55-4-30. Power of settlor of trust.
Subject to the final paragraph below, the settlor of any trust affected by this chapter may:
(1)By provision in the instrument creating the trust if the trust was created by a writing;
(2)By oral statement to the trustee at the time of the creation of the trust if the trust was created orally; or
(3)By an amendment of the trust, if the settlor reserved the power to amend the trust, relieve the trustee from any or all of the duties, restrictions, and liabilities which would otherwise be imposed upon the trustee by this chapter; or alter or deny to the trustee any or all of the privileges and powers conferred upon the trustee by this chapter; or add duties, restrictions, liabilities, privileges, or powers, to those imposed or granted by this chapter. However, no act of the settlor relieves a trustee from the duties, restrictions, and liabilities imposed upon the trustee by §§55-4-10 to 55-4-12, inclusive.
A provision of a trust instrument relieving a trustee of liability for breach of trust is unenforceable to the extent that it relieves the trustee of liability for breach of trust committed in bad faith or as a result of gross negligence.
Source: SL 1943, ch 308, §17; SDC Supp 1960, §59.0517; SL 2000, ch 229, §1; SL 2007, ch 247, §10.
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.