55-15-11. Spouse may compel reconversion to income trust for certain trusts--Written instrument required.
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.
Source: SL 2002, ch 225, §11.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 15 - Total Return Unitrusts
Section 55-15-1 - Definitions.
Section 55-15-3 - Interested trustee's authority over actions enumerated in § 55-15-2--Conditions.
Section 55-15-4 - Trustee may petition court--Appointment of disinterested person.
Section 55-15-5 - Annual valuation of trust required.
Section 55-15-6 - Calculation of unitrust amount.
Section 55-15-9 - Administration of total return unitrust--Authority of trustee.
Section 55-15-10 - Distributions of principal not affected by conversion.
Section 55-15-12 - Applicability of chapter.
Section 55-15-13 - Trustee acting in good faith not liable--Remedy.
Section 55-15-14 - No duty to act created.
Section 55-15-15 - Chapter not applicable to charitable remainder unitrust.