51A-5-9. Filing with Office of the Secretary of State by foreign bank or trust company acting as fiduciary--Designation as agent to receive process--Service of process.
Before qualifying or serving in this state in any fiduciary capacity, as defined in §51A-5-8, the bank or trust company shall file in the Office of the Secretary of State of South Dakota, a copy of its charter certified by its secretary under its corporate seal, and a power of attorney designating the secretary of state or the secretary of state's successor in office as the person upon whom all notices and processes issued by any court of this state may be served in any action or proceeding relating to any trust, estate, or matter within this state in respect of which the bank or trust company is acting in any fiduciary capacity with like effect as personal service on the bank or trust company. The power of attorney is irrevocable so long as any liability remains outstanding against the bank or trust company in this state. Service of process under this section may be made in the manner provided in chapter 59-11.
Source: SL 1973, ch 292, §2; SDCL, §51-19-5.3; SL 1995, ch 268, §69; SL 1997, ch 272, §7; SL 2005, ch 202, §22; SL 2021, ch 204, § 1.
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.