South Dakota Codified Laws
Chapter 02 - Duties And Liabilities Of Trustees
Section 55-2-22 - Fiduciary duty to determine that substituted property is of equivalent value.

55-2-22. Fiduciary duty to determine that substituted property is of equivalent value.
Notwithstanding the terms of a trust instrument, if a settlor has a power to substitute property of equivalent value, a trustee has a fiduciary duty to determine that the substituted property is of equivalent value, prior to allowing the substitution.

Source: SL 2009, ch 252, §21.

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.