South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts

Section 55-1-5.1 - Express trust need not be for exclusive benefit of beneficiaries. - 55-1-5.1. Express trust need not be for exclusive benefit of...

Section 55-1-6 - Implied trust--Definition--Creation. - 55-1-6. Implied trust--Definition--Creation. An implied trust is one which is...

Section 55-1-6.1 - Implied trust may not prejudice rights of real property purchaser or encumbrancer. - 55-1-6.1. Implied trust may not prejudice rights of real property...

Section 55-1-7 - Wrongful detention creates implied trust. - 55-1-7. Wrongful detention creates implied trust. One who wrongfully detains...

Section 55-1-8 - Implied trust resulting from fraud, accident or wrongful act. - 55-1-8. Implied trust resulting from fraud, accident or wrongful act....

Section 55-1-9 - Implied trust created by transfer of property in violation of trust. - 55-1-9. Implied trust created by transfer of property in violation...

Section 55-1-10 - Transfer of real property to one for money paid by another--Trust presumed. - 55-1-10. Transfer of real property to one for money paid...

Section 55-1-11 - Implied trust--Declaration by court of equity. - 55-1-11. Implied trust--Declaration by court of equity. The enumeration in...

Section 55-1-12 - Trustor, trustee, beneficiary, power of appointment, and person defined. - 55-1-12. Trustor, trustee, beneficiary, power of appointment, and person defined....

Section 55-1-13 - Voluntary trustee--Assumption of relationship. - 55-1-13. Voluntary trustee--Assumption of relationship. Everyone who voluntarily assumes a...

Section 55-1-14 - Interest in existing trust--Transfer by operation of law or written instrument. - 55-1-14. Interest in existing trust--Transfer by operation of law or...

Section 55-1-15 - Certain trusts not terminated upon trustor's death. - 55-1-15. Certain trusts not terminated upon trustor's death. A trust...

Section 55-1-20 - Trusts for noncharitable purposes. - 55-1-20. Trusts for noncharitable purposes. Subdivisions 55-1-4(2) and 55-1-5(2) notwithstanding,...

Section 55-1-21 - Trust for care of animal, care of other property, or other lawful noncharitable purpose. - 55-1-21. Trust for care of animal, care of other property,...

Section 55-1-21.1 - Termination of trust for care of animal. - 55-1-21.1. Termination of trust for care of animal. Except as...

Section 55-1-21.3 - Court order where fulfillment of purposes are impossible, inexpedient, or unlawful. - 55-1-21.3. Court order where fulfillment of purposes are impossible, inexpedient,...

Section 55-1-21.4 - Enforcement of purpose of trust by enforcer. - 55-1-21.4. Enforcement of purpose of trust by enforcer. The purposes...

Section 55-1-21.5 - Removal of enforcer. - 55-1-21.5. Removal of enforcer. A trustee may petition the court...

Section 55-1-21.6 - Discretion of trustee of purpose trust. - 55-1-21.6. Discretion of trustee of purpose trust. Except as otherwise...

Section 55-1-21.7 - Judicial designation of trustee--Order to carry out intent of trustor and purpose of trust. - 55-1-21.7. Judicial designation of trustee--Order to carry out intent of...

Section 55-1-21.8 - Distribution of property upon termination of purpose of trust. - 55-1-21.8. Distribution of property upon termination of purpose of trust....

Section 55-1-21.9 - Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required--Exceptions. - 55-1-21.9. Filings, reports, accounting, separation of funds, appointment, and registration...

Section 55-1-21.10 - Trustee may not use principal and income other than for trust's purposes. - 55-1-21.10. Trustee may not use principal and income other than...

Section 55-1-22 - Hybrid purpose trusts valid. - 55-1-22. Hybrid purpose trusts valid. A hybrid purpose trust which...

Section 55-1-22.1 - Separate shares for beneficiaries and purposes to be maintained in hybrid purpose trust. - 55-1-22.1. Separate shares for beneficiaries and purposes to be maintained...

Section 55-1-22.2 - Beneficiaries' share of a hybrid purpose trust. - 55-1-22.2. Beneficiaries' share of a hybrid purpose trust. The beneficiaries'...

