55-3-27. Termination of noncharitable trusts valued under one hundred fifty thousand dollars--Distribution of property.
Except as otherwise provided by the terms of the trust, if the value of the trust property of a noncharitable trust is less than one hundred fifty thousand dollars, the trustee may terminate the trust. On petition by a trustee or beneficiary, the court may modify or terminate a noncharitable trust or appoint a new trustee if it determines that the value of the trust property is insufficient to justify the cost of administration involved. Upon termination of a trust pursuant to this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention. The existence of spendthrift or similar protective provisions in a trust does not make this section inapplicable. The court, when considering the termination of a trust containing spendthrift or similar protective provisions, shall consider the feasibility of appointing a new trustee to continue the trust. This section does not apply to a purpose trust under subdivision 55-1-21(1).
Source: SL 1998, ch 282, §5; SL 2004, ch 312, §12; SL 2015, ch 240, §18; SL 2018, ch 275, §26.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 03 - Express Trusts For Third Party Beneficiaries
Section 55-3-1 - Application of chapter.
Section 55-3-2 - Creation of trust--Mutual consent of trustor and trustee.
Section 55-3-3 - Appointing court or public officer as trustor.
Section 55-3-4 - Declaration of trust--Declarations of trustor to trustee before acceptance.
Section 55-3-5 - Trustee to follow declaration of trust--Modifications.
Section 55-3-6 - Trust irrevocable in absence of express contrary provisions.
Section 55-3-7 - Trustee's power as agent.
Section 55-3-10 - Degree of care and diligence used in execution of trusts.
Section 55-3-12 - Purchase by trustee of claims against trust property.
Section 55-3-13 - Expenses incurred by trustee in performance of trust--Reimbursement.
Section 55-3-14 - Compensation of trustee.
Section 55-3-15 - Implied trustee--No rights to compensation or repayment of expenses.
Section 55-3-16 - Vacation of office of trustee.
Section 55-3-17 - Discharge of trustee--Grounds.
Section 55-3-17.1 - Resignation of fiduciary.
Section 55-3-18 - Survivorship between cotrustees.
Section 55-3-20 - Removal of trustee by circuit court--Vacant trusteeship filled by court.
Section 55-3-20.1 - Grounds for removal of trustee.
Section 55-3-21 - Appointment of trustee by circuit court--Grounds.
Section 55-3-23 - Termination of trust.
Section 55-3-26 - Petition to modify terms of trust--Circumstances--Distribution of property.
Section 55-3-28 - Terms of trust may be reformed by court.
Section 55-3-29.1 - Defense of laches not available.
Section 55-3-29.2 - Statute of limitations defense not available.
Section 55-3-30 - Provisions not exclusive.
Section 55-3-39 - When state law or jurisdiction provision valid, effective, and conclusive.
Section 55-3-41 - Qualified person defined.
Section 55-3-42 - State jurisdiction provision defined.
Section 55-3-43 - South Dakota investments defined.
Section 55-3-44 - Trustor defined.
Section 55-3-47 - Cessation of trustee upon action of foreign court--Successor trustee.
Section 55-3-48 - South Dakota law governs administration of trust.