55-16-6. Successor qualified person.
If a qualified person of a trust ceases to meet the requirements of §55-16-3, and there remains no trustee that meets such requirements, such qualified person shall be deemed to have resigned as of the time of such cessation, and thereupon the successor qualified person provided for in the trust instrument shall become a qualified person of the trust, or in the absence of any successor qualified person provided for in the trust instrument, the circuit court shall, upon application of any interested party, appoint a successor qualified person.
Source: SL 2005, ch 261, §6.
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.