Section 55-1-22.3 - Spendthrift provision in hybrid purpose trust--Qualified dispositions in trust. - 55-1-22.3. Spendthrift provision in hybrid purpose trust--Qualified dispositions in trust....

Section 55-1-22.4 - Application of §§ 55-1-21 to 55-1-21.9 to hybrid purpose trust--Exceptions. - 55-1-22.4. Application of §§55-1-21 to 55-1-21.9 to hybrid purpose trust--Exceptions....

Section 55-1-22.5 - Discretion of trustee of hybrid purpose trust. - 55-1-22.5. Discretion of trustee of hybrid purpose trust. Except as...

Section 55-1-22.6 - Enforcer of hybrid purpose trust. - 55-1-22.6. Enforcer of hybrid purpose trust. In addition to §55-1-21.4,...

Section 55-1-24 - Definitions applicable to §§ 55-1-24 to 55-1-45. - 55-1-24. Definitions applicable to §§55-1-24 to 55-1-45. Terms used in...

Section 55-1-24.1 - Improper motive. - 55-1-24.1. Improper motive. For purposes of §§55-1-24 to 55-1-45, inclusive,...

Section 55-1-24.2 - Withdrawal power. - 55-1-24.2. Withdrawal power. A withdrawal power allows a person a...

Section 55-1-25 - Distinction between discretionary trust and support trust--Creditor rights--Judicial review. - 55-1-25. Distinction between discretionary trust and support trust--Creditor rights--Judicial review....

Section 55-1-27 - Certain remainder interests not property interests. - 55-1-27. Certain remainder interests not property interests. Although a remainder...

Section 55-1-28 - Interest of beneficiary or others not reachable by creditors. - 55-1-28. Interest of beneficiary or others not reachable by creditors....

Section 55-1-29 - Trust property not subject to personal obligations of trustee. - 55-1-29. Trust property not subject to personal obligations of trustee....

Section 55-1-30 - Distribution and remainder interests not relevant to division of marital property. - 55-1-30. Distribution and remainder interests not relevant to division of...

Section 55-1-31 - Resources of settlor's spouse to be considered in making distribution from support trust--Other beneficiary's resources need not be considered. - 55-1-31. Resources of settlor's spouse to be considered in making...

Section 55-1-32 - Factors which are not dominion and control over trust. - 55-1-32. Factors which are not dominion and control over trust....

Section 55-1-33 - Factors which are insufficient evidence that settlor controls or is alter ego of trustee. - 55-1-33. Factors which are insufficient evidence that settlor controls or...

Section 55-1-35 - Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses. - 55-1-35. Trust declaration that beneficiary's interest subject to spendthrift trust--Payment...

Section 55-1-36 - Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary. - 55-1-36. Satisfaction of claims of settlor's creditors from trust estate...

Section 55-1-36.1 - Effect on creditor claims of trustee discretionary powers to pay taxes or make reimbursements for taxes. - 55-1-36.1. Effect on creditor claims of trustee discretionary powers to...

Section 55-1-37 - Application of spendthrift provision. - 55-1-37. Application of spendthrift provision. A spendthrift provision applies to...

Section 55-1-38 - Classification of distribution interest. - 55-1-38. Classification of distribution interest. A distribution interest can be...

Section 55-1-38.1 - Classification of interest as support interest. - 55-1-38.1. Classification of interest as support interest. If a trust...

Section 55-1-39 - Bifurcation of trust. - 55-1-39. Bifurcation of trust. To the extent a trust contains...

Section 55-1-40 - Language resulting in classification of distribution interest. - 55-1-40. Language resulting in classification of distribution interest. Although not...

Section 55-1-41 - Effect of spendthrift provision. - 55-1-41. Effect of spendthrift provision. If the trust contains a...

Section 55-1-42 - Mandatory or support interests. - 55-1-42. Mandatory or support interests. A beneficiary of a mandatory...

Section 55-1-43 - Discretionary interests. - 55-1-43. Discretionary interests. The following provisions apply only to discretionary...

Section 55-1-44 - Action for fraudulent transfer of settlor's assets--Jurisdiction--Attorneys' fees and costs--Burden of proof. - 55-1-44. Action for fraudulent transfer of settlor's assets--Jurisdiction--Attorneys' fees and...

