml:space="preserve" class="s2073005000002"> </span></p><p dir="ltr" class="s2073005Normal"><span class="s2073005SCL">Source:</span><span xml:space="preserve" class="s2073005SCL-000003"> SL 2005, ch 261, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073006Normal { 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.s2073006SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073006CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073006Normal-000000 { margin-top: 0; margin-bottom: 0; margin-left: 3.50in; text-indent: -3.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2073006DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073006Normal-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.s2073006Normal-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; } p.s2073006Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2073006000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073006SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073006SCL-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="s2073006Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-15"><span class="s2073006SENU">55-16-15</span></a><span xml:space="preserve" class="s2073006SENU">. </span><span class="s2073006CL">Application of chapter.</span></p><p dir="ltr" class="s2073006Normal-000000"><span xml:space="preserve" class="s2073006DefaultParagraphFont">(1)    Notwithstanding the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073006DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2073006DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-14"><span class="s2073006DefaultParagraphFont">55-16-14</span></a><span class="s2073006DefaultParagraphFont">, inclusive, but subject to subdivision (2) of this section, this chapter does not apply in any respect to any person to whom at the time of transfer the transferor is indebted on account of an agreement or order of court for the payment of support or alimony in favor of the transferor's spouse, former spouse, or children, or for a division or distribution of property in favor of the transferor's spouse or former spouse, to the extent of the debt.</span></p><p dir="ltr" class="s2073006Normal-000001"><span xml:space="preserve" class="s2073006DefaultParagraphFont">(2)    If the transferor is married at the time of the transfer, the provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-9"><span class="s2073006DefaultParagraphFont">55-16-9</span></a><span xml:space="preserve" class="s2073006DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-14"><span class="s2073006DefaultParagraphFont">55-16-14</span></a><span class="s2073006DefaultParagraphFont">, inclusive, and this chapter apply to:</span></p><p dir="ltr" class="s2073006Normal-000002"><span class="s2073006DefaultParagraphFont">(a)    Any of the transferor's separate property transferred to the trust; and</span></p><p dir="ltr" class="s2073006Normal-000002"><span class="s2073006DefaultParagraphFont">(b)    Any marital property transferred to the trust if the spouse or former spouse was provided with notice in the form set forth in subdivision (3) of this section, or executed a written consent to the transfer after being provided the information set forth in the notice.</span></p><p dir="ltr" class="s2073006Normal-000001"><span class="s2073006DefaultParagraphFont">(3)    For purposes of the application of this section, a notice of transfer of property to a trust subject to this chapter:</span></p><p dir="ltr" class="s2073006Normal-000002"><span class="s2073006DefaultParagraphFont">(a)    Shall also contain the following language, in capital letters, at or near the top of the notice:</span></p><p dir="ltr" class="s2073006Normal-000003"><span class="s2073006DefaultParagraphFont">YOUR SPOUSE IS CREATING A PERMANENT TRUST INTO WHICH PROPERTY IS BEING TRANSFERRED.</span></p><p dir="ltr" class="s2073006Normal-000003"><span class="s2073006DefaultParagraphFont">YOUR RIGHTS TO THIS PROPERTY MAY BE AFFECTED DURING YOUR MARRIAGE, UPON DIVORCE (INCLUDING THE PAYMENT OF CHILD SUPPORT OR ALIMONY OR A DIVISION OR DISTRIBUTION OF PROPERTY IN A DIVORCE), OR AT THE DEATH OF YOUR SPOUSE.</span></p><p dir="ltr" class="s2073006Normal-000003"><span class="s2073006DefaultParagraphFont">YOU HAVE A VERY LIMITED PERIOD OF TIME TO OBJECT TO THE TRANSFER OF PROPERTY INTO THIS TRUST.</span></p><p dir="ltr" class="s2073006Normal-000003"><span class="s2073006DefaultParagraphFont">YOU MAY, UPON REQUEST TO THE TRUSTEE AT THE ADDRESS BELOW, BE FURNISHED A COPY OF THE TRUST DOCUMENT.</span></p><p dir="ltr" class="s2073006Normal-000003"><span class="s2073006DefaultParagraphFont">IF YOU HAVE ANY QUESTIONS, YOU SHOULD IMMEDIATELY SEEK INDEPENDENT LEGAL ADVICE.</span></p><p dir="ltr" class="s2073006Normal-000003"><span class="s2073006DefaultParagraphFont">IF YOU FAIL TO OBJECT WITHIN THE REQUIRED TIME PERIOD, YOU WILL HAVE CONSENTED TO THE TRANSFER OF PROPERTY INTO THIS TRUST.</span></p><p dir="ltr" class="s2073006Normal-000002"><span class="s2073006DefaultParagraphFont">(b)    Shall contain a description of the property being transferred to the trust and the name of the trust;</span></p><p dir="ltr" class="s2073006Normal-000002"><span class="s2073006DefaultParagraphFont">(c)    May require that any person who is eligible to receive information pursuant to this section be bound by the duty of confidentiality that binds the trustee before receiving such information from the trustee; and</span></p><p dir="ltr" class="s2073006Normal-000002"><span class="s2073006DefaultParagraphFont">(d)    Shall be provided by the transferor, the transferor's agent, the trustee, or other fiduciary of the trust.</span></p><p dir="ltr" class="s2073006Normal-000001"><span xml:space="preserve" class="s2073006DefaultParagraphFont">(4)    If a notice is provided under this section before the property is transferred, the period to commence an action under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-10"><span class="s2073006DefaultParagraphFont">55-16-10</span></a><span xml:space="preserve" class="s2073006DefaultParagraphFont"> shall commence running on the date of the transfer. If a notice is provided after the date the property is transferred, the period to commence an action pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-10"><span class="s2073006DefaultParagraphFont">55-16-10</span></a><span xml:space="preserve" class="s2073006DefaultParagraphFont"> commences running on the date the notice is provided. In no event may the period to commence an action to challenge a transfer under this section and § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-10"><span class="s2073006DefaultParagraphFont">55-16-10</span></a><span xml:space="preserve" class="s2073006DefaultParagraphFont"> exceed the period set forth in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-8A-9"><span class="s2073006DefaultParagraphFont">54-8A-9</span></a><span class="s2073006DefaultParagraphFont">.</span></p><p dir="ltr" class="s2073006Normal-000001"><span xml:space="preserve" class="s2073006000004"> </span></p></div><div><p dir="ltr" class="s2073006Normal-000001"><span class="s2073006DefaultParagraphFont">(5)    The exception contained in subdivision (1) of this section does not apply to any claim for forced heirship or legitime.</span></p><p dir="ltr" class="s2073006Normal-000001"><span class="s2073006DefaultParagraphFont">(6)    Subdivisions (2) to (4), inclusive, of this section apply to any transfer made after June 30, 2014.</span></p><p dir="ltr" class="s2073006Normal"><span xml:space="preserve" class="s2073006000004"> </span></p><p dir="ltr" class="s2073006Normal"><span class="s2073006SCL">Source:</span><span xml:space="preserve" class="s2073006SCL-000005"> SL 2005, ch 261, § 15; SL 2011, ch 212, § 17; SL 2013, ch 239, § 19; SL 2014, ch 226, § 20.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073007Normal { 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.s2073007SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073007CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073007Normal-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.s2073007DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073007Normal-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; } p.s2073007Normal-000002 { 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; } span.s2073007000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073007SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073007SCL-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="s2073007Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16-16"><span class="s2073007SENU">55-16-16</span></a><span xml:space="preserve" class="s2073007SENU">. </span><span class="s2073007CL">Avoidance of qualified disposition.</span></p><p dir="ltr" class="s2073007Normal-000000"><span class="s2073007DefaultParagraphFont">A qualified disposition is avoided only to the extent necessary to satisfy the transferor's debt to the creditor at whose instance the disposition had been avoided, together with such costs, including attorney's fees, as the court may allow. If any qualified disposition is avoided as provided in this section, then:</span></p><p dir="ltr" class="s2073007Normal-000001"><span class="s2073007DefaultParagraphFont">(1)    If the court is satisfied that a qualified person has not acted in bad faith in accepting or administering the property that is the subject of the qualified disposition:</span></p><p dir="ltr" class="s2073007Normal-000002"><span class="s2073007DefaultParagraphFont">(a)    Such qualified person has a first and paramount lien against the property that is the subject of the qualified disposition in an amount equal to the entire cost, including attorney's fees, properly incurred by such qualified person in the defense of the action or proceedings to avoid the qualified disposition. It is presumed that such qualified person did not act in bad faith merely by accepting such property; and</span></p><p dir="ltr" class="s2073007Normal-000002"><span class="s2073007DefaultParagraphFont">(b)    The qualified disposition is avoided subject to the proper fees, costs, preexisting rights, claims, and interests of such qualified person, and of any predecessor qualified person that has not acted in bad faith; and</span></p><p dir="ltr" class="s2073007Normal-000001"><span class="s2073007DefaultParagraphFont">(2)    If the court is satisfied that a beneficiary of a trust has not acted in bad faith, the avoidance of the qualified disposition is subject to the right of such beneficiary to retain any distribution made upon the exercise of a trust power or discretion vested in the qualified person or qualified persons of such trust, which power or discretion was properly exercised prior to the creditor's commencement of an action to avoid the qualified disposition. It is presumed that the beneficiary, including a beneficiary who is also a transferor of the trust, did not act in bad faith merely by creating the trust or by accepting a distribution made in accordance with the terms of the trust.</span></p><p dir="ltr" class="s2073007Normal"><span xml:space="preserve" class="s2073007000003"> </span></p><p dir="ltr" class="s2073007Normal"><span class="s2073007SCL">Source:</span><span xml:space="preserve" class="s2073007SCL-000004"> SL 2005, ch 261, § 16.</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 - FIDUCIARIES AND TRUSTS 55-17 SPECIAL SPOUSAL TRUSTS </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-17 SPECIAL SPOUSAL TRUSTS "> <META NAME="Description" Content="South Dakota Codified Laws 55-17"> </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: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-17 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> SPECIAL SPOUSAL TRUSTS <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-1">55-17-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Arrangement qualifying as special spousal trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-2">55-17-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Required language. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-3">55-17-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Classification of property--Interest of each spouse. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-4">55-17-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Amendment and revocation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-5">55-17-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Application of Internal Revenue Code--Special spousal property defined--Community property classified by another jurisdiction. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-6">55-17-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Qualified disposition in trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-7">55-17-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Types of transfers to special spousal trust. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-8">55-17-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Records. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-9">55-17-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Matters upon which spouses may agree. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-10">55-17-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Right of child to support. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-11">55-17-11</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Creditor rights--Good faith between spouses. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-12">55-17-12</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Bona fide purchasers. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-13">55-17-13</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Bona fide purchaser defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-17-14">55-17-14</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Unenforceable trusts. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073009Normal { 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.s2073009SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073009CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073009Normal-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.s2073009DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073009Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073009000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073009SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073009SCL-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="s2073009Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-1"><span class="s2073009SENU">55-17-1</span></a><span xml:space="preserve" class="s2073009SENU">. </span><span class="s2073009CL">Arrangement qualifying as special spousal trust.</span></p><p dir="ltr" class="s2073009Normal-000000"><span class="s2073009DefaultParagraphFont">An arrangement is a South Dakota special spousal trust if one or both spouses in a marriage transfer property to a trust, the trust expressly declares that some or all the property transferred is South Dakota special spousal property as provided in this chapter, and at least one trustee is a qualified person. A South Dakota special spousal trust is enforceable without consideration. Both spouses or either spouse may be a trustee. The trust must be signed by both spouses. The trust may be revocable or irrevocable.</span></p><p dir="ltr" class="s2073009Normal-000001"><span xml:space="preserve" class="s2073009DefaultParagraphFont">For purposes of this section, a qualified person is any person who meets the requirements of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-41"><span class="s2073009DefaultParagraphFont">55-3-41</span></a><span xml:space="preserve" class="s2073009DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-39"><span class="s2073009DefaultParagraphFont">55-3-39</span></a><span class="s2073009DefaultParagraphFont">, but without regard to whether that person is the transferor.</span></p><p dir="ltr" class="s2073009Normal"><span xml:space="preserve" class="s2073009000002"> </span></p><p dir="ltr" class="s2073009Normal"><span class="s2073009SCL">Source:</span><span xml:space="preserve" class="s2073009SCL-000003"> SL 2016, ch 231, § 29.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073010Normal { 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.s2073010SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073010CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073010Normal-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.s2073010DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073010000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073010SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073010SCL-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="s2073010Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-2"><span class="s2073010SENU">55-17-2</span></a><span xml:space="preserve" class="s2073010SENU">. </span><span class="s2073010CL">Required language.</span></p><p dir="ltr" class="s2073010Normal-000000"><span class="s2073010DefaultParagraphFont">A South Dakota special spousal trust shall contain the following language in capital letters at the beginning of the trust:</span></p><p dir="ltr" class="s2073010Normal"><span class="s2073010DefaultParagraphFont">THE CONSEQUENCES OF THIS TRUST MAY BE VERY EXTENSIVE, INCLUDING YOUR RIGHTS WITH RESPECT TO CREDITORS AND OTHER THIRD PARTIES, AND YOUR RIGHTS WITH YOUR SPOUSE BOTH DURING THE COURSE OF YOUR MARRIAGE, AT THE TIME OF A DIVORCE, AND AT THE DEATH OF YOU OR YOUR SPOUSE. ACCORDINGLY, THIS TRUST AGREEMENT SHOULD ONLY BE SIGNED AFTER CAREFUL CONSIDERATION. IF YOU HAVE ANY QUESTIONS ABOUT THIS TRUST AGREEMENT, YOU SHOULD SEEK INDEPENDENT LEGAL ADVICE.</span></p><p dir="ltr" class="s2073010Normal"><span xml:space="preserve" class="s2073010000001"> </span></p><p dir="ltr" class="s2073010Normal"><span class="s2073010SCL">Source:</span><span xml:space="preserve" class="s2073010SCL-000002"> SL 2016, ch 231, § 30.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073011Normal { 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.s2073011SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073011CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073011Normal-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.s2073011DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073011000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073011SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073011SCL-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="s2073011Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-3"><span class="s2073011SENU">55-17-3</span></a><span xml:space="preserve" class="s2073011SENU">. </span><span class="s2073011CL">Classification of property--Interest of each spouse.</span></p><p dir="ltr" class="s2073011Normal-000000"><span class="s2073011DefaultParagraphFont">Spouses may classify all or any of their property as special spousal property by transferring property to a South Dakota special spousal trust established pursuant to this chapter, and by expressly declaring in the trust that the property is community property. Unless there is a specific provision in the governing instrument stating otherwise, each spouse's respective interest in the special spousal property is fifty percent.</span></p><p dir="ltr" class="s2073011Normal"><span xml:space="preserve" class="s2073011000001"> </span></p><p dir="ltr" class="s2073011Normal"><span class="s2073011SCL">Source:</span><span xml:space="preserve" class="s2073011SCL-000002"> SL 2016, ch 231, § 31; SL 2018, ch 275, § 29.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073012Normal { 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.s2073012SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073012CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073012Normal-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.s2073012DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073012000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073012SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073012SCL-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="s2073012Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-4"><span class="s2073012SENU">55-17-4</span></a><span xml:space="preserve" class="s2073012SENU">. </span><span class="s2073012CL">Amendment and revocation.</span></p><p dir="ltr" class="s2073012Normal-000000"><span class="s2073012DefaultParagraphFont">A South Dakota special spousal trust may not be amended or revoked unless the trust agreement provides for amendment or revocation, or unless the trust agreement is amended or revoked by a later South Dakota special spousal trust. To amend or revoke the trust, the later South Dakota special spousal trust is not required to declare any property held by the trustee as special spousal property. The amended trust or the revocation is enforceable without consideration. However, notwithstanding the other provisions of this chapter, unless the South Dakota special spousal trust expressly provides otherwise, at any time after the death of the first spouse the surviving spouse may amend the South Dakota special spousal trust with regard to the surviving spouse's property to be disposed of at the surviving spouse's death. For purposes of this section, the term, surviving spouse's property, means the property that consists of the surviving spouse's property that is not South Dakota special spousal property and the surviving spouse's share of the special spousal property determined as of the date of the first spouse's death.</span></p><p dir="ltr" class="s2073012Normal"><span xml:space="preserve" class="s2073012000001"> </span></p><p dir="ltr" class="s2073012Normal"><span class="s2073012SCL">Source:</span><span xml:space="preserve" class="s2073012SCL-000002"> SL 2016, ch 231, § 32.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073013Normal { 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.s2073013SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073013CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073013Normal-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.s2073013DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073013000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073013SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073013SCL-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="s2073013Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-5"><span class="s2073013SENU">55-17-5</span></a><span xml:space="preserve" class="s2073013SENU">. </span><span class="s2073013CL">Application of Internal Revenue Code--Special spousal property defined--Community property classified by another jurisdiction.