55-6-2. Bank or trust company investment in funds.
Any bank or trust company qualified to act as fiduciary in this state may, as such fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in common trust funds or collective investment funds established pursuant to §55-6-1, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciary or cofiduciaries to such investment.
Source: SL 1941, ch 20, §1; SDC Supp 1960, §6.0901; SL 2011, ch 212, §24.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 06 - Common Trust Funds And Collective Investment Funds
Section 55-6-1.1 - Common trust fund defined.
Section 55-6-1.2 - Collective investment fund defined.
Section 55-6-2 - Bank or trust company investment in funds.
Section 55-6-2.1 - Powers of bank or trust company qualified to act as fiduciary.
Section 55-6-3 - Compliance with law governing administration of trust estates.
Section 55-6-4 - Application of chapter.