51A-5-8. Reciprocal privileges extended to foreign bank or trust company acting as fiduciary.
A bank or trust company organized and doing trust business under the laws of any state or territory of the United States of America, including the District of Columbia, other than South Dakota, and a national bank, duly authorized so to act, may be appointed and may serve in this state as trustee, whether of a corporation or personal trust, personal representative, guardian, conservator, or committee for an incompetent person, or in any other fiduciary capacity, whether the appointment is by will, deed, court order, or decree, or otherwise, when and to the extent that the state, territory, or district in which the bank or trust company is organized or has its principal place of business grants authority to serve in like fiduciary capacities to a bank or trust company organized and doing business under the laws of this state.
Source: SL 1973, ch 292, §1; SL 1988, ch 377, §114; SDCL §51-19-5.2; SL 1995, ch 268, §68; SL 1997, ch 272, §6.
Structure South Dakota Codified Laws
Chapter 05 - Trust Business Of Banks
Section 51A-5-1.1 - Powers of banks engaging in trust business.
Section 51A-5-1.2 - "Trust business" defined.
Section 51A-5-2 - Bank as trustee or custodian for retirement benefit plans.
Section 51A-5-3 - Fiduciary authority of bank authorized by charter to exercise trust powers.
Section 51A-5-11 - Investment powers of trust company.
Section 51A-5-12 - Voting of bank shares by cotrustee.
Section 51A-5-13 - Segregation of assets held by bank as fiduciary.
Section 51A-5-14 - Deposit of federally guaranteed securities with federal reserve bank.
Section 51A-5-15 - Records of depositor to show ownership of securities--Transfers by book entries.
Section 51A-5-16 - Custodian to certify deposited securities to fiduciary--Duty of fiduciary.
Section 51A-5-17 - Application of provisions to fiduciaries and custodians whenever appointed.
Section 51A-5-19 - Oath or bond not required of bank to qualify as fiduciary.
Section 51A-5-20 - Nominees used by bank acting as fiduciary or cofiduciary.
Section 51A-5-21 - Deposit in clearing corporation of securities held as fiduciary or custodian.
Section 51A-5-27 - Reports of committees designated to supervise fiduciary accounts.