</span></p><p dir="ltr" class="s2073013Normal-000000"><span class="s2073013DefaultParagraphFont">For purposes of the application of § 1014(b)(6) of the Internal Revenue Code of 1986, 26 U.S.C. § 1014(b)(6), as of January 1, 2016, a South Dakota special spousal trust is considered a trust established under the community property laws of South Dakota. For purposes of this chapter, the term, special spousal property, means community property for those purposes. Community property as classified by a jurisdiction other than South Dakota transferred to a South Dakota special spousal trust retains its character as community property while in the trust. If the trust is revoked and property is transferred on revocation of the trust, the community property as classified by a jurisdiction other than South Dakota retains its character as community property to the extent otherwise provided by South Dakota law.</span></p><p dir="ltr" class="s2073013Normal"><span xml:space="preserve" class="s2073013000001"> </span></p><p dir="ltr" class="s2073013Normal"><span class="s2073013SCL">Source:</span><span xml:space="preserve" class="s2073013SCL-000002"> SL 2016, ch 231, § 33.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073014Normal { 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.s2073014SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073014CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073014Normal-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.s2073014DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073014000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073014SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073014SCL-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="s2073014Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-6"><span class="s2073014SENU">55-17-6</span></a><span xml:space="preserve" class="s2073014SENU">. </span><span class="s2073014CL">Qualified disposition in trust.</span></p><p dir="ltr" class="s2073014Normal-000000"><span xml:space="preserve" class="s2073014DefaultParagraphFont">A transfer to a South Dakota special spousal trust may also be a qualified disposition in trust if the transfer complies with the provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16"><span class="s2073014DefaultParagraphFont">55-16</span></a><span class="s2073014DefaultParagraphFont">.</span></p><p dir="ltr" class="s2073014Normal"><span xml:space="preserve" class="s2073014000001"> </span></p><p dir="ltr" class="s2073014Normal"><span class="s2073014SCL">Source:</span><span xml:space="preserve" class="s2073014SCL-000002"> SL 2016, ch 231, § 34.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073015Normal { 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.s2073015SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073015CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073015Normal-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.s2073015DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073015000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073015SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073015SCL-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="s2073015Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-7"><span class="s2073015SENU">55-17-7</span></a><span xml:space="preserve" class="s2073015SENU">. </span><span class="s2073015CL">Types of transfers to special spousal trust.</span></p><p dir="ltr" class="s2073015Normal-000000"><span class="s2073015DefaultParagraphFont">In addition to other transfers of property to a South Dakota special spousal trust, property is considered transferred to a South Dakota special spousal trust if the property is subject to a nonprobate transfer on death under an insurance policy, contract of employment, bond, mortgage, promissory note, certificated or uncertificated security, account agreement, custodial agreement, deposit agreement, compensation plan, pension plan, individual retirement plan, employee benefit plan, trust, conveyance, deed of gift, marital property agreement, or other written instrument of a similar nature and the South Dakota special spousal trust is designated as a beneficiary to receive the property under the transfer. The property is considered the surviving spouse's property that is not South Dakota special spousal property.</span></p><p dir="ltr" class="s2073015Normal"><span xml:space="preserve" class="s2073015000001"> </span></p><p dir="ltr" class="s2073015Normal"><span class="s2073015SCL">Source:</span><span xml:space="preserve" class="s2073015SCL-000002"> SL 2016, ch 231, § 35.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073016Normal { 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.s2073016SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073016CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073016Normal-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.s2073016DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073016000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073016SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073016SCL-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="s2073016Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-8"><span class="s2073016SENU">55-17-8</span></a><span xml:space="preserve" class="s2073016SENU">. </span><span class="s2073016CL">Records.</span></p><p dir="ltr" class="s2073016Normal-000000"><span class="s2073016DefaultParagraphFont">The trustee of a South Dakota special spousal trust shall maintain records that identify which property held by the trust is South Dakota special spousal property and which property held by the trust is not South Dakota special spousal property.</span></p><p dir="ltr" class="s2073016Normal"><span xml:space="preserve" class="s2073016000001"> </span></p><p dir="ltr" class="s2073016Normal"><span class="s2073016SCL">Source:</span><span xml:space="preserve" class="s2073016SCL-000002"> SL 2016, ch 231, § 36.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073017Normal { 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.s2073017SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073017CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073017Normal-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.s2073017DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073017Normal-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.s2073017000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073017SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073017SCL-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="s2073017Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-9"><span class="s2073017SENU">55-17-9</span></a><span xml:space="preserve" class="s2073017SENU">. </span><span class="s2073017CL">Matters upon which spouses may agree.</span></p><p dir="ltr" class="s2073017Normal-000000"><span xml:space="preserve" class="s2073017DefaultParagraphFont">Except as provided in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-10"><span class="s2073017DefaultParagraphFont">55-17-10</span></a><span xml:space="preserve" class="s2073017DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-11"><span class="s2073017DefaultParagraphFont">55-17-11</span></a><span class="s2073017DefaultParagraphFont">, in a South Dakota special spousal trust, spouses may agree on:</span></p><p dir="ltr" class="s2073017Normal-000001"><span class="s2073017DefaultParagraphFont">(1)    The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located;</span></p><p dir="ltr" class="s2073017Normal-000001"><span class="s2073017DefaultParagraphFont">(2)    The management and control of the property transferred to the trust;</span></p><p dir="ltr" class="s2073017Normal-000001"><span class="s2073017DefaultParagraphFont">(3)    The disposition of the property transferred to the trust on dissolution, death, or the occurrence or nonoccurrence of another event; if there is no provision in the governing instrument on disposition of the property transferred to the trust on dissolution, South Dakota law on disposition of property on dissolution applies;</span></p><p dir="ltr" class="s2073017Normal-000001"><span class="s2073017DefaultParagraphFont">(4)    The choice of law governing the interpretation of the trust; and</span></p><p dir="ltr" class="s2073017Normal-000001"><span class="s2073017DefaultParagraphFont">(5)    Any other matter that affects the property transferred to the trust and does not violate public policy or a statute imposing a criminal penalty.</span></p><p dir="ltr" class="s2073017Normal"><span xml:space="preserve" class="s2073017000002"> </span></p><p dir="ltr" class="s2073017Normal"><span class="s2073017SCL">Source:</span><span xml:space="preserve" class="s2073017SCL-000003"> SL 2016, ch 231, § 37; SL 2018, ch 275, § 30.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073018Normal { 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.s2073018SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073018CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073018Normal-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.s2073018DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073018000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073018SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073018SCL-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="s2073018Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-10"><span class="s2073018SENU">55-17-10</span></a><span xml:space="preserve" class="s2073018SENU">. </span><span class="s2073018CL">Right of child to support.</span></p><p dir="ltr" class="s2073018Normal-000000"><span xml:space="preserve" class="s2073018DefaultParagraphFont">Notwithstanding anything contained in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-9"><span class="s2073018DefaultParagraphFont">55-17-9</span></a><span xml:space="preserve" class="s2073018DefaultParagraphFont"> to the contrary, a South Dakota special spousal trust may not adversely affect the right of a child to support.</span></p><p dir="ltr" class="s2073018Normal"><span xml:space="preserve" class="s2073018000001"> </span></p><p dir="ltr" class="s2073018Normal"><span class="s2073018SCL">Source:</span><span xml:space="preserve" class="s2073018SCL-000002"> SL 2016, ch 231, § 38.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073019Normal { 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.s2073019SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073019CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073019Normal-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.s2073019DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073019Normal-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.s2073019000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073019SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073019SCL-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="s2073019Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-11"><span class="s2073019SENU">55-17-11</span></a><span xml:space="preserve" class="s2073019SENU">. </span><span class="s2073019CL">Creditor rights--Good faith between spouses.</span></p><p dir="ltr" class="s2073019Normal-000000"><span xml:space="preserve" class="s2073019DefaultParagraphFont">Notwithstanding anything contained in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-9"><span class="s2073019DefaultParagraphFont">55-17-9</span></a><span xml:space="preserve" class="s2073019DefaultParagraphFont"> to the contrary:</span></p><p dir="ltr" class="s2073019Normal-000001"><span xml:space="preserve" class="s2073019DefaultParagraphFont">(1)    A provision of a revocable South Dakota special spousal property trust does not adversely affect the interest of a creditor unless the creditor has actual knowledge of the trust when the obligation to the creditor is incurred. The interest of a creditor in an irrevocable South Dakota special spousal property trust may be subject to the rights and liabilities of a creditor with respect to transfers under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-16"><span class="s2073019DefaultParagraphFont">55-16</span></a><span xml:space="preserve" class="s2073019DefaultParagraphFont"> as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-6"><span class="s2073019DefaultParagraphFont">55-17-6</span></a><span class="s2073019DefaultParagraphFont">;</span></p><p dir="ltr" class="s2073019Normal-000001"><span class="s2073019DefaultParagraphFont">(2)    A spouse shall act in good faith with respect to the other spouse in matters involving South Dakota special spousal property. The obligation under and effect of this section may not be varied by a South Dakota special spousal property trust.</span></p><p dir="ltr" class="s2073019Normal"><span xml:space="preserve" class="s2073019000002"> </span></p><p dir="ltr" class="s2073019Normal"><span class="s2073019SCL">Source:</span><span xml:space="preserve" class="s2073019SCL-000003"> SL 2016, ch 231, § 39.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073020Normal { 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.s2073020SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073020CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073020Normal-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.s2073020DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073020Normal-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.s2073020000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073020SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073020SCL-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="s2073020Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-12"><span class="s2073020SENU">55-17-12</span></a><span xml:space="preserve" class="s2073020SENU">. </span><span class="s2073020CL">Bona fide purchasers.</span></p><p dir="ltr" class="s2073020Normal-000000"><span xml:space="preserve" class="s2073020DefaultParagraphFont">Notwithstanding anything contained in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-9"><span class="s2073020DefaultParagraphFont">55-17-9</span></a><span xml:space="preserve" class="s2073020DefaultParagraphFont"> to the contrary:</span></p><p dir="ltr" class="s2073020Normal-000001"><span class="s2073020DefaultParagraphFont">(1)    Notice of the existence of a South Dakota special spousal property trust, a marriage, or the termination of a marriage does not affect the status of a purchaser as a bona fide purchaser;</span></p><p dir="ltr" class="s2073020Normal-000001"><span class="s2073020DefaultParagraphFont">(2)    Special spousal property purchased by a bona fide purchaser from a spouse having the right to manage and control the property is acquired free of any claim of the other spouse. The effect of this subsection may not be varied by a South Dakota special spousal property trust.</span></p><p dir="ltr" class="s2073020Normal"><span xml:space="preserve" class="s2073020000002"> </span></p><p dir="ltr" class="s2073020Normal"><span class="s2073020SCL">Source:</span><span xml:space="preserve" class="s2073020SCL-000003"> SL 2016, ch 231, § 40.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073021Normal { 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.s2073021SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073021CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073021Normal-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.s2073021DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073021Normal-000001 { text-indent: 0.25in; 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.s2073021Normal-000002 { 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.s2073021000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073021SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073021SCL-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="s2073021Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-13"><span class="s2073021SENU">55-17-13</span></a><span xml:space="preserve" class="s2073021SENU">. </span><span class="s2073021CL">Bona fide purchaser defined.</span></p><p dir="ltr" class="s2073021Normal-000000"><span xml:space="preserve" class="s2073021DefaultParagraphFont">For purposes of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-12"><span class="s2073021DefaultParagraphFont">55-17-12</span></a><span class="s2073021DefaultParagraphFont">, the term, bona fide purchaser, means a purchaser of property for value who has not knowingly been a party to fraud or illegality affecting the interest of the spouses or other parties to the transaction, does not have notice of an adverse claim by a spouse, and has acted in the transaction in good faith.</span></p><p dir="ltr" class="s2073021Normal-000001"><span class="s2073021DefaultParagraphFont">For purposes of this section, the term, purchaser, means a person who acquires property by sale, lease, discount, negotiation, mortgage, pledge, or lien, or otherwise deals with property in a voluntary transaction other than making a gift.</span></p><p dir="ltr" class="s2073021Normal-000001"><span class="s2073021DefaultParagraphFont">A purchaser gives value for property if the property is acquired:</span></p><p dir="ltr" class="s2073021Normal-000002"><span class="s2073021DefaultParagraphFont">(1)    In return for a binding commitment to extend credit;</span></p><p dir="ltr" class="s2073021Normal-000002"><span class="s2073021DefaultParagraphFont">(2)    As security for or in total or partial satisfaction of a preexisting claim;</span></p><p dir="ltr" class="s2073021Normal-000002"><span class="s2073021DefaultParagraphFont">(3)    By accepting delivery under a preexisting contract for purchase; or</span></p><p dir="ltr" class="s2073021Normal-000002"><span class="s2073021DefaultParagraphFont">(4)    In return for other consideration sufficient to support a contract.</span></p><p dir="ltr" class="s2073021Normal"><span xml:space="preserve" class="s2073021000003"> </span></p><p dir="ltr" class="s2073021Normal"><span class="s2073021SCL">Source:</span><span xml:space="preserve" class="s2073021SCL-000004"> SL 2016, ch 231, § 41.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073022Normal { 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.s2073022SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073022CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073022Normal-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.s2073022DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073022Normal-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; } p.s2073022Normal-000002 { 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.s2073022Normal-000003 { text-indent: 0.25in; 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.s2073022000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073022SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073022SCL-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="s2073022Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-17-14"><span class="s2073022SENU">55-17-14</span></a><span xml:space="preserve" class="s2073022SENU">. </span><span class="s2073022CL">Unenforceable trusts.</span></p><p dir="ltr" class="s2073022Normal-000000"><span class="s2073022DefaultParagraphFont">A South Dakota special spousal trust executed during marriage is not enforceable if the spouse against whom enforcement is sought proves that:</span></p><p dir="ltr" class="s2073022Normal-000001"><span class="s2073022DefaultParagraphFont">(1)    The trust was unconscionable when made;</span></p><p dir="ltr" class="s2073022Normal-000001"><span class="s2073022DefaultParagraphFont">(2)    The spouse against whom enforcement is sought did not execute the South Dakota special spousal trust agreement voluntarily; or</span></p><p dir="ltr" class="s2073022Normal-000001"><span class="s2073022DefaultParagraphFont">(3)    Before execution of the South Dakota special spousal trust agreement, the spouse against whom enforcement is sought:</span></p><p dir="ltr" class="s2073022Normal-000002"><span class="s2073022DefaultParagraphFont">(a)    Was not given a fair and reasonable disclosure of the property and financial obligations of the other spouse;</span></p><p dir="ltr" class="s2073022Normal-000002"><span class="s2073022DefaultParagraphFont">(b)    Did not voluntarily sign a written waiver expressly waiving right to disclosure of the property and financial obligations of the other spouse beyond the disclosure provided; and</span></p><p dir="ltr" class="s2073022Normal-000002"><span class="s2073022DefaultParagraphFont">(c)    Did not have notice of the property or financial obligations of the other spouse.</span></p><p dir="ltr" class="s2073022Normal-000003"><span class="s2073022DefaultParagraphFont">Whether a South Dakota special spousal trust is unconscionable is determined by a court as a matter of law.</span></p><p dir="ltr" class="s2073022Normal"><span xml:space="preserve" class="s2073022000004"> </span></p><p dir="ltr" class="s2073022Normal"><span class="s2073022SCL">Source:</span><span xml:space="preserve" class="s2073022SCL-000005"> SL 2016, ch 231, § 42.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.scad07037e2084842bad415b7416fb7d5Normal { 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.scad07037e2084842bad415b7416fb7d5HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.scad07037e2084842bad415b7416fb7d5DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.scad07037e2084842bad415b7416fb7d5HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.scad07037e2084842bad415b7416fb7d5Normal-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.scad07037e2084842bad415b7416fb7d5000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.scad07037e2084842bad415b7416fb7d5B { 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 55-18 - VIRTUAL REPRESENTATION"><meta property="og:description" content="SDLRC Codified Law 55-18 - VIRTUAL REPRESENTATION"><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-18"><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="scad07037e2084842bad415b7416fb7d5Normal"><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes?Statute=55-18" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18</span></a></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5Normal"><span class="scad07037e2084842bad415b7416fb7d5HG4C">VIRTUAL REPRESENTATION</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5Normal-000000"><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5000001"> </span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-1" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-1</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Definitions.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-2" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-2</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Application of chapter to proceedings involving persons interested in trust.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-3" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-3</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Effect of provisions of chapter.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-4" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-4</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Conditions under which representative may not bind person represented.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-5" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-5</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Notice, service of process, and consent not required of certain persons.