South Dakota Codified Laws
Chapter 02 - Duties And Liabilities Of Trustees
Section 55-2-2 - Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.

55-2-2. Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.
A trustee may not in any manner use or deal with the trust property for his own profit or for any other purpose unconnected with the trust.
If he does so, he may, at the option of the beneficiary, be required to account for all profits thereby made or to pay the value of the use of the trust property, and if he has disposed thereof, to replace it with its fruits or to account for its proceeds with interest.

Source: SDC 1939, §59.0107.

Structure South Dakota Codified Laws

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 55-2-2 - Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.

Section 55-2-3 - Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.

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 55-2-10 - Measure of liability for unauthorized use or disposal of trust property--Intent to serve interest of beneficiary.

Section 55-2-11 - Liability for acts of cotrustee.

Section 55-2-12 - Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.

Section 55-2-13 - Notice to qualified beneficiaries of existence of trust--Written directions--Information to be provided to excluded fiduciaries--Liability limits of trustee--Variation of right of a beneficiary to be informed--Confidentiality of tru...

Section 55-2-14 - Duty to provide information regarding revocable trust and its administration.

Section 55-2-15 - Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust--Restrictions--Power of appointment to beneficiary of second trust.

Section 55-2-16 - Action that may not be taken by restricted trustee may be taken by another unrestricted trustee.

Section 55-2-17 - Conditions under which beneficiary has power to change trustees.

Section 55-2-18 - Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust.

Section 55-2-19 - Exercise of power to distribute income or principal considered exercise of power of appointment.

Section 55-2-20 - Impermissible use of power.

Section 55-2-21 - Trustee's right to distribute income or principal in trust arising under law or terms of first trust not abridged.

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.