55-1B-11. Powers and discretions of distribution trust advisor.
The powers and discretions of a distribution trust advisor over any discretionary distributions of income or principal, including distributions pursuant to an ascertainable standard or other criteria and appointments pursuant to §55-2-15, shall be provided in the trust instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the distribution trust advisor and are binding on any other person and any other interested party, fiduciary, and excluded fiduciary. Unless the terms of the governing instrument provide otherwise, then, in addition to the powers and discretions granted to the distribution trust advisor in the trust instrument, the distribution trust advisor shall direct the trustee with regard to all discretionary distributions to beneficiaries, may direct appointments pursuant to §55-2-15, and may exercise any of the powers and discretions granted to a distribution trust advisor in §55-2-13.
Source: SL 2005, ch 260, §7; SL 2009, ch 252, §15; SL 2011, ch 212, §5; SL 2012, ch 233, §7; SL 2020, ch 206, § 10.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Section 55-1B-1 - Definition of terms.
Section 55-1B-3 - Death of grantor.
Section 55-1B-4 - Trust advisor as fiduciary.
Section 55-1B-5 - Excluded fiduciary's liability for loss if trust protector appointed.
Section 55-1B-6 - Powers and discretions of trust protector.
Section 55-1B-7 - Submission to court jurisdiction--Effect on trust advisor or trust protector.
Section 55-1B-8 - Powers of trust protector incorporated by reference in will or trust instrument.
Section 55-1B-10 - Powers and discretions of investment trust advisor.
Section 55-1B-11 - Powers and discretions of distribution trust advisor.
Section 55-1B-12 - Powers and discretions of family advisor.