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-6" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-6</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Notice or consent respecting co-representatives.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-7" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-7</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Demand for notice.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-8" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-8</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Notice to Department of Social Services.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-9" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-9</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Persons who may bind others.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-10" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-10</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Disclosure of information regarding representatives.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-11" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-11</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Refusal to act as representative.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-12" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-12</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Petition for advance approval of action.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-13" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-13</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Representative with conflict of interest.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-14" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-14</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Disclosure of conflict of interest by representative.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-15" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-15</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Disclosure of conflict of interest by notifier.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-16" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-16</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Findings regarding conflict of interest in judicial and nonjudicial proceedings--Immunity of representative from liability.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-17" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-17</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Discretion of representative--Fiduciary status.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-18" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-18</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Compensation of representative.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-19" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-19</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Appointment of court representative.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-20" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-20</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Limitations on representation of settlor--Limitations on settlor's authority to bind beneficiary.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-21" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-21</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Limitations on trustee's authority to bind beneficiary.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-22" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-22</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Unauthorized practice of law not permitted.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-23" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-23</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Provisions of governing instrument.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-24" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-24</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Construction with chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=29A-1" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">29A-1</span></a><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-25" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-25</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Liability of notifier.</span></p><p dir="ltr" class="scad07037e2084842bad415b7416fb7d5B"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-26" rel="noopener"><span class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">55-18-26</span></a><span xml:space="preserve" class="scad07037e2084842bad415b7416fb7d5DefaultParagraphFont">    Liability of fiduciary.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s3966b4900a554a5abe690fdf474e2bceNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New 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'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 55-18-1 - Definitions."><meta property="og:description" content="SDLRC Codified Law 55-18-1 - Definitions."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=55-18-1"><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="s3966b4900a554a5abe690fdf474e2bceNormal"><a href="https://sdlegislature.gov/Statutes?Statute=55-18-1" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceSENU">55-18-1</span></a><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceSENU">. </span><span class="s3966b4900a554a5abe690fdf474e2bceCL">Definitions.</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatute"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(1)    "Bind" or "bound," to consent, receive notice or service of process, approve, agree, object, resist, waive, or demand for or as a person with the same binding and conclusive effect as if the person represented had;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(2)    "Conflict of interest," a situation in which a representative's interest in the trust causes a significant likelihood that a reasonable person would disregard a representative's duty to a represented beneficiary. A conflict of interest, however, excludes:</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(a)    Any adversity, conflict or opposed interests substantially unrelated to the representative's interest in the trust;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(b)    Any past situation which is not likely to re-occur; and</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(c)    Any conflict of interest which falls short of a material conflict of interest;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(3)    "Co-representative," more than one simultaneously acting representative of the same class pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-18-9" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">55-18-9</span></a><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">, as when co-guardians are acting:</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(4)    "Conservator," a person appointed pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=29A-5" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">29A-5</span></a><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont"> or equivalent provisions of another jurisdiction's laws including a temporary conservator, a guardian ad litem, and a limited conservator;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(5)    "Fiduciary," a person defined by subdivision </span><a href="https://sdlegislature.gov/Statutes?Statute=21-22-1" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">21-22-1</span></a><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(3), except as used in § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-18-17" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">55-18-17</span></a><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(6)    "Guardian," a person appointed pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=29A-5" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">29A-5</span></a><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont"> or equivalent provisions of another jurisdiction's laws including a temporary guardian and a limited guardian;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(7)    "Incapacitated" or "incapacity," lacking the capacity to meaningfully understand the matter in question because of a mental or physical impairment;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(8)    "Interest," a beneficial interest as defined by subdivision </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-24" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">55-1-24</span></a><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(1) but including the holder of a power of appointment, and any power to remove or replace a fiduciary or a representative;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(9)    "Interested beneficiary," a person who, on the date the person's qualification is determined:</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(a)    Is a current distributee or permissible distributee of trust income or principal;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(b)    Would be a distributee or permissible distributee of trust income or principal if the interests of the current distributees terminated on that date;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(c)    Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(d)    Holds a power of appointment; or</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(e)    Would hold a power of appointment if the interests of the current distributees terminated on that date or the interests of the persons currently holding a power of appointment under this subdivision terminated on that date;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(10)    "Knows" or "knowingly," actual knowledge of the fact in question;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(11)    "Minor," any person who has not attained the age of eighteen. The term includes a minor with an incapacity;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(12)    "Nonjudicial settlement," an agreement, release, or other action whether or not approved by a court, which may include, without limitation:</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(a)    The interpretation or construction of the terms of a trust;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(b)    The approval of any fiduciary's report or accounting;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(c)    Direction to any fiduciary to refrain from performing a particular act or the grant to a fiduciary of any necessary or desirable power;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(d)    The resignation or appointment of any fiduciary;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(e)    The determination of a fiduciary or a representative's compensation;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(f)    The transfer of a trust's principal place of administration or situs;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(g)    The liability of any fiduciary's action or omission relating to a trust;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(h)    Partial or final settlement agreements regarding a trust or its administration; or</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber2"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(i)    The modification, amendment, reformation, or termination of a trust;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(13)    "Notice" or "notifies," notice provided in accordance with § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-2-24" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">55-2-24</span></a><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(14)    "Notifier," a person who is undertaking notice or proposing consent with regard to a matter concerning a trust;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(15)    "Power of appointment," a power defined by § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-1-12" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">55-1-12</span></a><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(16)    "Proceeding," any judicial or nonjudicial trust proceeding, accounting, termination, modification, reformation, decanting, settlement, nonjudicial settlement, and any proceeding conducted pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=21-22" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">21-22</span></a><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont"> or title 29A which concerns a trust;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(17)    "Protected person," a person other than a minor for whom a guardian or conservator is appointed;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(18)    "Reasonably available," with respect to a person, that the person can be identified and located with the exercise of reasonable diligence;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(19)    "Representative," a person who may bind another person pursuant to § </span><a href="https://sdlegislature.gov/Statutes?Statute=55-18-9" rel="noopener"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">55-18-9</span></a><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">;</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(20)    "Trust," an express inter vivos or testamentary trust; and</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceStatuteNumber1"><span class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont">(21)    "Uninterested beneficiary," a beneficiary other than an interested beneficiary.</span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceNormal"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bce000000"> </span></p><p dir="ltr" class="s3966b4900a554a5abe690fdf474e2bceNoIndent"><span xml:space="preserve" class="s3966b4900a554a5abe690fdf474e2bceDefaultParagraphFont-000001">Source: </span><span class="s3966b4900a554a5abe690fdf474e2bceSCL">SL 2017, ch 208, § 2; SL 2018, ch 275, § 31; SL 2019, ch 209, § 9; SL 2021, ch 207, § 3; SL 2023, ch 161, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073025Normal { 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.s2073025SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073025CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073025Normal-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.s2073025DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073025000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073025SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073025SCL-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="s2073025Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-2"><span class="s2073025SENU">55-18-2</span></a><span xml:space="preserve" class="s2073025SENU">. </span><span class="s2073025CL">Application of chapter to proceedings involving persons interested in trust.</span></p><p dir="ltr" class="s2073025Normal-000000"><span class="s2073025DefaultParagraphFont">Notwithstanding the provisions of § 15-6-17(c), the provisions of this chapter apply to any proceeding involving any person interested in a trust.</span></p><p dir="ltr" class="s2073025Normal"><span xml:space="preserve" class="s2073025000001"> </span></p><p dir="ltr" class="s2073025Normal"><span class="s2073025SCL">Source:</span><span xml:space="preserve" class="s2073025SCL-000002"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073026Normal { 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.s2073026SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073026CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073026Normal-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.s2073026DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073026Normal-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.s2073026000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073026SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073026SCL-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="s2073026Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-3"><span class="s2073026SENU">55-18-3</span></a><span xml:space="preserve" class="s2073026SENU">. </span><span class="s2073026CL">Effect of provisions of chapter.</span></p><p dir="ltr" class="s2073026Normal-000000"><span class="s2073026DefaultParagraphFont">In any proceeding:</span></p><p dir="ltr" class="s2073026Normal-000001"><span class="s2073026DefaultParagraphFont">(1)    Any notice, governing instrument, accounting, report, or other information which is provided to a representative has the same effect as if the same was given to the person represented;</span></p><p dir="ltr" class="s2073026Normal-000001"><span class="s2073026DefaultParagraphFont">(2)    The consent of a representative has the same effect as if the person represented had consented;</span></p><p dir="ltr" class="s2073026Normal-000001"><span class="s2073026DefaultParagraphFont">(3)    A representative may otherwise bind the person represented; and</span></p><p dir="ltr" class="s2073026Normal-000001"><span class="s2073026DefaultParagraphFont">(4)    A finding, decree, judgment, ruling, or order in a judicial proceeding is binding and conclusive on all persons upon whom notice or service of process is not required pursuant to this chapter.</span></p><p dir="ltr" class="s2073026Normal"><span xml:space="preserve" class="s2073026000002"> </span></p><p dir="ltr" class="s2073026Normal"><span class="s2073026SCL">Source:</span><span xml:space="preserve" class="s2073026SCL-000003"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073027Normal { 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.s2073027SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073027CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073027Normal-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.s2073027DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073027Normal-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; } p.s2073027Normal-000002 { 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; } span.s2073027000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073027SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073027SCL-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="s2073027Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-4"><span class="s2073027SENU">55-18-4</span></a><span xml:space="preserve" class="s2073027SENU">. </span><span class="s2073027CL">Conditions under which representative may not bind person represented.</span></p><p dir="ltr" class="s2073027Normal-000000"><span xml:space="preserve" class="s2073027DefaultParagraphFont">Notwithstanding the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-3"><span class="s2073027DefaultParagraphFont">55-18-3</span></a><span class="s2073027DefaultParagraphFont">, no representative may bind the person represented if, prior to the representative binding the person in the matter in question:</span></p><p dir="ltr" class="s2073027Normal-000001"><span xml:space="preserve" class="s2073027DefaultParagraphFont">(1)    The court finds that the person cannot be adequately represented pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-19"><span class="s2073027DefaultParagraphFont">55-18-19</span></a><span class="s2073027DefaultParagraphFont">;</span></p><p dir="ltr" class="s2073027Normal-000001"><span xml:space="preserve" class="s2073027DefaultParagraphFont">(2)    The representative refuses to act pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-11"><span class="s2073027DefaultParagraphFont">55-18-11</span></a><span class="s2073027DefaultParagraphFont">;</span></p><p dir="ltr" class="s2073027Normal-000001"><span class="s2073027DefaultParagraphFont">(3)    The representative has been removed by a person with power to remove the representative; or</span></p><p dir="ltr" class="s2073027Normal-000001"><span class="s2073027DefaultParagraphFont">(4)    The represented person notifies:</span></p><p dir="ltr" class="s2073027Normal-000002"><span class="s2073027DefaultParagraphFont">(a)    The trustee;</span></p><p dir="ltr" class="s2073027Normal-000002"><span class="s2073027DefaultParagraphFont">(b)    The notifier; and</span></p><p dir="ltr" class="s2073027Normal-000002"><span class="s2073027DefaultParagraphFont">(c)    The representative, that the represented person will not be bound by the representative.</span></p><p dir="ltr" class="s2073027Normal"><span xml:space="preserve" class="s2073027000003"> </span></p><p dir="ltr" class="s2073027Normal"><span class="s2073027SCL">Source:</span><span xml:space="preserve" class="s2073027SCL-000004"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073028Normal { 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.s2073028SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073028CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073028Normal-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.s2073028DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073028Normal-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; } p.s2073028Normal-000002 { text-indent: 0.25in; 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.s2073028000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073028SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073028SCL-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="s2073028Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-5"><span class="s2073028SENU">55-18-5</span></a><span xml:space="preserve" class="s2073028SENU">. </span><span class="s2073028CL">Notice, service of process, and consent not required of certain persons.</span></p><p dir="ltr" class="s2073028Normal-000000"><span class="s2073028DefaultParagraphFont">Neither notice nor service of process on, nor consent to, any matter in any proceeding is required from:</span></p><p dir="ltr" class="s2073028Normal-000001"><span class="s2073028DefaultParagraphFont">(1)    An unborn individual;</span></p><p dir="ltr" class="s2073028Normal-000001"><span class="s2073028DefaultParagraphFont">(2)    An unascertained person;</span></p><p dir="ltr" class="s2073028Normal-000001"><span class="s2073028DefaultParagraphFont">(3)    The potential appointee of a power of appointment;</span></p><p dir="ltr" class="s2073028Normal-000001"><span class="s2073028DefaultParagraphFont">(4)    The potential taker in default of a general power of appointment;</span></p><p dir="ltr" class="s2073028Normal-000001"><span class="s2073028DefaultParagraphFont">(5)    An uninterested beneficiary; and</span></p><p dir="ltr" class="s2073028Normal-000001"><span class="s2073028DefaultParagraphFont">(6)    A person bound by a representative.</span></p><p dir="ltr" class="s2073028Normal-000002"><span xml:space="preserve" class="s2073028DefaultParagraphFont">Notwithstanding subdivisions (1) and (2), if no interested beneficiary, or representative thereof, would otherwise receive notice or provide consent with respect to the matter in question, a representative of an unborn or unascertained person shall act pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-9"><span class="s2073028DefaultParagraphFont">55-18-9</span></a><span class="s2073028DefaultParagraphFont">.