Section 55-1-45 - Limitation of action for fraudulent transfer of settlor's assets. - 55-1-45. Limitation of action for fraudulent transfer of settlor's assets....

Section 55-1-46 - No contest clause defined--Enforceability. - 55-1-46. No contest clause defined--Enforceability. For purposes of §§55-1-46 to...

Section 55-1-47 - Extrinsic evidence not admissible to establish settlor's intent concerning no contest clause. - 55-1-47. Extrinsic evidence not admissible to establish settlor's intent concerning...

Section 55-1-48 - Circumstances under which no contest clause unenforceable. - 55-1-48. Circumstances under which no contest clause unenforceable. A no...

Section 55-1-49 - Contest regarding settlor's signature. - 55-1-49. Contest regarding settlor's signature. Notwithstanding anything to the contrary...

Section 55-1-50 - Attorneys fees and costs. - 55-1-50. Attorneys fees and costs. The court may award attorneys...

Section 55-1-51 - Applicability of §§ 55-1-46 to 55-1-50. - 55-1-51. Applicability of §§55-1-46 to 55-1-50. Sections 55-1-46 to 55-1-50,...

Section 55-1-52 - Interest on general pecuniary devises. - 55-1-52. Interest on general pecuniary devises. General pecuniary devises bear...

Section 55-1-53 - Expansion, restriction, elimination, or variance of provisions of general application. - 55-1-53. Expansion, restriction, elimination, or variance of provisions of general...

Section 55-1-54 - Arbitration. - 55-1-54. Arbitration. In addition to the trustee's power to submit...

Section 55-1-55 - Trust enforceable although not funded or without res, corpus, or assets. - 55-1-55. Trust enforceable although not funded or without res, corpus,...

Section 55-1-56 - Registration of trust in court at principal place of administration. - 55-1-56. Registration of trust in court at principal place of...

Section 55-1-57 - Contents of registration statement. - 55-1-57. Contents of registration statement. Registration shall be accomplished by...

Section 55-1-58 - Confidentiality of registration. - 55-1-58. Confidentiality of registration. The registration shall be sealed and...

Section 55-1-59 - Trust registration form. - 55-1-59. Trust registration form. The trust registration form may be...

Chapter 01A - Trustees Powers

Section 55-1A-1 - Powers enumerated in chapter apply to any trust unless specifically excluded--Powers as additional to common law powers. - 55-1A-1. Powers enumerated in chapter apply to any trust unless...

Section 55-1A-2 - Trustee defined. - 55-1A-2. Trustee defined. As used in this chapter, the word,...

Section 55-1A-5 - Retention of trust property by trustee. - 55-1A-5. Retention of trust property by trustee. A trustee may...

Section 55-1A-6 - Additions to trust assets. - 55-1A-6. Additions to trust assets. A trustee may receive additions...

Section 55-1A-7 - Operation of business by trustee. - 55-1A-7. Operation of business by trustee. A trustee may continue...

Section 55-1A-8 - Acquisition of undivided interest in trust asset. - 55-1A-8. Acquisition of undivided interest in trust asset. A trustee...

Section 55-1A-9 - Investment of trust assets. - 55-1A-9. Investment of trust assets. A trustee may invest and...

Section 55-1A-9.1 - Affiliated investments. - 55-1A-9.1. Affiliated investments. (a) As used in this section: (1)"Investment"...

Section 55-1A-10 - Deposit of trust funds in bank. - 55-1A-10. Deposit of trust funds in bank. A trustee may...

Section 55-1A-11 - Disposal of trust assets. - 55-1A-11. Disposal of trust assets. A trustee may acquire, sell,...

Section 55-1A-12 - Grant or taking of option for disposition of assets. - 55-1A-12. Grant or taking of option for disposition of assets....

Section 55-1A-13 - Leases by trustees. - 55-1A-13. Leases by trustees. A trustee may enter into a...

Section 55-1A-14 - Repairs by trustee--Removal or demolition. - 55-1A-14. Repairs by trustee--Removal or demolition. A trustee may make...

