55-2-12. Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.
Unless otherwise provided in the trust agreement, a successor trustee:
(1)Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; and
(2)Does not have a duty to:
(a)Confirm or validate such predecessor fiduciary's actions or inactions;
(b)Confirm the validity of the trust agreement; or
(c)Prosecute or seek redress for any action or inaction by the predecessor fiduciary.
Source: SL 1991, ch 229, §2; SL 2021, ch 207, § 10.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 02 - Duties And Liabilities Of Trustees
Section 55-2-1 - Trustee's obligation of good faith.
Section 55-2-4 - Trustee's influence not to be used for his advantage.
Section 55-2-5 - Trustee not to assume a trust adverse to the interest of beneficiary.
Section 55-2-6 - Adverse interest of trustee--Information to beneficiary--Removal of trustee.
Section 55-2-7 - Fraud against beneficiary of trust.
Section 55-2-8 - Presumption against trustee.
Section 55-2-9 - Liability of trustee mingling trust property with his own.
Section 55-2-11 - Liability for acts of cotrustee.
Section 55-2-14 - Duty to provide information regarding revocable trust and its administration.
Section 55-2-17 - Conditions under which beneficiary has power to change trustees.
Section 55-2-20 - Impermissible use of power.
Section 55-2-22 - Fiduciary duty to determine that substituted property is of equivalent value.
Section 55-2-23 - Reliance of excluded fiduciaries and trustees on tax information.