</span></p><p dir="ltr" class="s2073028Normal-000002"><span class="s2073028DefaultParagraphFont">Notwithstanding subdivision (5), with respect to the matter in question, notice is required to, or consent is required from, an uninterested beneficiary who does not have a substantially identical interest with one or more interested beneficiaries.</span></p><p dir="ltr" class="s2073028Normal"><span xml:space="preserve" class="s2073028000003"> </span></p><p dir="ltr" class="s2073028Normal"><span class="s2073028SCL">Source:</span><span xml:space="preserve" class="s2073028SCL-000004"> SL 2017, ch 208, § 5; SL 2018, ch 275, § 32.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073029Normal { 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.s2073029SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073029CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073029Normal-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.s2073029DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073029Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073029000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073029SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073029SCL-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="s2073029Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-6"><span class="s2073029SENU">55-18-6</span></a><span xml:space="preserve" class="s2073029SENU">. </span><span class="s2073029CL">Notice or consent respecting co-representatives.</span></p><p dir="ltr" class="s2073029Normal-000000"><span class="s2073029DefaultParagraphFont">When notice is made on, or consent obtained from, co-representatives, notice on, or consent from, all acting co-representatives is required except when the terms of the co-representatives' authority provide that the co-representatives may act independently or by other means.</span></p><p dir="ltr" class="s2073029Normal-000001"><span class="s2073029DefaultParagraphFont">However, when a representative is acting pursuant to subdivision 55-18-9(3), (4), or (7), consent from or notice to one representative is sufficient to bind the person represented.</span></p><p dir="ltr" class="s2073029Normal"><span xml:space="preserve" class="s2073029000002"> </span></p><p dir="ltr" class="s2073029Normal"><span class="s2073029SCL">Source:</span><span xml:space="preserve" class="s2073029SCL-000003"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073030Normal { 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.s2073030SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073030CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073030Normal-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.s2073030DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073030000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073030SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073030SCL-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="s2073030Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-7"><span class="s2073030SENU">55-18-7</span></a><span xml:space="preserve" class="s2073030SENU">. </span><span class="s2073030CL">Demand for notice.</span></p><p dir="ltr" class="s2073030Normal-000000"><span class="s2073030DefaultParagraphFont">Following the commencement of a judicial proceeding, if a beneficiary timely files a demand for notice with the court, notice shall be given to the beneficiary unless otherwise ordered by the court.</span></p><p dir="ltr" class="s2073030Normal"><span xml:space="preserve" class="s2073030000001"> </span></p><p dir="ltr" class="s2073030Normal"><span class="s2073030SCL">Source:</span><span xml:space="preserve" class="s2073030SCL-000002"> SL 2017, ch 208, § 7; SL 2018, ch 275, § 33.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073031Normal { 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.s2073031SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073031CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073031Normal-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.s2073031DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073031000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073031SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073031SCL-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="s2073031Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-8"><span class="s2073031SENU">55-18-8</span></a><span xml:space="preserve" class="s2073031SENU">. </span><span class="s2073031CL">Notice to Department of Social Services.</span></p><p dir="ltr" class="s2073031Normal-000000"><span xml:space="preserve" class="s2073031DefaultParagraphFont">The Department of Social Services shall be provided with notice in any proceeding in which an interested beneficiary of a trust may owe a debt to the department pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=28-6-23"><span class="s2073031DefaultParagraphFont">28-6-23</span></a><span class="s2073031DefaultParagraphFont">. An interested beneficiary is not considered a person who may owe a debt to the department solely on account of the person's residence in this state.</span></p><p dir="ltr" class="s2073031Normal"><span xml:space="preserve" class="s2073031000001"> </span></p><p dir="ltr" class="s2073031Normal"><span class="s2073031SCL">Source:</span><span xml:space="preserve" class="s2073031SCL-000002"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073032Normal { 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.s2073032SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073032CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073032Normal-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.s2073032DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073032Normal-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; } p.s2073032Normal-000002 { 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; } span.s2073032000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073032Normal-000004 { text-indent: 0.25in; 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.s2073032SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073032SCL-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="s2073032Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-9"><span class="s2073032SENU">55-18-9</span></a><span xml:space="preserve" class="s2073032SENU">. </span><span class="s2073032CL">Persons who may bind others.</span></p><p dir="ltr" class="s2073032Normal-000000"><span class="s2073032DefaultParagraphFont">Persons who may bind others are as follows:</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(1)    Except as provided in subdivision 55-18-20(2), a conservator may bind a minor or protected person;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(2)    A guardian may bind the minor or protected person if no conservator of the minor or protected person has been appointed;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(3)    A parent may bind the parent's minor or unborn child if no conservator or guardian for the child has been appointed;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(4)    A person who has assumed responsibility for a minor child's care or custody may bind the child if no conservator or guardian for the child has been appointed and neither parent is living;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(5)    A trustee responsible for the management of all or a significant portion of the estate of an incapacitated individual other than a minor may bind the individual if no conservator or guardian for the individual has been appointed;</span></p><p dir="ltr" class="s2073032Normal-000001"><span xml:space="preserve" class="s2073032DefaultParagraphFont">(6)    A custodian under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-10A"><span class="s2073032DefaultParagraphFont">55-10A</span></a><span xml:space="preserve" class="s2073032DefaultParagraphFont"> or equivalent provisions of another jurisdiction's laws who is responsible for all or a significant portion of the estate of a minor may bind the minor if no conservator or guardian for the minor has been appointed;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(7)    An individual who has assumed responsibility for an incapacitated individual other than a minor, including a spouse of an incapacitated individual, may bind the individual if no conservator or guardian for the individual has been appointed and no agent has authority to act with respect to the matter in question, but an individual who is an employee of any assisted living, hospital, surgery center, nursing home, adult foster care, adult day care, or any other custodial care institution where the incapacitated person is residing or receiving services may not act as a representative pursuant to this subdivision;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(8)    Except as provided in subdivision 55-18-20(1), an agent having authority to act with respect to the matter in question may bind the principal if the principal is incapacitated or not reasonably available;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(9)    When a trust is a beneficiary of a trust, the trustee of the trust which is a beneficiary may bind the trust and the beneficiaries thereof without regard to whether the trust has yet been funded or the trustee has begun acting as trustee;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(10)    When a decedent's estate is a beneficiary of a trust, the personal representative of the estate may bind the estate and the persons interested in the estate;</span></p><p dir="ltr" class="s2073032Normal-000001"><span xml:space="preserve" class="s2073032DefaultParagraphFont">(11)    Except as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-23"><span class="s2073032DefaultParagraphFont">55-18-23</span></a><span class="s2073032DefaultParagraphFont">, a person designated in the governing instrument to represent another person or class of persons may bind that person or class of persons;</span></p><p dir="ltr" class="s2073032Normal-000001"><span xml:space="preserve" class="s2073032DefaultParagraphFont">(12)    Except as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-23"><span class="s2073032DefaultParagraphFont">55-18-23</span></a><span class="s2073032DefaultParagraphFont">, if a fiduciary or other person is authorized by the terms of the governing instrument to appoint a representative and the authorized fiduciary or other person appoints a representative in writing, the representative may bind the person or class of persons identified in the appointment;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(13)    Unless otherwise adequately represented pursuant to the foregoing provisions of this section, a minor, incapacitated individual, unborn individual, or a person who is not reasonably available, may be bound by a person having a substantially identical interest with respect to the matter in question;</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(14)    A person described in subsection 55-18-1(9)(a) may bind beneficiaries described in subsection 55-18-1(9)(b) and (c), if, with respect to the matter in question:</span></p><p dir="ltr" class="s2073032Normal-000002"><span class="s2073032DefaultParagraphFont">(a)    The person agrees in writing to serve as a representative for the represented beneficiary either with regard to a particular matter, for a particular period of time, generally in any matter or future matter, or for an indefinite period of time;</span></p><p dir="ltr" class="s2073032Normal-000002"><span class="s2073032DefaultParagraphFont">(b)    The interests of the person are substantially identical to the interests of the represented beneficiary; and</span></p><p dir="ltr" class="s2073032Normal-000002"><span class="s2073032DefaultParagraphFont">(c)    The person does not have a conflict of interest;</span></p><p dir="ltr" class="s2073032Normal-000002"><span xml:space="preserve" class="s2073032000003"> </span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(15)    A person described in subsection 55-18-1(9)(d) may bind beneficiaries described in subsection 55-18-1(9)(e);</span></p><p dir="ltr" class="s2073032Normal-000001"><span xml:space="preserve" class="s2073032DefaultParagraphFont">(16)    A court representative appointed pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-19"><span class="s2073032DefaultParagraphFont">55-18-19</span></a><span xml:space="preserve" class="s2073032DefaultParagraphFont"> may bind the person that the representative represents; and</span></p><p dir="ltr" class="s2073032Normal-000001"><span class="s2073032DefaultParagraphFont">(17)    Without diminishing the authority of an attorney to act on behalf of the attorney's client, an attorney representing a person may bind the person that the attorney represents within the scope of the attorney's representation.</span></p><p dir="ltr" class="s2073032Normal-000004"><span class="s2073032DefaultParagraphFont">When more than one class of persons may act as a representative, such as where persons may act under different subdivisions of this section, the notifier has discretion in selecting which class of representatives bind the person represented, except as otherwise provided in the governing instrument. The governing instrument may provide that representatives acting pursuant to subdivisions (11) and (12) may act to the exclusion of any other class or classes of representatives, in certain circumstances, or in all circumstances, other than representatives acting pursuant to subdivisions (l6) and (17).</span></p><p dir="ltr" class="s2073032Normal"><span xml:space="preserve" class="s2073032000003"> </span></p><p dir="ltr" class="s2073032Normal"><span class="s2073032SCL">Source:</span><span xml:space="preserve" class="s2073032SCL-000005"> SL 2017, ch 208, § 9; SL 2018, ch 275, § 34.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073033Normal { 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.s2073033SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073033CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073033Normal-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.s2073033DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073033Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073033000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073033SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073033SCL-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="s2073033Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-10"><span class="s2073033SENU">55-18-10</span></a><span xml:space="preserve" class="s2073033SENU">. </span><span class="s2073033CL">Disclosure of information regarding representatives.</span></p><p dir="ltr" class="s2073033Normal-000000"><span class="s2073033DefaultParagraphFont">In a judicial proceeding, the petitioner shall set forth information with respect to each representative, each person the representative represents, and the authority by which each representative acts under this chapter.</span></p><p dir="ltr" class="s2073033Normal-000001"><span xml:space="preserve" class="s2073033DefaultParagraphFont">In a nonjudicial proceeding, the notifier shall set forth information with respect to each representative, each person the representative represents, the authority by which each representative acts under the provisions of this chapter, and a notification that a representative may decline to act pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-11"><span class="s2073033DefaultParagraphFont">55-18-11</span></a><span class="s2073033DefaultParagraphFont">.</span></p><p dir="ltr" class="s2073033Normal-000001"><span xml:space="preserve" class="s2073033DefaultParagraphFont">No information need to be set forth regarding any person described in subdivisions (1) to (5), inclusive, of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-5"><span class="s2073033DefaultParagraphFont">55-18-5</span></a><span xml:space="preserve" class="s2073033DefaultParagraphFont"> unless a representative is acting for those persons.</span></p><p dir="ltr" class="s2073033Normal"><span xml:space="preserve" class="s2073033000002"> </span></p><p dir="ltr" class="s2073033Normal"><span class="s2073033SCL">Source:</span><span xml:space="preserve" class="s2073033SCL-000003"> SL 2017, ch 208, § 10; SL 2018, ch 275, § 35.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073034Normal { 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.s2073034SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073034CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073034Normal-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.s2073034DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073034Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073034000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073034SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073034SCL-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="s2073034Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-11"><span class="s2073034SENU">55-18-11</span></a><span xml:space="preserve" class="s2073034SENU">. </span><span class="s2073034CL">Refusal to act as representative.</span></p><p dir="ltr" class="s2073034Normal-000000"><span class="s2073034DefaultParagraphFont">Any representative may decline to act as a representative as to the matter in question by timely expressing the representative's refusal to the notifier.</span></p><p dir="ltr" class="s2073034Normal-000001"><span class="s2073034DefaultParagraphFont">A notifier may specify a time of not less than three days in which the representative may decline to act as a representative.</span></p><p dir="ltr" class="s2073034Normal-000001"><span class="s2073034DefaultParagraphFont">The governing instrument may specify a time in which the representative may decline to act as a representative.</span></p><p dir="ltr" class="s2073034Normal-000001"><span class="s2073034DefaultParagraphFont">A representative may waive in writing the representative's right to decline to act in the matter in question.</span></p><p dir="ltr" class="s2073034Normal"><span xml:space="preserve" class="s2073034000002"> </span></p><p dir="ltr" class="s2073034Normal"><span class="s2073034SCL">Source:</span><span xml:space="preserve" class="s2073034SCL-000003"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073035Normal { 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.s2073035SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073035CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073035Normal-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.s2073035DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073035000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073035SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073035SCL-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="s2073035Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-12"><span class="s2073035SENU">55-18-12</span></a><span xml:space="preserve" class="s2073035SENU">. </span><span class="s2073035CL">Petition for advance approval of action.</span></p><p dir="ltr" class="s2073035Normal-000000"><span class="s2073035DefaultParagraphFont">A representative may petition the court for an order approving the representative's actions prior to or in advance of the representative's action, upon such notice as the court may order.</span></p><p dir="ltr" class="s2073035Normal"><span xml:space="preserve" class="s2073035000001"> </span></p><p dir="ltr" class="s2073035Normal"><span class="s2073035SCL">Source:</span><span xml:space="preserve" class="s2073035SCL-000002"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073036Normal { 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.s2073036SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073036CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073036Normal-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.s2073036DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073036000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073036SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073036SCL-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="s2073036Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-13"><span class="s2073036SENU">55-18-13</span></a><span xml:space="preserve" class="s2073036SENU">. </span><span class="s2073036CL">Representative with conflict of interest.</span></p><p dir="ltr" class="s2073036Normal-000000"><span class="s2073036DefaultParagraphFont">A representative with a conflict of interest with respect to the matter in question may bind the person that the representative represents notwithstanding any cause of action that the represented person may have against a representative who acts knowingly.</span></p><p dir="ltr" class="s2073036Normal"><span xml:space="preserve" class="s2073036000001"> </span></p><p dir="ltr" class="s2073036Normal"><span class="s2073036SCL">Source:</span><span xml:space="preserve" class="s2073036SCL-000002"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073037Normal { 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.s2073037SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073037CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073037Normal-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.s2073037DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073037Normal-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.s2073037000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073037SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073037SCL-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="s2073037Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-14"><span class="s2073037SENU">55-18-14</span></a><span xml:space="preserve" class="s2073037SENU">. </span><span class="s2073037CL">Disclosure of conflict of interest by representative.</span></p><p dir="ltr" class="s2073037Normal-000000"><span class="s2073037DefaultParagraphFont">If a representative knows that the representative has a conflict of interest with respect to the matter in question, the representative shall timely disclose the nature of the conflict of interest:</span></p><p dir="ltr" class="s2073037Normal-000001"><span class="s2073037DefaultParagraphFont">(1)    In a judicial proceeding to the interested parties and the court; or</span></p><p dir="ltr" class="s2073037Normal-000001"><span class="s2073037DefaultParagraphFont">(2)    Otherwise to the notifier and the trustee.</span></p><p dir="ltr" class="s2073037Normal"><span xml:space="preserve" class="s2073037000002"> </span></p><p dir="ltr" class="s2073037Normal"><span class="s2073037SCL">Source:</span><span xml:space="preserve" class="s2073037SCL-000003"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073038Normal { 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.s2073038SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073038CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073038Normal-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.s2073038DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073038Normal-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.s2073038000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073038SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073038SCL-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="s2073038Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-15"><span class="s2073038SENU">55-18-15</span></a><span xml:space="preserve" class="s2073038SENU">. </span><span class="s2073038CL">Disclosure of conflict of interest by notifier.