21-22-26. Fiduciary's liability for failure to comply--Forfeiture of compensation--Fiduciary's acts not invalidated.
Any fiduciary who fails or neglects to comply with the provisions of this chapter is subject to removal by the court and is liable to any beneficiary for all damages sustained by the beneficiary resulting from such noncompliance and shall also forfeit all right to compensation as the fiduciary during the period of such noncompliance unless it is shown, to the satisfaction of the court fixing such compensation, that such failure to comply was inadvertent and not intentional and was with reasonable excuse and that the fiduciary has performed his or her duties diligently, faithfully, and efficiently. Failure or neglect as to such compliance does not invalidate any act of the fiduciary.
Source: Supreme Court Rule 250, 1939; SDC 1939 & Supp 1960, §33.2614; SL 2014, ch 226, §15.
Structure South Dakota Codified Laws
Chapter 22 - Administration Of Trust Estates
Section 21-22-1 - Definition of terms.
Section 21-22-2 - Application of chapter and §§ 55-3-24 to 55-3-48.
Section 21-22-3 - Inventory and documents filed by court trustee--Contents.
Section 21-22-4 - Appointment by nonresident trustee of agent to receive process.
Section 21-22-5 - County in which trustee's inventory and attached papers filed.
Section 21-22-6 - Commencement of supervision by court.
Section 21-22-7 - Petition, hearing and order dispensing with court supervision.
Section 21-22-7.1 - Notice of entry of order--Requirements.
Section 21-22-8 - Petition, hearing, and order resuming court supervision.
Section 21-22-9 - Petition, hearing, and order for court supervision of other trust--Information.
Section 21-22-11 - Bond required despite terms of trust instrument.
Section 21-22-12 - Vacancy of office of trustee--Successor--Temporary trustee--Resigned trustee.
Section 21-22-13 - Petitions relevant to trust administration--Hearing--Order.
Section 21-22-14 - Annual verified report of trustee--Optional calendar year basis.
Section 21-22-15 - Final report of trustee--Contents.
Section 21-22-16 - Objections to report of fiduciary or beneficiary--Adjournment of hearing--Order.
Section 21-22-17 - Contents of notice of hearings--Trustee's account attached.
Section 21-22-18 - Parties served with notice--Personal, mail, or electronic service.
Section 21-22-19 - Publication of notice in lieu of personal service.
Section 21-22-20 - Proof of service by affidavit.
Section 21-22-21 - Notice dispensed with by consent of parties.
Section 21-22-22 - Testimony and examination of reports--Questions considered.
Section 21-22-23 - Examination of trustee's reports by court.
Section 21-22-27 - Prior settlement and distribution decrees validated--Assertion of vested rights.
Section 21-22-28 - Protection of privacy--Sealing and availability of documents.
Section 21-22-30 - Court approval of trustee's accounting is conclusive--Accounting defined.
Section 21-22-31 - Rules of civil procedure applicable.
Section 21-22-32 - Title 55 governs actions of trustee as party to transaction.