Section 55-1A-15 - Razing or erection of party walls or buildings. - 55-1A-15. Razing or erection of party walls or buildings. A...

Section 55-1A-16 - Land development or dedication--Valuation adjustments. - 55-1A-16. Land development or dedication--Valuation adjustments. A trustee may subdivide,...

Section 55-1A-17 - Mineral and natural resource leases and explorations. - 55-1A-17. Mineral and natural resource leases and explorations. A trustee...

Section 55-1A-18 - Insurance. - 55-1A-18. Insurance. A trustee may insure the assets of his...

Section 55-1A-19 - Voting stock or securities--Voting trust agreements. - 55-1A-19. Voting stock or securities--Voting trust agreements. A trustee may...

Section 55-1A-20 - Payment of calls, assessments, and other sums charged against corporate securities. - 55-1A-20. Payment of calls, assessments, and other sums charged against...

Section 55-1A-21 - Corporate powers--Stocks--Reorganizations and mergers--Sales and leases. - 55-1A-21. Corporate powers--Stocks--Reorganizations and mergers--Sales and leases. A trustee may...

Section 55-1A-22 - Holding stock in nominee's name without disclosing fiduciary relationship. - 55-1A-22. Holding stock in nominee's name without disclosing fiduciary relationship....

Section 55-1A-23 - Borrowing money against trust assets. - 55-1A-23. Borrowing money against trust assets. A trustee may borrow...

Section 55-1A-24 - Contracts binding upon trust. - 55-1A-24. Contracts binding upon trust. A trustee may enter into...

Section 55-1A-25 - Claims in favor of or against trust or trustee. - 55-1A-25. Claims in favor of or against trust or trustee....

Section 55-1A-26 - Release of claim or lien. - 55-1A-26. Release of claim or lien. A trustee may release,...

Section 55-1A-27 - Payment of trust administration expenses. - 55-1A-27. Payment of trust administration expenses. A trustee may pay...

Section 55-1A-28 - Creation of reserves. - 55-1A-28. Creation of reserves. A trustee may create reserves out...

Section 55-1A-29 - Payment of sum distributable to minor or other beneficiary under legal disability--Methods. - 55-1A-29. Payment of sum distributable to minor or other beneficiary...

Section 55-1A-30 - Distribution of property and money. - 55-1A-30. Distribution of property and money. A trustee may effect...

Section 55-1A-31 - Employment of agents and assistants. - 55-1A-31. Employment of agents and assistants. A trustee may employ...

Section 55-1A-32 - Prosecution or defense of actions and proceedings. - 55-1A-32. Prosecution or defense of actions and proceedings. A trustee...

Section 55-1A-32.1 - Trustee immunity from liability for failure to prosecute, defend, or continue to defend. - 55-1A-32.1. Trustee immunity from liability for failure to prosecute, defend,...

Section 55-1A-33 - Advance of income or loan to beneficiary--Lien. - 55-1A-33. Advance of income or loan to beneficiary--Lien. A trustee...

Section 55-1A-34 - Advance of money for protection of trust--Lien. - 55-1A-34. Advance of money for protection of trust--Lien. A trustee...

Section 55-1A-35 - Execution and delivery of instruments. - 55-1A-35. Execution and delivery of instruments. A trustee may execute...

Section 55-1A-36 - Holding of two or more trusts with undivided interests. - 55-1A-36. Holding of two or more trusts with undivided interests....

Section 55-1A-37 - Citation of chapter. - 55-1A-37. Citation of chapter. This chapter may be cited or...

Section 55-1A-38 - Trustee may perform necessary and appropriate acts. - 55-1A-38. Trustee may perform necessary and appropriate acts. A trustee...

Section 55-1A-39 - Disclaimer of powers by trustee--Time limit. - 55-1A-39. Disclaimer of powers by trustee--Time limit. Any power granted...

Section 55-1A-40 - Trust name change. - 55-1A-40. Trust name change. A trustee may change the name...

Section 55-1A-41 - Co-trustee appointment--Powers. - 55-1A-41. Co-trustee appointment--Powers. Unless specifically restricted by the governing instrument,...

