55-7-2. Definition of terms.
Terms used in §§55-7-2 to 55-7-15, inclusive, mean:
(1)"Bank," any person or association of persons, whether incorporated or not, carrying on the business of banking;
(2)"Fiduciary," any trustee under any trust, express, implied, resulting or constructive, personal representative, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate;
(3)"Person," any corporation, limited liability company, partnership, or other association, or two or more persons having a joint or common interest; and
(4)"Principal," any person to whom a fiduciary as such owes an obligation.
Source: SL 1943, ch 19, §1; SDC Supp 1960, §6.0701 (1); SL 1994, ch 351, §154.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 07 - Third Party Responsibility For Fiduciary Acts
Section 55-7-1 - Liability of third persons dealing with trustees.
Section 55-7-2 - Definition of terms.
Section 55-7-3 - A thing done "in good faith" defined.
Section 55-7-9 - Deposit in bank to fiduciary's personal account--Bank's liability to principal.
Section 55-7-10 - Deposit in bank in names of two or more trustees--Check drawn by one.
Section 55-7-12 - Law governing transactions not within Uniform Fiduciaries Act.
Section 55-7-13 - Act not retroactive.