</span></p><p dir="ltr" class="s2073038Normal-000000"><span xml:space="preserve" class="s2073038DefaultParagraphFont">Unless notice of a conflict of interest has been carried out pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-14"><span class="s2073038DefaultParagraphFont">55-18-14</span></a><span class="s2073038DefaultParagraphFont">, if the notifier knows that a representative has a conflict of interest with respect to the matter in question, the notifier shall timely disclose the nature of the conflict of interest:</span></p><p dir="ltr" class="s2073038Normal-000001"><span class="s2073038DefaultParagraphFont">(1)    In a judicial proceeding to the interested parties and the court; or</span></p><p dir="ltr" class="s2073038Normal-000001"><span class="s2073038DefaultParagraphFont">(2)    Otherwise, to the representative, the trustee, and, to the extent the person represented can be reasonably notified, to the person represented along with notification that that person may elect not to be bound pursuant to subdivision 55-18-4(4).</span></p><p dir="ltr" class="s2073038Normal"><span xml:space="preserve" class="s2073038000002"> </span></p><p dir="ltr" class="s2073038Normal"><span class="s2073038SCL">Source:</span><span xml:space="preserve" class="s2073038SCL-000003"> SL 2017, ch 208, § 15; SL 2018, ch 275, § 36.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073039Normal { 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.s2073039SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073039CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073039Normal-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.s2073039DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073039Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073039000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073039SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073039SCL-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="s2073039Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-16"><span class="s2073039SENU">55-18-16</span></a><span xml:space="preserve" class="s2073039SENU">. </span><span class="s2073039CL">Findings regarding conflict of interest in judicial and nonjudicial proceedings--Immunity of representative from liability.</span></p><p dir="ltr" class="s2073039Normal-000000"><span class="s2073039DefaultParagraphFont">In a judicial proceeding, if the court has been notified of a representative's conflict of interest or potential conflict of interest, the court may find that the representative conflict of interest or potential conflict of interest is immaterial in view of the facts and circumstances and order that the representative may act as a representative notwithstanding the conflict of interest or potential conflict of interest.</span></p><p dir="ltr" class="s2073039Normal-000001"><span class="s2073039DefaultParagraphFont">The court's findings pursuant to this section are binding and conclusive with regard to the matter in question and, to the extent ordered by the court, absolve the representative of liability.</span></p><p dir="ltr" class="s2073039Normal-000001"><span class="s2073039DefaultParagraphFont">In a nonjudicial proceeding, unless otherwise provided in the governing instrument, the trustee may find that a representative's conflict of interest or potential conflict of interest is immaterial in view of the facts and circumstances and direct the representative to act as a representative notwithstanding the conflict of interest or potential conflict of interest.</span></p><p dir="ltr" class="s2073039Normal-000001"><span class="s2073039DefaultParagraphFont">The trustee's findings pursuant to this section are binding and conclusive with regard to the matter in question and, to the extent provided by the trustee in writing, absolve the representative of liability.</span></p><p dir="ltr" class="s2073039Normal"><span xml:space="preserve" class="s2073039000002"> </span></p><p dir="ltr" class="s2073039Normal"><span class="s2073039SCL">Source:</span><span xml:space="preserve" class="s2073039SCL-000003"> SL 2017, ch 208, § 16; SL 2018, ch 275, § 37.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073040Normal { 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.s2073040SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073040CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073040Normal-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.s2073040DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073040Normal-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; } p.s2073040Normal-000002 { text-indent: 0.25in; 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.s2073040000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073040SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073040SCL-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="s2073040Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-17"><span class="s2073040SENU">55-18-17</span></a><span xml:space="preserve" class="s2073040SENU">. </span><span class="s2073040CL">Discretion of representative--Fiduciary status.</span></p><p dir="ltr" class="s2073040Normal-000000"><span class="s2073040DefaultParagraphFont">A representative may make a decision with broad discretion and no representative is liable for an action or omission unless the representative:</span></p><p dir="ltr" class="s2073040Normal-000001"><span class="s2073040DefaultParagraphFont">(1)    Acts dishonestly;</span></p><p dir="ltr" class="s2073040Normal-000001"><span class="s2073040DefaultParagraphFont">(2)    Acts with an improper motive; or</span></p><p dir="ltr" class="s2073040Normal-000001"><span class="s2073040DefaultParagraphFont">(3)    Fails, if under a duty to do so, to act.</span></p><p dir="ltr" class="s2073040Normal-000002"><span class="s2073040DefaultParagraphFont">A representative may represent any number of persons. A representative is not a fiduciary solely by reason of being a representative unless otherwise ordered by the court, expressly affirmed in writing by the representative, or provided in the governing instrument.</span></p><p dir="ltr" class="s2073040Normal-000002"><span class="s2073040DefaultParagraphFont">The provisions of this section do not expand or diminish the duties of an attorney.</span></p><p dir="ltr" class="s2073040Normal"><span xml:space="preserve" class="s2073040000003"> </span></p><p dir="ltr" class="s2073040Normal"><span class="s2073040SCL">Source:</span><span xml:space="preserve" class="s2073040SCL-000004"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073041Normal { 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.s2073041SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073041CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073041Normal-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.s2073041DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073041000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073041SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073041SCL-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="s2073041Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-18"><span class="s2073041SENU">55-18-18</span></a><span xml:space="preserve" class="s2073041SENU">. </span><span class="s2073041CL">Compensation of representative.</span></p><p dir="ltr" class="s2073041Normal-000000"><span class="s2073041DefaultParagraphFont">A representative is entitled to reasonable compensation as determined by the trustee except as otherwise provided in the governing instrument.</span></p><p dir="ltr" class="s2073041Normal"><span xml:space="preserve" class="s2073041000001"> </span></p><p dir="ltr" class="s2073041Normal"><span class="s2073041SCL">Source:</span><span xml:space="preserve" class="s2073041SCL-000002"> SL 2017, ch 208, § 18.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073042Normal { 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.s2073042SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073042CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073042Normal-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.s2073042DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073042Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073042000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073042SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073042SCL-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="s2073042Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-19"><span class="s2073042SENU">55-18-19</span></a><span xml:space="preserve" class="s2073042SENU">. </span><span class="s2073042CL">Appointment of court representative.</span></p><p dir="ltr" class="s2073042Normal-000000"><span class="s2073042DefaultParagraphFont">In a judicial proceeding, if the court determines that a person cannot be adequately represented by a representative, the court may order that the person be provided notice or may order the appointment of a court representative or a replacement court representative to bind the person. The basis for a finding that representation is inadequate shall be set forth specifically in an order and may include, by way of example, a finding that a representative has a material conflict of interest or acted with hostility to the interest of the person represented.</span></p><p dir="ltr" class="s2073042Normal-000001"><span class="s2073042DefaultParagraphFont">A trustee, a beneficiary, or, if authorized by the governing instrument, a fiduciary other than a trustee, may petition the court for the appointment of a court representative. A court representative has the authority to act as a representative in any proceeding unless otherwise ordered by the court.</span></p><p dir="ltr" class="s2073042Normal-000001"><span xml:space="preserve" class="s2073042DefaultParagraphFont">Notwithstanding § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-5"><span class="s2073042DefaultParagraphFont">55-18-5</span></a><span class="s2073042DefaultParagraphFont">, the court may appoint a court representative to bind uninterested beneficiaries, unborn persons, unascertained persons, or the potential appointees or the takers in default of a power of appointment.</span></p><p dir="ltr" class="s2073042Normal-000001"><span xml:space="preserve" class="s2073042DefaultParagraphFont">Notwithstanding § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-20"><span class="s2073042DefaultParagraphFont">55-18-20</span></a><span class="s2073042DefaultParagraphFont">, the court may appoint a court representative to bind a settlor.</span></p><p dir="ltr" class="s2073042Normal"><span xml:space="preserve" class="s2073042000002"> </span></p><p dir="ltr" class="s2073042Normal"><span class="s2073042SCL">Source:</span><span xml:space="preserve" class="s2073042SCL-000003"> SL 2017, ch 208, § 19; SL 2018, ch 275, § 38.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073043Normal { 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.s2073043SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073043CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073043Normal-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.s2073043DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073043Normal-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; } p.s2073043Normal-000002 { text-indent: 0.25in; 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.s2073043000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073043SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073043SCL-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="s2073043Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-20"><span class="s2073043SENU">55-18-20</span></a><span xml:space="preserve" class="s2073043SENU">. </span><span class="s2073043CL">Limitations on representation of settlor--Limitations on settlor's authority to bind beneficiary.</span></p><p dir="ltr" class="s2073043Normal-000000"><span class="s2073043DefaultParagraphFont">A settlor may be represented by a representative in amending, terminating, or revoking an inter vivos revocable trust only when the representative is:</span></p><p dir="ltr" class="s2073043Normal-000001"><span class="s2073043DefaultParagraphFont">(1)    An agent under a written power of attorney when the settlor is incapacitated or not reasonably available and to the extent expressly authorized by the power of attorney with specific reference to the trust and expressly authorized by the terms of the governing instrument; or</span></p><p dir="ltr" class="s2073043Normal-000001"><span xml:space="preserve" class="s2073043DefaultParagraphFont">(2)    A conservator only to the extent authorized or approved by order of the court pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=29A-5-420"><span class="s2073043DefaultParagraphFont">29A-5-420</span></a><span xml:space="preserve" class="s2073043DefaultParagraphFont"> or equivalent provisions of another jurisdiction's laws.</span></p><p dir="ltr" class="s2073043Normal-000002"><span class="s2073043DefaultParagraphFont">In other respects, a settlor may be represented by a representative only pursuant to subdivisions 55-18-9(5), (11), (16), and (17) and pursuant to subdivision 55-18-9(1) to the extent authorized or approved by the court.</span></p><p dir="ltr" class="s2073043Normal-000002"><span xml:space="preserve" class="s2073043DefaultParagraphFont">A settlor may not bind a beneficiary with respect to a trust termination pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-24"><span class="s2073043DefaultParagraphFont">55-3-24</span></a><span xml:space="preserve" class="s2073043DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-30"><span class="s2073043DefaultParagraphFont">55-3-30</span></a><span xml:space="preserve" class="s2073043DefaultParagraphFont"> or a trust modification pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-24"><span class="s2073043DefaultParagraphFont">55-3-24</span></a><span xml:space="preserve" class="s2073043DefaultParagraphFont"> or </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-3-30"><span class="s2073043DefaultParagraphFont">55-3-30</span></a><span xml:space="preserve" class="s2073043DefaultParagraphFont"> where the ability to bind the beneficiary to the proposed trust modification would constitute a retained interest pursuant to 26 U.S.C. § 2036, as of January 1, 2017, or a revocable transfer pursuant to 26 U.S.C. § 2038 as of January 1, 2017.</span></p><p dir="ltr" class="s2073043Normal"><span xml:space="preserve" class="s2073043000003"> </span></p><p dir="ltr" class="s2073043Normal"><span class="s2073043SCL">Source:</span><span xml:space="preserve" class="s2073043SCL-000004"> SL 2017, ch 208, § 20; SL 2018, ch 275, § 39.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073044Normal { 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.s2073044SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073044CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073044Normal-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.s2073044DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073044000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073044SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073044SCL-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="s2073044Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-21"><span class="s2073044SENU">55-18-21</span></a><span xml:space="preserve" class="s2073044SENU">. </span><span class="s2073044CL">Limitations on trustee's authority to bind beneficiary.</span></p><p dir="ltr" class="s2073044Normal-000000"><span class="s2073044DefaultParagraphFont">Without diminishing the powers of a trustee over the affairs of the trust or trust property, a trustee may not bind a beneficiary of the trustee's trust except as provided in subdivisions 55-18-9(5), (9), (11), and (16).</span></p><p dir="ltr" class="s2073044Normal"><span xml:space="preserve" class="s2073044000001"> </span></p><p dir="ltr" class="s2073044Normal"><span class="s2073044SCL">Source:</span><span xml:space="preserve" class="s2073044SCL-000002"> SL 2017, ch 208, § 21; SL 2019, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073045Normal { 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.s2073045SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073045CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073045Normal-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.s2073045DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073045000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073045SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073045SCL-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="s2073045Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-22"><span class="s2073045SENU">55-18-22</span></a><span xml:space="preserve" class="s2073045SENU">. </span><span class="s2073045CL">Unauthorized practice of law not permitted.</span></p><p dir="ltr" class="s2073045Normal-000000"><span xml:space="preserve" class="s2073045DefaultParagraphFont">Nothing in this chapter, permits the unauthorized practice of law or diminishes the provisions of § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=16-16-19"><span class="s2073045DefaultParagraphFont">16-16-19</span></a><span class="s2073045DefaultParagraphFont">.</span></p><p dir="ltr" class="s2073045Normal"><span xml:space="preserve" class="s2073045000001"> </span></p><p dir="ltr" class="s2073045Normal"><span class="s2073045SCL">Source:</span><span xml:space="preserve" class="s2073045SCL-000002"> SL 2017, ch 208, § 22.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073046Normal { 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.s2073046SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073046CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073046Normal-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.s2073046DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073046Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073046000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073046SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073046SCL-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="s2073046Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-23"><span class="s2073046SENU">55-18-23</span></a><span xml:space="preserve" class="s2073046SENU">. </span><span class="s2073046CL">Provisions of governing instrument.</span></p><p dir="ltr" class="s2073046Normal-000000"><span class="s2073046DefaultParagraphFont">A governing instrument may require additional notification or consent than otherwise required by law. Unless expressly authorized by the governing instrument, a person designated by a governing instrument to represent another person or class of persons may not represent such person or class of persons while that designee is serving as a trustee or co-trustee of such trust.</span></p><p dir="ltr" class="s2073046Normal-000001"><span class="s2073046DefaultParagraphFont">A governing instrument which authorizes a person or fiduciary to appoint a representative may also identify or describe a person, several persons, a class of persons, or a description of persons who may not be appointed as representatives as to all or certain represented persons or matters or during a period of time.</span></p><p dir="ltr" class="s2073046Normal"><span xml:space="preserve" class="s2073046000002"> </span></p><p dir="ltr" class="s2073046Normal"><span class="s2073046SCL">Source:</span><span xml:space="preserve" class="s2073046SCL-000003"> SL 2017, ch 208, § 23.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073047Normal { 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.s2073047SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073047CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073047Normal-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.s2073047DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073047000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073047SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073047SCL-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="s2073047Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-24"><span class="s2073047SENU">55-18-24</span></a><span xml:space="preserve" class="s2073047SENU">. </span><span xml:space="preserve" class="s2073047CL">Construction with chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=29A-1"><span class="s2073047CL">29A-1</span></a><span class="s2073047CL">.</span></p><p dir="ltr" class="s2073047Normal-000000"><span xml:space="preserve" class="s2073047DefaultParagraphFont">With regard to a testamentary trust proceeding governed by title 29A, in the event of any conflict between this chapter, and chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=29A-1"><span class="s2073047DefaultParagraphFont">29A-1</span></a><span class="s2073047DefaultParagraphFont">, the provisions of this chapter, shall prevail.</span></p><p dir="ltr" class="s2073047Normal"><span xml:space="preserve" class="s2073047000001"> </span></p><p dir="ltr" class="s2073047Normal"><span class="s2073047SCL">Source:</span><span xml:space="preserve" class="s2073047SCL-000002"> SL 2017, ch 208, § 24.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073048Normal { 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.s2073048SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073048CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073048Normal-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.s2073048DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073048000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073048SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073048SCL-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="s2073048Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-25"><span class="s2073048SENU">55-18-25</span></a><span xml:space="preserve" class="s2073048SENU">. </span><span class="s2073048CL">Liability of notifier.</span></p><p dir="ltr" class="s2073048Normal-000000"><span class="s2073048DefaultParagraphFont">No notifier is liable for undertaking any additional notification or seeking additional consent than required by law or the governing instrument.</span></p><p dir="ltr" class="s2073048Normal"><span xml:space="preserve" class="s2073048000001"> </span></p><p dir="ltr" class="s2073048Normal"><span class="s2073048SCL">Source:</span><span xml:space="preserve" class="s2073048SCL-000002"> SL 2017, ch 208, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073049Normal { 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.s2073049SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073049CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073049Normal-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.s2073049DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073049000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073049SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073049SCL-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="s2073049Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-18-26"><span class="s2073049SENU">55-18-26</span></a><span xml:space="preserve" class="s2073049SENU">. </span><span class="s2073049CL">Liability of fiduciary.