Chapter 01B - Directed Trusts

Section 55-1B-1 - Definition of terms. - 55-1B-1. Definition of terms. Terms used in this chapter mean:...

Section 55-1B-1.1 - Governing instrument may provide trust advisor or trust protector with powers and immunities of trustee. - 55-1B-1.1. Governing instrument may provide trust advisor or trust protector...

Section 55-1B-2 - Liability limits of excluded fiduciary--Relief from obligations for excluded fiduciary--Burden of proof in action against excluded fiduciary. - 55-1B-2. Liability limits of excluded fiduciary--Relief from obligations for excluded...

Section 55-1B-3 - Death of grantor. - 55-1B-3. Death of grantor. An excluded fiduciary may continue to...

Section 55-1B-4 - Trust advisor as fiduciary. - 55-1B-4. Trust advisor as fiduciary. If one or more trust...

Section 55-1B-5 - Excluded fiduciary's liability for loss if trust protector appointed. - 55-1B-5. Excluded fiduciary's liability for loss if trust protector appointed....

Section 55-1B-6 - Powers and discretions of trust protector. - 55-1B-6. Powers and discretions of trust protector. The powers and...

Section 55-1B-7 - Submission to court jurisdiction--Effect on trust advisor or trust protector. - 55-1B-7. Submission to court jurisdiction--Effect on trust advisor or trust...

Section 55-1B-8 - Powers of trust protector incorporated by reference in will or trust instrument. - 55-1B-8. Powers of trust protector incorporated by reference in will...

Section 55-1B-9 - Investment trust advisor or distribution trust advisor provided for in trust instrument. - 55-1B-9. Investment trust advisor or distribution trust advisor provided for...

Section 55-1B-10 - Powers and discretions of investment trust advisor. - 55-1B-10. Powers and discretions of investment trust advisor. The powers...

Section 55-1B-11 - Powers and discretions of distribution trust advisor. - 55-1B-11. Powers and discretions of distribution trust advisor. The powers...

Section 55-1B-12 - Powers and discretions of family advisor. - 55-1B-12. Powers and discretions of family advisor. The powers and...

Chapter 02 - Duties And Liabilities Of Trustees

Section 55-2-1 - Trustee's obligation of good faith. - 55-2-1. Trustee's obligation of good faith. In all matters connected...

Section 55-2-2 - Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability. - 55-2-2. Trustee not to use property for his own benefit--Profit...

Section 55-2-3 - Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions. - 55-2-3. Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions....

Section 55-2-4 - Trustee's influence not to be used for his advantage. - 55-2-4. Trustee's influence not to be used for his advantage....

Section 55-2-5 - Trustee not to assume a trust adverse to the interest of beneficiary. - 55-2-5. Trustee not to assume a trust adverse to the...

Section 55-2-6 - Adverse interest of trustee--Information to beneficiary--Removal of trustee. - 55-2-6. Adverse interest of trustee--Information to beneficiary--Removal of trustee. If...

Section 55-2-7 - Fraud against beneficiary of trust. - 55-2-7. Fraud against beneficiary of trust. Every violation of the...

Section 55-2-8 - Presumption against trustee. - 55-2-8. Presumption against trustee. All transactions between a trustee and...

Section 55-2-9 - Liability of trustee mingling trust property with his own. - 55-2-9. Liability of trustee mingling trust property with his own....

Section 55-2-10 - Measure of liability for unauthorized use or disposal of trust property--Intent to serve interest of beneficiary. - 55-2-10. Measure of liability for unauthorized use or disposal of...

Section 55-2-11 - Liability for acts of cotrustee. - 55-2-11. Liability for acts of cotrustee. A trustee is responsible...

Section 55-2-12 - Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary. - 55-2-12. Liability and duties of successor trustee for agreements, contracts...

Section 55-2-13 - Notice to qualified beneficiaries of existence of trust--Written directions--Information to be provided to excluded fiduciaries--Liability limits of trustee--Variation of right of a beneficiary to be informed--Confidentiality of tru... - 55-2-13. Notice to qualified beneficiaries of existence of trust--Written directions--Information...

Section 55-2-14 - Duty to provide information regarding revocable trust and its administration. - 55-2-14. Duty to provide information regarding revocable trust and its...

