55-4-1. Definition of terms.
Terms used in this chapter mean:
(1)"Affiliate," any person directly or indirectly controlling or controlled by another person, or any person under direct or indirect common control with another person. It includes any person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by each from the other, directly or indirectly, except a broker or stock exchange;
(2)"Person," an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a business trust, a trust, an unincorporated organization, or two or more persons having a joint or common interest;
(3)"Relative," a spouse, ancestor, descendant, brother, or sister;
(4)"Trust," an express trust only;
(5)"Trustee," includes trustees, a corporate as well as a natural person and a successor or substitute trustee.
Source: SL 1943, ch 308, §1; SDC Supp 1960, §59.0501; SL 1998, ch 282, §41; SL 2015, ch 240, §19.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 04 - Uniform Trusts Act
Section 55-4-1 - Definition of terms.
Section 55-4-2 - Powers attached to the office of trustee.
Section 55-4-3 - Number of trustees for exercise of powers.
Section 55-4-4 - Liability of trustee not joining in exercise of power.
Section 55-4-5 - Cotrustee--Liability for maladministration of trust.
Section 55-4-6 - Voting of corporate stock owned by trustee.
Section 55-4-7 - Creation of trust--Bank account to pay special debts.
Section 55-4-9 - Holding stock in name of nominee.
Section 55-4-10 - Loan of trust funds.
Section 55-4-11 - Corporate trustee depositing trust funds with self--Interest.
Section 55-4-13 - Trustee not to buy from or sell to self--Exception.
Section 55-4-14 - Permitted sales between trusts held by same corporate trustee.
Section 55-4-15 - Corporate trustee buying its own stock.
Section 55-4-16 - Withdrawals from mingled trust funds.
Section 55-4-20 - Action on contract against trustee--Notice to beneficiaries.
Section 55-4-21 - Action on contract against trustee--Personal liability of trustee.
Section 55-4-27 - Tort liability of trust estate--Action against trustee, notice to beneficiaries.
Section 55-4-28 - Personal liability for tort committed by trustee.
Section 55-4-30 - Power of settlor of trust.
Section 55-4-32 - Relieving trustee of duties--Power of the court.
Section 55-4-33 - Liabilities for violations of chapter.
Section 55-4-34 - Application of chapter to testamentary trust.
Section 55-4-35 - Uniformity of interpretation.
Section 55-4-36 - Citation of chapter.
Section 55-4-37 - Liability for fiduciary's partnership interest limited.
Section 55-4-38 - Limitation on trustee's power to make distributions to his or her benefit.
Section 55-4-39 - "Trustee" construed broadly.
Section 55-4-40 - Applicability of §§ 55-4-38 and 55-4-39.
Section 55-4-41 - Certain trustees exempted from §§ 55-4-38 to 55-4-40, inclusive.
Section 55-4-50 - Co-trustee's inability or failure to perform.
Section 55-4-51.1 - Recording of certificate of trust--Reliance upon content.
Section 55-4-51.2 - Applicability of §§ 55-4-51 and 55-4-51.1.
Section 55-4-51.3 - Form of certificate of trust in support of a real property transaction.
Section 55-4-52 - Request for excerpts from trust instrument.
Section 55-4-53 - Limitation of liability for acting in reliance on certificate of trust.
Section 55-4-54 - Enforcement of transaction entered into in reliance on certificate of trust.
Section 55-4-55 - Liability for bad faith demand for trust instrument.
Section 55-4-56 - Right to obtain copy of trust instrument in judicial proceeding.
Section 55-4-58 - Presentation of claims against property of trust revocable at settlor's death.