</span></p><p dir="ltr" class="s2073049Normal-000000"><span class="s2073049DefaultParagraphFont">No fiduciary is liable for reliance on the outcome or resolution of any proceeding conducted under this chapter, unless the fiduciary knowingly disregarded the lack of a representative's authority to act with regard to the matter in question.</span></p><p dir="ltr" class="s2073049Normal"><span xml:space="preserve" class="s2073049000001"> </span></p><p dir="ltr" class="s2073049Normal"><span class="s2073049SCL">Source:</span><span xml:space="preserve" class="s2073049SCL-000002"> SL 2017, ch 208, § 26.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2080998Normal { 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.s2080998HG4 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2080998DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2080998HG4C { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2080998Normal-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.s2080998DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2080998B { 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></head><body><div><p dir="ltr" class="s2080998Normal"><span xml:space="preserve" class="s2080998HG4">CHAPTER </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19"><span class="s2080998DefaultParagraphFont">55-19</span></a></p><p dir="ltr" class="s2080998Normal"><span xml:space="preserve" class="s2080998HG4C">UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT </span></p><p dir="ltr" class="s2080998Normal-000000"><span class="s2080998DefaultParagraphFont-000001"></span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-1"><span class="s2080998DefaultParagraphFont">55-19-1</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Definitions. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-2"><span class="s2080998DefaultParagraphFont">55-19-2</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Applicability generally. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-3"><span class="s2080998DefaultParagraphFont">55-19-3</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Applicability to custodians and employer assets used by employee. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-4"><span class="s2080998DefaultParagraphFont">55-19-4</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    User direction for disclosure of digital assets. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-5"><span class="s2080998DefaultParagraphFont">55-19-5</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Terms-of-service agreement. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-6"><span class="s2080998DefaultParagraphFont">55-19-6</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Procedure for disclosing digital assets. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-7"><span class="s2080998DefaultParagraphFont">55-19-7</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Disclosure of content of electronic communications of deceased user. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-8"><span class="s2080998DefaultParagraphFont">55-19-8</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Disclosure of other digital assets of deceased user. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-9"><span class="s2080998DefaultParagraphFont">55-19-9</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Disclosure of content of electronic communications of principal. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-10"><span class="s2080998DefaultParagraphFont">55-19-10</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Disclosure of other digital assets of principal. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-11"><span class="s2080998DefaultParagraphFont">55-19-11</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Disclosure of digital assets held in trust when trustee is original user. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-12"><span class="s2080998DefaultParagraphFont">55-19-12</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Disclosure of contents of electronic communications held in trust when trustee not original user. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-13"><span class="s2080998DefaultParagraphFont">55-19-13</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Disclosure of other digital assets held in trust when trustee not original user. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-14"><span class="s2080998DefaultParagraphFont">55-19-14</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Disclosure of assets to conservator of protected person. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-15"><span class="s2080998DefaultParagraphFont">55-19-15</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Suspension or termination of account of protected person. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-16"><span class="s2080998DefaultParagraphFont">55-19-16</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Fiduciary duties. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-17"><span class="s2080998DefaultParagraphFont">55-19-17</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Fiduciary authority generally. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-18"><span class="s2080998DefaultParagraphFont">55-19-18</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Fiduciary right of access to digital asset not held by custodian or subject to terms-of-service agreement. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-19"><span class="s2080998DefaultParagraphFont">55-19-19</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Fiduciary as authorized user for purposes of computer fraud or unauthorized access law. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-20"><span class="s2080998DefaultParagraphFont">55-19-20</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Fiduciary right of access to digital asset. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-21"><span class="s2080998DefaultParagraphFont">55-19-21</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Disclosure of information by custodian to fiduciary. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-22"><span class="s2080998DefaultParagraphFont">55-19-22</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Request for termination of user's account. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-23"><span class="s2080998DefaultParagraphFont">55-19-23</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Custodian compliance. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-24"><span class="s2080998DefaultParagraphFont">55-19-24</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Custodian notice to user. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-25"><span class="s2080998DefaultParagraphFont">55-19-25</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Denial by custodian of request for disclosure or termination. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-26"><span class="s2080998DefaultParagraphFont">55-19-26</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Custodian's ability to require court order. </span></p><p dir="ltr" class="s2080998B"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-27"><span class="s2080998DefaultParagraphFont">55-19-27</span></a><span xml:space="preserve" class="s2080998DefaultParagraphFont">    Custodian immunity. </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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2080606Normal { 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.s2080606SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2080606CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2080606Statute { 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.s2080606DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2080606StatuteNumber1 { 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; } a.s2080606000000 { text-decoration: none; } span.s2080606000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2080606DefaultParagraphFont-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2080606SCL { 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="s2080606Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-1"><span class="s2080606SENU">55-19-1</span></a><span xml:space="preserve" class="s2080606SENU">. </span><span class="s2080606CL">Definitions.</span></p><p dir="ltr" class="s2080606Statute"><span class="s2080606DefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(1)    "Account," any arrangement under a terms-of-service agreement in which a custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span xml:space="preserve" class="s2080606DefaultParagraphFont">(2)    "Agent," any attorney-in-fact granted authority under a power of attorney pursuant to chapter 59-12 or nondurable power of attorney pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=59-2"><span class="s2080606DefaultParagraphFont">59-2</span></a><span class="s2080606DefaultParagraphFont">;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(3)    "Carries," engages in the transmission of an electronic communication;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(4)    "Catalogue of electronic communications," information that identifies each person with whom a user has had an electronic communication, the time and date of the communication, and the electronic address of the person;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(5)    "Conservator," any person appointed by a court to manage the estate of a living individual or protected person, including a limited conservator;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(6)    "Content of an electronic communication," information concerning the substance or meaning of the communication that has been sent or received by a user; is in electronic storage by a custodian providing an electronic communication service to the public or is carried or maintained by a custodian providing a remote computing service to the public; and is not readily accessible to the public;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(7)    "Court," a court of competent jurisdiction;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(8)    "Custodian," any person who carries, maintains, processes, receives, or stores a digital asset of a user;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><a id="_pagenumber44" class="s2080606000000"></a><span class="s2080606DefaultParagraphFont">(9)    "Designated recipient," any person chosen by the user of an online tool to administer digital assets of the user;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(10)    "Digital asset," any electronic record in which an individual has a right or interest. The term does not include an underlying asset or liability unless the asset or liability is itself an electronic record;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(11)    "Electronic," relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(12)    "Electronic communication," has the meaning set forth in 18 U.S.C. Section 2510(12), as of January 1, 2017;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(13)    "Electronic-communication service," any custodian who provides to a user the ability to send or receive an electronic communication;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(14)    "Fiduciary," any person who is an original, additional, or successor personal representative, conservator, agent, or trustee;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(15)    "Information," data, text, images, videos, sounds, codes, computer programs, software, databases, or similar intelligence of any nature;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(16)    "Online tool," any electronic service provided by a custodian that allows the user, in an agreement distinct from the terms-of-service agreement between the custodian and user, to provide directions for disclosure or nondisclosure of digital assets to a third person;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(17)    "Person," any individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(18)    "Personal representative," any executor, administrator, special administrator, or any person who performs substantially the same function under the law governing that person's status other than this chapter;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(19)    "Power of attorney," any record that grants an agent authority to act in the place of a principal;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(20)    "Principal," any individual who grants authority to an agent in a power of attorney;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(21)    "Protected person," any individual for whom a conservator has been appointed, including an individual for whom an application for the appointment of a conservator is pending;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(22)    "Record," information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span xml:space="preserve" class="s2080606DefaultParagraphFont">(23)    "Remote-computing service," any custodian who provides to the public computer processing services or the storage of digital assets by means of an electronic </span><a id="_pagenumber45" class="s2080606000000"></a><span class="s2080606DefaultParagraphFont">communications system as defined in 18 U.S.C. Section 2510(14), as of January 1, 2017;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(24)    "Terms-of-service agreement," any agreement that controls the relationship between a user and a custodian;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(25)    "Trustee," any fiduciary, including a successor trustee, with legal title to property under an agreement or declaration that creates a beneficial interest in another;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(26)    "User," any person who has an account with a custodian;</span></p><p dir="ltr" class="s2080606StatuteNumber1"><span class="s2080606DefaultParagraphFont">(27)    "Will," includes a codicil, testamentary instrument that only appoints an executor, and instrument that revokes or revises a testamentary instrument.</span></p><p dir="ltr" class="s2080606Normal"><span xml:space="preserve" class="s2080606000001"> </span></p><p dir="ltr" class="s2080606Normal"><span xml:space="preserve" class="s2080606DefaultParagraphFont-000002">Source: </span><span class="s2080606SCL">SL 2017, ch 209, § 1; SL 2020, ch 214, § 52.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073052Normal { 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.s2073052SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073052CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073052Normal-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.s2073052DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073052Normal-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.s2073052000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073052SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073052SCL-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="s2073052Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-2"><span class="s2073052SENU">55-19-2</span></a><span xml:space="preserve" class="s2073052SENU">. </span><span class="s2073052CL">Applicability generally.</span></p><p dir="ltr" class="s2073052Normal-000000"><span class="s2073052DefaultParagraphFont">The provisions of this chapter apply to:</span></p><p dir="ltr" class="s2073052Normal-000001"><span class="s2073052DefaultParagraphFont">(1)    Any fiduciary acting under a will or power of attorney executed before, on, or after July 1, 2017;</span></p><p dir="ltr" class="s2073052Normal-000001"><span class="s2073052DefaultParagraphFont">(2)    Any personal representative acting for a decedent who died before, on, or after July 1, 2017;</span></p><p dir="ltr" class="s2073052Normal-000001"><span class="s2073052DefaultParagraphFont">(3)    Any conservatorship proceeding commenced before, on, or after July 1, 2017; and</span></p><p dir="ltr" class="s2073052Normal-000001"><span class="s2073052DefaultParagraphFont">(4)    A trustee acting under a trust created before, on, or after July 1, 2017.</span></p><p dir="ltr" class="s2073052Normal"><span xml:space="preserve" class="s2073052000002"> </span></p><p dir="ltr" class="s2073052Normal"><span class="s2073052SCL">Source:</span><span xml:space="preserve" class="s2073052SCL-000003"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073053Normal { 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.s2073053SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073053CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073053Normal-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.s2073053DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073053000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073053SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073053SCL-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="s2073053Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-3"><span class="s2073053SENU">55-19-3</span></a><span xml:space="preserve" class="s2073053SENU">. </span><span class="s2073053CL">Applicability to custodians and employer assets used by employee.</span></p><p dir="ltr" class="s2073053Normal-000000"><span class="s2073053DefaultParagraphFont">This chapter applies to a custodian if the user resides in this state or resided in this state at the time of the user's death. This chapter does not apply to any digital asset of an employer used by an employee in the ordinary course of the employer's business.</span></p><p dir="ltr" class="s2073053Normal"><span xml:space="preserve" class="s2073053000001"> </span></p><p dir="ltr" class="s2073053Normal"><span class="s2073053SCL">Source:</span><span xml:space="preserve" class="s2073053SCL-000002"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073054Normal { 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.s2073054SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073054CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073054Normal-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.s2073054DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073054Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073054000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073054SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073054SCL-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="s2073054Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-4"><span class="s2073054SENU">55-19-4</span></a><span xml:space="preserve" class="s2073054SENU">. </span><span class="s2073054CL">User direction for disclosure of digital assets.</span></p><p dir="ltr" class="s2073054Normal-000000"><span class="s2073054DefaultParagraphFont">Any user may utilize an online tool to direct a custodian to disclose or not to disclose to a designated recipient some or all of the user's digital assets, including the content of electronic communications. If the online tool allows the user to modify or delete a direction at all times, a direction regarding disclosure using an online tool overrides a contrary direction by the user in a will, trust, power of attorney, or other record.</span></p><p dir="ltr" class="s2073054Normal-000001"><span class="s2073054DefaultParagraphFont">If a user has not utilized an online tool to give direction under this section, or if the custodian has not provided an online tool, the user may allow for or prohibit in a will, trust, power of attorney, or any other record, disclosure to a fiduciary of some or all of the user's digital assets, including the content of electronic communications sent or received by the user.</span></p><p dir="ltr" class="s2073054Normal-000001"><span class="s2073054DefaultParagraphFont">A user's direction under this section overrides a contrary provision in any terms-of-service agreement that does not require the user to act affirmatively and distinctly from the user's assent to the terms of service agreement.</span></p><p dir="ltr" class="s2073054Normal"><span xml:space="preserve" class="s2073054000002"> </span></p><p dir="ltr" class="s2073054Normal"><span class="s2073054SCL">Source:</span><span xml:space="preserve" class="s2073054SCL-000003"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073055Normal { 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.s2073055SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073055CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073055Normal-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.s2073055DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073055Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073055000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073055SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073055SCL-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="s2073055Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-5"><span class="s2073055SENU">55-19-5</span></a><span xml:space="preserve" class="s2073055SENU">. </span><span class="s2073055CL">Terms-of-service agreement.</span></p><p dir="ltr" class="s2073055Normal-000000"><span class="s2073055DefaultParagraphFont">This chapter does not change or impair the right of any custodian or user under a terms-of-service agreement to access and use digital assets of the user.</span></p><p dir="ltr" class="s2073055Normal-000001"><span class="s2073055DefaultParagraphFont">This chapter does not give a fiduciary or designated recipient any new or expanded rights other than those held by the user for whom, or for whose estate, the fiduciary or designated recipient acts or represents.</span></p><p dir="ltr" class="s2073055Normal-000001"><span xml:space="preserve" class="s2073055DefaultParagraphFont">A fiduciary's or designated recipient's access to digital assets may be modified or eliminated by a user, by federal law, or by a terms-of-service agreement if the user has not provided direction under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-4"><span class="s2073055DefaultParagraphFont">55-19-4</span></a><span class="s2073055DefaultParagraphFont">.</span></p><p dir="ltr" class="s2073055Normal"><span xml:space="preserve" class="s2073055000002"> </span></p><p dir="ltr" class="s2073055Normal"><span class="s2073055SCL">Source:</span><span xml:space="preserve" class="s2073055SCL-000003"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073056Normal { 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.s2073056SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073056CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073056Normal-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.s2073056DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073056Normal-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; } p.s2073056Normal-000002 { text-indent: 0.25in; 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.s2073056000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073056SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073056SCL-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="s2073056Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-6"><span class="s2073056SENU">55-19-6</span></a><span xml:space="preserve" class="s2073056SENU">. </span><span class="s2073056CL">Procedure for disclosing digital assets.