55-15-13. Trustee acting in good faith not liable--Remedy.
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.
Source: SL 2002, ch 225, §13.
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.