55-16-14. Multiple qualified dispositions in same trust instrument.
If more than one qualified disposition is made by means of the same trust instrument:
(1)The making of a subsequent qualified disposition shall be disregarded in determining whether a creditor's claim with respect to a prior qualified disposition is extinguished as provided in §55-16-10; and
(2)Any distribution to a beneficiary is deemed to have been made from the latest such qualified disposition.
Source: SL 2005, ch 261, §14.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 16 - Qualified Dispositions In Trust
Section 55-16-1 - Definitions.
Section 55-16-2 - Trust instrument defined.
Section 55-16-3 - Qualified person defined.
Section 55-16-5 - Service as investment trust advisor--Service as fiduciary by transferor.
Section 55-16-6 - Successor qualified person.
Section 55-16-8 - Powers and rights of transferor--Effect on qualified disposition.
Section 55-16-9 - Creditors' actions limited to transfers with intent to defraud.
Section 55-16-10 - Requirements for bringing claim for fraudulent transfer of settlor's assets.
Section 55-16-11 - Disposition by transferor who is a trustee--Time of disposition.
Section 55-16-14 - Multiple qualified dispositions in same trust instrument.