</span></p><p dir="ltr" class="s2073056Normal-000000"><span class="s2073056DefaultParagraphFont">If a custodian discloses digital assets of a user under this chapter, the custodian may, at the custodian's sole discretion:</span></p><p dir="ltr" class="s2073056Normal-000001"><span class="s2073056DefaultParagraphFont">(1)    Grant a fiduciary or designated recipient full access to the user's account;</span></p><p dir="ltr" class="s2073056Normal-000001"><span class="s2073056DefaultParagraphFont">(2)    Grant a fiduciary or designated recipient partial access to the user's account sufficient to perform any task with which the fiduciary or designated recipient is charged; or</span></p><p dir="ltr" class="s2073056Normal-000001"><span class="s2073056DefaultParagraphFont">(3)    Provide a fiduciary or designated recipient a copy in a record of any digital asset that, on the date the custodian received the request for disclosure, the user could have accessed if the user were alive and had full capacity and access to the account.</span></p><p dir="ltr" class="s2073056Normal-000002"><span class="s2073056DefaultParagraphFont">A custodian may assess a reasonable administrative charge for the cost of disclosing digital assets under this chapter.</span></p><p dir="ltr" class="s2073056Normal-000002"><span class="s2073056DefaultParagraphFont">A custodian need not disclose under this chapter a digital asset deleted by a user.</span></p><p dir="ltr" class="s2073056Normal-000002"><span class="s2073056DefaultParagraphFont">If a user directs or a fiduciary requests a custodian to disclose under this chapter some, but not all, of the user's digital assets, the custodian need not disclose the assets if segregation of the assets would impose an undue burden on the custodian. If the custodian believes the direction or request imposes an undue burden, the custodian or fiduciary may seek an order from the court to disclose: a subset limited by date of the user's digital assets; all of the user's digital assets to the fiduciary or designated recipient; none of the user's digital assets; or all of the user's digital assets to the court for review in camera.</span></p><p dir="ltr" class="s2073056Normal"><span xml:space="preserve" class="s2073056000003"> </span></p><p dir="ltr" class="s2073056Normal"><span class="s2073056SCL">Source:</span><span xml:space="preserve" class="s2073056SCL-000004"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073057Normal { 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.s2073057SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073057CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073057Normal-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.s2073057DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073057Normal-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.s2073057Normal-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; } p.s2073057Normal-000003 { margin-top: 0; margin-bottom: 0; margin-left: 1.58in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2073057000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073057SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073057SCL-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="s2073057Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-7"><span class="s2073057SENU">55-19-7</span></a><span xml:space="preserve" class="s2073057SENU">. </span><span class="s2073057CL">Disclosure of content of electronic communications of deceased user.</span></p><p dir="ltr" class="s2073057Normal-000000"><span class="s2073057DefaultParagraphFont">If a deceased user consented to or a court directs disclosure of contents of electronic communications of the user, the custodian shall disclose to the personal representative of the estate of the user the content of an electronic communication sent or received by the user if the representative gives the custodian:</span></p><p dir="ltr" class="s2073057Normal-000001"><span class="s2073057DefaultParagraphFont">(1)    A written request for disclosure in physical or electronic form;</span></p><p dir="ltr" class="s2073057Normal-000001"><span class="s2073057DefaultParagraphFont">(2)    A certified copy of the death certificate of the user;</span></p><p dir="ltr" class="s2073057Normal-000001"><span class="s2073057DefaultParagraphFont">(3)    A certified copy of the letter of appointment of the representative or a small estate affidavit or court order;</span></p><p dir="ltr" class="s2073057Normal-000001"><span class="s2073057DefaultParagraphFont">(4)    A copy of the user's will, trust, power of attorney, or other record that provides evidence of the user's consent to disclosure of the content of electronic communications, unless the user provided direction by utilizing an online tool; and</span></p><p dir="ltr" class="s2073057Normal-000001"><span class="s2073057DefaultParagraphFont">(5)    If requested by the custodian:</span></p><p dir="ltr" class="s2073057Normal-000002"><span class="s2073057DefaultParagraphFont">(a)    A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the user's account;</span></p><p dir="ltr" class="s2073057Normal-000002"><span class="s2073057DefaultParagraphFont">(b)    Evidence linking the account to the user; or</span></p><p dir="ltr" class="s2073057Normal-000002"><span class="s2073057DefaultParagraphFont">(c)    A finding by the court that:</span></p><p dir="ltr" class="s2073057Normal-000003"><span class="s2073057DefaultParagraphFont">(i)    The user had a specific account with the custodian, identifiable by the information specified in this subdivision;</span></p><p dir="ltr" class="s2073057Normal-000003"><span class="s2073057DefaultParagraphFont">(ii)    Disclosure of the content of electronic communications of the user would not violate 18 U.S.C. Section 2701 et seq., 47 U.S.C. Section 222, or other applicable law;</span></p><p dir="ltr" class="s2073057Normal-000003"><span class="s2073057DefaultParagraphFont">(iii)    Unless the user provided direction using an online tool, the user consented to disclosure of the content of electronic communications; or</span></p><p dir="ltr" class="s2073057Normal-000003"><span class="s2073057DefaultParagraphFont">(iv)    Disclosure of the content of electronic communications of the user is reasonably necessary for administration of the estate.</span></p><p dir="ltr" class="s2073057Normal"><span xml:space="preserve" class="s2073057000004"> </span></p><p dir="ltr" class="s2073057Normal"><span class="s2073057SCL">Source:</span><span xml:space="preserve" class="s2073057SCL-000005"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073058Normal { 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.s2073058SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073058CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073058Normal-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.s2073058DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073058Normal-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; } p.s2073058Normal-000002 { 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; } span.s2073058000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073058SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073058SCL-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="s2073058Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-8"><span class="s2073058SENU">55-19-8</span></a><span xml:space="preserve" class="s2073058SENU">. </span><span class="s2073058CL">Disclosure of other digital assets of deceased user.</span></p><p dir="ltr" class="s2073058Normal-000000"><span class="s2073058DefaultParagraphFont">Unless the user prohibited disclosure of digital assets or the court directs otherwise, a custodian shall disclose to the personal representative of the estate of a deceased user a catalogue of electronic communications sent or received by the user and digital assets, other than the content of electronic communications, of the user, if the representative gives the custodian:</span></p><p dir="ltr" class="s2073058Normal-000001"><span class="s2073058DefaultParagraphFont">(1)    A written request for disclosure in physical or electronic form;</span></p><p dir="ltr" class="s2073058Normal-000001"><span class="s2073058DefaultParagraphFont">(2)    A certified copy of the death certificate of the user;</span></p><p dir="ltr" class="s2073058Normal-000001"><span class="s2073058DefaultParagraphFont">(3)    A certified copy of the letter of appointment of the representative or a small estate affidavit or court order; and</span></p><p dir="ltr" class="s2073058Normal-000001"><span class="s2073058DefaultParagraphFont">(4)    If requested by the custodian:</span></p><p dir="ltr" class="s2073058Normal-000002"><span class="s2073058DefaultParagraphFont">(a)    A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the user's account;</span></p><p dir="ltr" class="s2073058Normal-000002"><span class="s2073058DefaultParagraphFont">(b)    Evidence linking the account to the user;</span></p><p dir="ltr" class="s2073058Normal-000002"><span class="s2073058DefaultParagraphFont">(c)    An affidavit stating that disclosure of the user's digital assets is reasonably necessary for administration of the estate; or</span></p><p dir="ltr" class="s2073058Normal-000002"><span class="s2073058DefaultParagraphFont">(d)    A finding by the court that the user had a specific account with the custodian, identifiable by the information specified in subsection (a) or that disclosure of the user's digital assets is reasonably necessary for administration of the estate.</span></p><p dir="ltr" class="s2073058Normal"><span xml:space="preserve" class="s2073058000003"> </span></p><p dir="ltr" class="s2073058Normal"><span class="s2073058SCL">Source:</span><span xml:space="preserve" class="s2073058SCL-000004"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073059Normal { 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.s2073059SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073059CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073059Normal-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.s2073059DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073059Normal-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; } p.s2073059Normal-000002 { 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; } span.s2073059000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073059SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073059SCL-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="s2073059Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-9"><span class="s2073059SENU">55-19-9</span></a><span xml:space="preserve" class="s2073059SENU">. </span><span class="s2073059CL">Disclosure of content of electronic communications of principal.</span></p><p dir="ltr" class="s2073059Normal-000000"><span class="s2073059DefaultParagraphFont">To the extent a power of attorney expressly grants an agent authority over the content of electronic communications sent or received by the principal and unless directed otherwise by the principal or the court, a custodian shall disclose to the agent the content if the agent gives the custodian:</span></p><p dir="ltr" class="s2073059Normal-000001"><span class="s2073059DefaultParagraphFont">(1)    A written request for disclosure in physical or electronic form;</span></p><p dir="ltr" class="s2073059Normal-000001"><span class="s2073059DefaultParagraphFont">(2)    An original or copy of the power of attorney expressly granting the agent authority over the content of electronic communications of the principal;</span></p><p dir="ltr" class="s2073059Normal-000001"><span class="s2073059DefaultParagraphFont">(3)    A certification by the agent, under penalty of perjury, that the power of attorney is in effect; and</span></p><p dir="ltr" class="s2073059Normal-000001"><span class="s2073059DefaultParagraphFont">(4)    If requested by the custodian:</span></p><p dir="ltr" class="s2073059Normal-000002"><span class="s2073059DefaultParagraphFont">(a)    A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the principal's account; or</span></p><p dir="ltr" class="s2073059Normal-000002"><span class="s2073059DefaultParagraphFont">(b)    Evidence linking the account to the principal.</span></p><p dir="ltr" class="s2073059Normal"><span xml:space="preserve" class="s2073059000003"> </span></p><p dir="ltr" class="s2073059Normal"><span class="s2073059SCL">Source:</span><span xml:space="preserve" class="s2073059SCL-000004"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073060Normal { 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.s2073060SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073060CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073060Normal-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.s2073060DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073060Normal-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; } p.s2073060Normal-000002 { 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; } span.s2073060000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073060SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073060SCL-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="s2073060Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-10"><span class="s2073060SENU">55-19-10</span></a><span xml:space="preserve" class="s2073060SENU">. </span><span class="s2073060CL">Disclosure of other digital assets of principal.</span></p><p dir="ltr" class="s2073060Normal-000000"><span class="s2073060DefaultParagraphFont">Unless otherwise ordered by the court, directed by the principal, or provided by a power of attorney, a custodian shall disclose to an agent with specific authority over digital assets or general authority to act on behalf of a principal a catalogue of electronic communications sent or received by the principal and digital assets, other than the content of electronic communications, of the principal if the agent gives the custodian:</span></p><p dir="ltr" class="s2073060Normal-000001"><span class="s2073060DefaultParagraphFont">(1)    A written request for disclosure in physical or electronic form;</span></p><p dir="ltr" class="s2073060Normal-000001"><span class="s2073060DefaultParagraphFont">(2)    An original or copy of the power of attorney that gives the agent specific authority over digital assets or general authority to act on behalf of the principal;</span></p><p dir="ltr" class="s2073060Normal-000001"><span class="s2073060DefaultParagraphFont">(3)    A certification by the agent, under penalty of perjury, that the power of attorney is in effect; and</span></p><p dir="ltr" class="s2073060Normal-000001"><span class="s2073060DefaultParagraphFont">(4)    If requested by the custodian:</span></p><p dir="ltr" class="s2073060Normal-000002"><span class="s2073060DefaultParagraphFont">(a)    A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the principal's account; or</span></p><p dir="ltr" class="s2073060Normal-000002"><span class="s2073060DefaultParagraphFont">(b)    Evidence linking the account to the principal.</span></p><p dir="ltr" class="s2073060Normal"><span xml:space="preserve" class="s2073060000003"> </span></p><p dir="ltr" class="s2073060Normal"><span class="s2073060SCL">Source:</span><span xml:space="preserve" class="s2073060SCL-000004"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073061Normal { 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.s2073061SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073061CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073061Normal-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.s2073061DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073061000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073061SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073061SCL-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="s2073061Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-11"><span class="s2073061SENU">55-19-11</span></a><span xml:space="preserve" class="s2073061SENU">. </span><span class="s2073061CL">Disclosure of digital assets held in trust when trustee is original user.</span></p><p dir="ltr" class="s2073061Normal-000000"><span class="s2073061DefaultParagraphFont">Unless otherwise ordered by the court or provided in a trust, a custodian shall disclose to a trustee that is an original user of an account any digital asset of the account held in trust, including a catalogue of electronic communications of the trustee and the content of electronic communications.</span></p><p dir="ltr" class="s2073061Normal"><span xml:space="preserve" class="s2073061000001"> </span></p><p dir="ltr" class="s2073061Normal"><span class="s2073061SCL">Source:</span><span xml:space="preserve" class="s2073061SCL-000002"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073062Normal { 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.s2073062SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073062CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073062Normal-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.s2073062DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073062Normal-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; } p.s2073062Normal-000002 { 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; } span.s2073062000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073062SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073062SCL-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="s2073062Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-12"><span class="s2073062SENU">55-19-12</span></a><span xml:space="preserve" class="s2073062SENU">. </span><span class="s2073062CL">Disclosure of contents of electronic communications held in trust when trustee not original user.</span></p><p dir="ltr" class="s2073062Normal-000000"><span class="s2073062DefaultParagraphFont">Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose to a trustee that is not an original user of an account the content of an electronic communication sent or received by an original or successor user and carried, maintained, processed, received, or stored by the custodian in the account of the trust if the trustee gives the custodian:</span></p><p dir="ltr" class="s2073062Normal-000001"><span class="s2073062DefaultParagraphFont">(1)    A written request for disclosure in physical or electronic form;</span></p><p dir="ltr" class="s2073062Normal-000001"><span xml:space="preserve" class="s2073062DefaultParagraphFont">(2)    A certified copy of the trust instrument or a certification of the trust pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51"><span class="s2073062DefaultParagraphFont">55-4-51</span></a><span xml:space="preserve" class="s2073062DefaultParagraphFont"> that includes consent to disclosure of the content of electronic communications to the trustee;</span></p><p dir="ltr" class="s2073062Normal-000001"><span class="s2073062DefaultParagraphFont">(3)    A certification by the trustee, under penalty of perjury, that the trust exists and the trustee is a currently acting trustee of the trust; and</span></p><p dir="ltr" class="s2073062Normal-000001"><span class="s2073062DefaultParagraphFont">(4)    If requested by the custodian:</span></p><p dir="ltr" class="s2073062Normal-000002"><span class="s2073062DefaultParagraphFont">(a)    A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the trust's account; or</span></p><p dir="ltr" class="s2073062Normal-000002"><span class="s2073062DefaultParagraphFont">(b)    Evidence linking the account to the trust.</span></p><p dir="ltr" class="s2073062Normal"><span xml:space="preserve" class="s2073062000003"> </span></p><p dir="ltr" class="s2073062Normal"><span class="s2073062SCL">Source:</span><span xml:space="preserve" class="s2073062SCL-000004"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073063Normal { 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.s2073063SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073063CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073063Normal-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.s2073063DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073063Normal-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; } p.s2073063Normal-000002 { 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; } span.s2073063000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073063SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073063SCL-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="s2073063Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-13"><span class="s2073063SENU">55-19-13</span></a><span xml:space="preserve" class="s2073063SENU">. </span><span class="s2073063CL">Disclosure of other digital assets held in trust when trustee not original user.</span></p><p dir="ltr" class="s2073063Normal-000000"><span class="s2073063DefaultParagraphFont">Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose, to a trustee that is not an original user of an account, a catalogue of electronic communications sent or received by an original or successor user and stored, carried, or maintained by the custodian in an account of the trust and any digital assets, other than the content of electronic communications, in which the trust has a right or interest if the trustee gives the custodian:</span></p><p dir="ltr" class="s2073063Normal-000001"><span class="s2073063DefaultParagraphFont">(1)    A written request for disclosure in physical or electronic form;</span></p><p dir="ltr" class="s2073063Normal-000001"><span xml:space="preserve" class="s2073063DefaultParagraphFont">(2)    A certified copy of the trust instrument or a certification of the trust pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-4-51"><span class="s2073063DefaultParagraphFont">55-4-51</span></a><span class="s2073063DefaultParagraphFont">;</span></p><p dir="ltr" class="s2073063Normal-000001"><span class="s2073063DefaultParagraphFont">(3)    A certification by the trustee, under penalty of perjury, that the trust exists and the trustee is a currently acting trustee of the trust; and</span></p><p dir="ltr" class="s2073063Normal-000001"><span class="s2073063DefaultParagraphFont">(4)    If requested by the custodian:</span></p><p dir="ltr" class="s2073063Normal-000002"><span class="s2073063DefaultParagraphFont">(a)    A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the trust's account; or</span></p><p dir="ltr" class="s2073063Normal-000002"><span class="s2073063DefaultParagraphFont">(b)    Evidence linking the account to the trust.