55-16-8. Powers and rights of transferor--Effect on qualified disposition.
A qualified disposition is subject to §§55-16-9 to 55-16-14, inclusive, notwithstanding a transferor's retention of any or all of the powers and rights described in subdivision 55-16-2(2) and the transferor's service as trust advisor pursuant to §55-16-5. The transferor has only such powers and rights as are conferred by the trust instrument. Except as permitted by §§55-16-2 and 55-16-5, a transferor has no rights or authority with respect to the property that is the subject of a qualified disposition or the income therefrom, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority is void.
Source: SL 2005, ch 261, §8.
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.