55-2-18. Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust.
The exercise of the power to distribute the income or principal of the trust under §55-2-15 shall be by an instrument in writing, signed and acknowledged by the trustee and filed with the records of the trust. The trustee of the first trust may notify the beneficiaries of the first trust, in writing, prior to the effective date of the trustee's exercise of the power under §55-2-15 (applying chapter 55-18). A copy of the exercise of this authority and the second trust agreement shall satisfy this notice provision. For the purposes of this section, the term, beneficiaries, means those persons who would be entitled to notice and a copy of the first trust instrument under §55-2-13.
Source: SL 2007, ch 281, §4; SL 2009, ch 252, §19; SL 2013, ch 239, §17; SL 2017, ch 208, §31.
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.