</span></p><p dir="ltr" class="s2073063Normal"><span xml:space="preserve" class="s2073063000003"> </span></p><p dir="ltr" class="s2073063Normal"><span class="s2073063SCL">Source:</span><span xml:space="preserve" class="s2073063SCL-000004"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073064Normal { 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.s2073064SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073064CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073064Normal-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.s2073064DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073064Normal-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; } p.s2073064Normal-000002 { 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; } span.s2073064000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073064SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073064SCL-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="s2073064Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-14"><span class="s2073064SENU">55-19-14</span></a><span xml:space="preserve" class="s2073064SENU">. </span><span class="s2073064CL">Disclosure of assets to conservator of protected person.</span></p><p dir="ltr" class="s2073064Normal-000000"><span xml:space="preserve" class="s2073064DefaultParagraphFont">After an opportunity for a hearing under chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=29A-5"><span class="s2073064DefaultParagraphFont">29A-5</span></a><span class="s2073064DefaultParagraphFont">, a court may grant a conservator access to the digital assets of a protected person. Unless otherwise ordered by the court or directed by the user, a custodian shall disclose to a conservator the catalogue of electronic communications sent or received by a protected person and any digital assets, other than the content of electronic communications, in which the protected person has a right or interest if the conservator gives the custodian:</span></p><p dir="ltr" class="s2073064Normal-000001"><span class="s2073064DefaultParagraphFont">(1)    A written request for disclosure in physical or electronic form;</span></p><p dir="ltr" class="s2073064Normal-000001"><span class="s2073064DefaultParagraphFont">(2)    A certified copy of the court order that gives the conservator authority over the digital assets of the protected person; and</span></p><p dir="ltr" class="s2073064Normal-000001"><span class="s2073064DefaultParagraphFont">(3)    If requested by the custodian:</span></p><p dir="ltr" class="s2073064Normal-000002"><span class="s2073064DefaultParagraphFont">(a)    A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the account of the protected person; or</span></p><p dir="ltr" class="s2073064Normal-000002"><span class="s2073064DefaultParagraphFont">(b)    Evidence linking the account to the protected person.</span></p><p dir="ltr" class="s2073064Normal"><span xml:space="preserve" class="s2073064000003"> </span></p><p dir="ltr" class="s2073064Normal"><span class="s2073064SCL">Source:</span><span xml:space="preserve" class="s2073064SCL-000004"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073065Normal { 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.s2073065SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073065CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073065Normal-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.s2073065DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073065000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073065SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073065SCL-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="s2073065Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-15"><span class="s2073065SENU">55-19-15</span></a><span xml:space="preserve" class="s2073065SENU">. </span><span class="s2073065CL">Suspension or termination of account of protected person.</span></p><p dir="ltr" class="s2073065Normal-000000"><span class="s2073065DefaultParagraphFont">A conservator with general authority to manage the assets of a protected person may request a custodian of the digital assets of the protected person to suspend or terminate an account of the protected person for good cause. A request made under this section must be accompanied by a certified copy of the court order giving the conservator authority over the protected person's property.</span></p><p dir="ltr" class="s2073065Normal"><span xml:space="preserve" class="s2073065000001"> </span></p><p dir="ltr" class="s2073065Normal"><span class="s2073065SCL">Source:</span><span xml:space="preserve" class="s2073065SCL-000002"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073066Normal { 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.s2073066SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073066CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073066Normal-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.s2073066DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073066000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073066SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073066SCL-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="s2073066Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-16"><span class="s2073066SENU">55-19-16</span></a><span xml:space="preserve" class="s2073066SENU">. </span><span class="s2073066CL">Fiduciary duties.</span></p><p dir="ltr" class="s2073066Normal-000000"><span class="s2073066DefaultParagraphFont">The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including: the duty of care, the duty of loyalty, and the duty of confidentiality.</span></p><p dir="ltr" class="s2073066Normal"><span xml:space="preserve" class="s2073066000001"> </span></p><p dir="ltr" class="s2073066Normal"><span class="s2073066SCL">Source:</span><span xml:space="preserve" class="s2073066SCL-000002"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073067Normal { 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.s2073067SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073067CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073067Normal-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.s2073067DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073067Normal-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.s2073067000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073067SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073067SCL-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="s2073067Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-17"><span class="s2073067SENU">55-19-17</span></a><span xml:space="preserve" class="s2073067SENU">. </span><span class="s2073067CL">Fiduciary authority generally.</span></p><p dir="ltr" class="s2073067Normal-000000"><span class="s2073067DefaultParagraphFont">A fiduciary's or designated recipient's authority with respect to a digital asset of a user:</span></p><p dir="ltr" class="s2073067Normal-000001"><span xml:space="preserve" class="s2073067DefaultParagraphFont">(1)    Is subject to the applicable terms of service except as otherwise provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-4"><span class="s2073067DefaultParagraphFont">55-19-4</span></a><span class="s2073067DefaultParagraphFont">;</span></p><p dir="ltr" class="s2073067Normal-000001"><span class="s2073067DefaultParagraphFont">(2)    Is subject to other applicable law, including copyright law;</span></p><p dir="ltr" class="s2073067Normal-000001"><span class="s2073067DefaultParagraphFont">(3)    Is limited by the scope of the fiduciary's duties, if a fiduciary; and</span></p><p dir="ltr" class="s2073067Normal-000001"><span class="s2073067DefaultParagraphFont">(4)    May not be used to impersonate the user.</span></p><p dir="ltr" class="s2073067Normal"><span xml:space="preserve" class="s2073067000002"> </span></p><p dir="ltr" class="s2073067Normal"><span class="s2073067SCL">Source:</span><span xml:space="preserve" class="s2073067SCL-000003"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073068Normal { 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.s2073068SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073068CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073068Normal-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.s2073068DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073068000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073068SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073068SCL-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="s2073068Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-18"><span class="s2073068SENU">55-19-18</span></a><span xml:space="preserve" class="s2073068SENU">. </span><span class="s2073068CL">Fiduciary right of access to digital asset not held by custodian or subject to terms-of-service agreement.</span></p><p dir="ltr" class="s2073068Normal-000000"><span class="s2073068DefaultParagraphFont">A fiduciary with authority over the property of a decedent, protected person, principal, or settlor has the right to access any digital asset in which the decedent, protected person, principal, or settlor had a right or interest and that is not held by a custodian or subject to a terms-of-service agreement.</span></p><p dir="ltr" class="s2073068Normal"><span xml:space="preserve" class="s2073068000001"> </span></p><p dir="ltr" class="s2073068Normal"><span class="s2073068SCL">Source:</span><span xml:space="preserve" class="s2073068SCL-000002"> SL 2017, ch 209, § 18.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073069Normal { 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.s2073069SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073069CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073069Normal-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.s2073069DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073069000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073069SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073069SCL-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="s2073069Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-19"><span class="s2073069SENU">55-19-19</span></a><span xml:space="preserve" class="s2073069SENU">. </span><span class="s2073069CL">Fiduciary as authorized user for purposes of computer fraud or unauthorized access law.</span></p><p dir="ltr" class="s2073069Normal-000000"><span class="s2073069DefaultParagraphFont">A fiduciary acting within the scope of the fiduciary's duties is an authorized user of the property of the decedent, protected person, principal, or settlor for the purpose of any computer fraud or unauthorized computer access law.</span></p><p dir="ltr" class="s2073069Normal"><span xml:space="preserve" class="s2073069000001"> </span></p><p dir="ltr" class="s2073069Normal"><span class="s2073069SCL">Source:</span><span xml:space="preserve" class="s2073069SCL-000002"> SL 2017, ch 209, § 19.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073070Normal { 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.s2073070SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073070CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073070Normal-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.s2073070DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073070000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073070SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073070SCL-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="s2073070Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-20"><span class="s2073070SENU">55-19-20</span></a><span xml:space="preserve" class="s2073070SENU">. </span><span class="s2073070CL">Fiduciary right of access to digital asset.</span></p><p dir="ltr" class="s2073070Normal-000000"><span class="s2073070DefaultParagraphFont">A fiduciary with authority over the tangible, personal property of a decedent, protected person, principal, or settlor has the right to access the property and any digital asset stored in it, and is an authorized user for the purpose of any computer fraud or unauthorized computer access law.</span></p><p dir="ltr" class="s2073070Normal"><span xml:space="preserve" class="s2073070000001"> </span></p><p dir="ltr" class="s2073070Normal"><span class="s2073070SCL">Source:</span><span xml:space="preserve" class="s2073070SCL-000002"> SL 2017, ch 209, § 20.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073071Normal { 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.s2073071SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073071CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073071Normal-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.s2073071DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073071000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073071SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073071SCL-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="s2073071Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-21"><span class="s2073071SENU">55-19-21</span></a><span xml:space="preserve" class="s2073071SENU">. </span><span class="s2073071CL">Disclosure of information by custodian to fiduciary.</span></p><p dir="ltr" class="s2073071Normal-000000"><span class="s2073071DefaultParagraphFont">A custodian may disclose information in an account to a fiduciary of the user when the information is required to terminate an account used to access digital assets licensed to the user.</span></p><p dir="ltr" class="s2073071Normal"><span xml:space="preserve" class="s2073071000001"> </span></p><p dir="ltr" class="s2073071Normal"><span class="s2073071SCL">Source:</span><span xml:space="preserve" class="s2073071SCL-000002"> SL 2017, ch 209, § 21.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073072Normal { 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.s2073072SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073072CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073072Normal-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.s2073072DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073072Normal-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.s2073072000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073072SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073072SCL-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="s2073072Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-22"><span class="s2073072SENU">55-19-22</span></a><span xml:space="preserve" class="s2073072SENU">. </span><span class="s2073072CL">Request for termination of user's account.</span></p><p dir="ltr" class="s2073072Normal-000000"><span class="s2073072DefaultParagraphFont">The fiduciary of a user may request a custodian to terminate the user's account. A request for termination must be in writing, in either physical or electronic form, and accompanied by:</span></p><p dir="ltr" class="s2073072Normal-000001"><span class="s2073072DefaultParagraphFont">(1)    If the user is deceased, a certified copy of the death certificate of the user;</span></p><p dir="ltr" class="s2073072Normal-000001"><span class="s2073072DefaultParagraphFont">(2)    A certified copy of the letter of appointment of the representative or a small estate affidavit, court order, power of attorney, or trust giving the fiduciary authority over the account; and</span></p><p dir="ltr" class="s2073072Normal-000001"><span class="s2073072DefaultParagraphFont">(3)    If requested by the custodian, a number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the user's account; evidence linking the account to the user; or a finding by the court that the user had a specific account with the custodian, identifiable by the information specified in this subdivision.</span></p><p dir="ltr" class="s2073072Normal"><span xml:space="preserve" class="s2073072000002"> </span></p><p dir="ltr" class="s2073072Normal"><span class="s2073072SCL">Source:</span><span xml:space="preserve" class="s2073072SCL-000003"> SL 2017, ch 209, § 22.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073073Normal { 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.s2073073SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073073CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073073Normal-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.s2073073DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073073000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073073SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073073SCL-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="s2073073Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-23"><span class="s2073073SENU">55-19-23</span></a><span xml:space="preserve" class="s2073073SENU">. </span><span class="s2073073CL">Custodian compliance.</span></p><p dir="ltr" class="s2073073Normal-000000"><span class="s2073073DefaultParagraphFont">A custodian shall comply with a request under this chapter from a fiduciary or designated recipient to disclose digital assets or terminate an account not later than sixty days after receipt of information required under this chapter. A fiduciary or designated recipient may apply to a court for an order directing compliance if the custodian fails to comply with the fiduciary's request within sixty days. An order under this section directing compliance must contain a finding that compliance is not in violation of 18 U.S.C. Section 2702.</span></p><p dir="ltr" class="s2073073Normal"><span xml:space="preserve" class="s2073073000001"> </span></p><p dir="ltr" class="s2073073Normal"><span class="s2073073SCL">Source:</span><span xml:space="preserve" class="s2073073SCL-000002"> SL 2017, ch 209, § 23.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073074Normal { 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.s2073074SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073074CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073074Normal-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.s2073074DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073074000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073074SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073074SCL-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="s2073074Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-24"><span class="s2073074SENU">55-19-24</span></a><span xml:space="preserve" class="s2073074SENU">. </span><span class="s2073074CL">Custodian notice to user.</span></p><p dir="ltr" class="s2073074Normal-000000"><span class="s2073074DefaultParagraphFont">A custodian may notify the user that a request for disclosure or to terminate an account was made under this chapter.</span></p><p dir="ltr" class="s2073074Normal"><span xml:space="preserve" class="s2073074000001"> </span></p><p dir="ltr" class="s2073074Normal"><span class="s2073074SCL">Source:</span><span xml:space="preserve" class="s2073074SCL-000002"> SL 2017, ch 209, § 24.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073075Normal { 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.s2073075SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073075CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073075Normal-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.s2073075DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073075000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073075SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073075SCL-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="s2073075Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-25"><span class="s2073075SENU">55-19-25</span></a><span xml:space="preserve" class="s2073075SENU">. </span><span class="s2073075CL">Denial by custodian of request for disclosure or termination.</span></p><p dir="ltr" class="s2073075Normal-000000"><span class="s2073075DefaultParagraphFont">A custodian may deny a request under this chapter from a fiduciary or designated recipient for disclosure of digital assets or to terminate an account if the custodian is aware of any lawful access to the account following the receipt of the fiduciary's request.</span></p><p dir="ltr" class="s2073075Normal"><span xml:space="preserve" class="s2073075000001"> </span></p><p dir="ltr" class="s2073075Normal"><span class="s2073075SCL">Source:</span><span xml:space="preserve" class="s2073075SCL-000002"> SL 2017, ch 209, § 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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073076Normal { 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.s2073076SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073076CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073076Normal-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.s2073076DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073076000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073076SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073076SCL-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="s2073076Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-26"><span class="s2073076SENU">55-19-26</span></a><span xml:space="preserve" class="s2073076SENU">. </span><span class="s2073076CL">Custodian's ability to require court order.</span></p><p dir="ltr" class="s2073076Normal-000000"><span class="s2073076DefaultParagraphFont">This chapter does not limit a custodian's ability to obtain or require a fiduciary or designated recipient requesting disclosure or termination under this chapter to obtain a court order that specifies that an account belongs to the protected person or principal, specifies that there is sufficient consent from the protected person or principal to support the requested disclosure, and contains a finding required by law other than this chapter.</span></p><p dir="ltr" class="s2073076Normal"><span xml:space="preserve" class="s2073076000001"> </span></p><p dir="ltr" class="s2073076Normal"><span class="s2073076SCL">Source:</span><span xml:space="preserve" class="s2073076SCL-000002"> SL 2017, ch 209, § 26.</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 - FIDUCIARIES AND TRUSTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073077Normal { 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.s2073077SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073077CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073077Normal-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.s2073077DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073077000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073077SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073077SCL-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="s2073077Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-19-27"><span class="s2073077SENU">55-19-27</span></a><span xml:space="preserve" class="s2073077SENU">. </span><span class="s2073077CL">Custodian immunity.</span></p><p dir="ltr" class="s2073077Normal-000000"><span class="s2073077DefaultParagraphFont">A custodian and its officers, employees, and agents are immune from liability for an act or omission done in good faith in compliance with this chapter.</span></p><p dir="ltr" class="s2073077Normal"><span xml:space="preserve" class="s2073077000001"> </span></p><p dir="ltr" class="s2073077Normal"><span class="s2073077SCL">Source:</span><span xml:space="preserve" class="s2073077SCL-000002"> SL 2017, ch 209, § 27.</span></p></div></body></html>