55-3-45. Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined.
If a trust is not subject to court supervision under chapter 21-22, and if no objection has been made by a distribution beneficiary, as defined in this title, of a trust within one hundred eighty days after a copy of the trustee's accounting has been mailed, postage prepaid, to the last known address of such distribution beneficiary, personally, or electronically in accordance with §15-6-5(d), the distribution beneficiary is deemed to have approved such accounting of the trustee, and the trustee, absent fraud, intentional misrepresentation, or material omission, shall be released and discharged from any and all liability to all beneficiaries of the trust as to all matters set forth in such accounting. Alternatively, the trustee's accounting may be approved on behalf of all beneficiaries by a trust advisor or trust protector, or in accordance with §55-18-9 if:
(1)Notice or information to the beneficiaries has been waived or modified in accordance with § 55-2-13; or
(2)Authorized under the terms of the governing instrument.
The provisions of chapter 55-18 apply to this section.
For purposes of this section, the term, accounting, means any interim or final report or other statement provided by a trustee reflecting all transactions, receipts, and disbursements during the reporting period and a list of assets as of the end of the period covered by the report or statement, and including written notice to the distribution beneficiary of the provisions of this section.
Source: SL 1998, ch 282, §26; SL 2010, ch 232, §4; SL 2017, ch 208, §34; SL 2020, ch 206, § 15.
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.