Section 55-2-15 - Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust--Restrictions--Power of appointment to beneficiary of second trust. - 55-2-15. Trustee authorized to distribute income or principal from first...

Section 55-2-16 - Action that may not be taken by restricted trustee may be taken by another unrestricted trustee. - 55-2-16. Action that may not be taken by restricted trustee...

Section 55-2-17 - Conditions under which beneficiary has power to change trustees. - 55-2-17. Conditions under which beneficiary has power to change trustees....

Section 55-2-18 - Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust. - 55-2-18. Exercise of power to distribute income or principal by...

Section 55-2-19 - Exercise of power to distribute income or principal considered exercise of power of appointment. - 55-2-19. Exercise of power to distribute income or principal considered...

Section 55-2-20 - Impermissible use of power. - 55-2-20. Impermissible use of power. The power under §55-2-15 may...

Section 55-2-21 - Trustee's right to distribute income or principal in trust arising under law or terms of first trust not abridged. - 55-2-21. Trustee's right to distribute income or principal in trust...

Section 55-2-22 - Fiduciary duty to determine that substituted property is of equivalent value. - 55-2-22. Fiduciary duty to determine that substituted property is of...

Section 55-2-23 - Reliance of excluded fiduciaries and trustees on tax information. - 55-2-23. Reliance of excluded fiduciaries and trustees on tax information....

Chapter 03 - Express Trusts For Third Party Beneficiaries

Section 55-3-1 - Application of chapter. - 55-3-1. Application of chapter. The provisions of this chapter apply...

Section 55-3-2 - Creation of trust--Mutual consent of trustor and trustee. - 55-3-2. Creation of trust--Mutual consent of trustor and trustee. The...

Section 55-3-3 - Appointing court or public officer as trustor. - 55-3-3. Appointing court or public officer as trustor. When a...

Section 55-3-4 - Declaration of trust--Declarations of trustor to trustee before acceptance. - 55-3-4. Declaration of trust--Declarations of trustor to trustee before acceptance....

Section 55-3-5 - Trustee to follow declaration of trust--Modifications. - 55-3-5. Trustee to follow declaration of trust--Modifications. A trustee shall...

Section 55-3-6 - Trust irrevocable in absence of express contrary provisions. - 55-3-6. Trust irrevocable in absence of express contrary provisions. Unless...

Section 55-3-7 - Trustee's power as agent. - 55-3-7. Trustee's power as agent. A trustee is a general...

Section 55-3-10 - Degree of care and diligence used in execution of trusts. - 55-3-10. Degree of care and diligence used in execution of...

Section 55-3-11 - Investment of money by trustee--Interest, simple or compound, on omission to invest trust moneys. - 55-3-11. Investment of money by trustee--Interest, simple or compound, on...

Section 55-3-12 - Purchase by trustee of claims against trust property. - 55-3-12. Purchase by trustee of claims against trust property. A...

Section 55-3-13 - Expenses incurred by trustee in performance of trust--Reimbursement. - 55-3-13. Expenses incurred by trustee in performance of trust--Reimbursement. A...

Section 55-3-14 - Compensation of trustee. - 55-3-14. Compensation of trustee. When a declaration of trust does...

Section 55-3-15 - Implied trustee--No rights to compensation or repayment of expenses. - 55-3-15. Implied trustee--No rights to compensation or repayment of expenses....

Section 55-3-16 - Vacation of office of trustee. - 55-3-16. Vacation of office of trustee. The office of a...

Section 55-3-17 - Discharge of trustee--Grounds. - 55-3-17. Discharge of trustee--Grounds. A trustee can be discharged from...

Section 55-3-17.1 - Resignation of fiduciary. - 55-3-17.1. Resignation of fiduciary. In addition to the provisions included...

Section 55-3-18 - Survivorship between cotrustees. - 55-3-18. Survivorship between cotrustees. On the death, renunciation, or discharge...

Section 55-3-20 - Removal of trustee by circuit court--Vacant trusteeship filled by court. - 55-3-20. Removal of trustee by circuit court--Vacant trusteeship filled by...

Section 55-3-20.1 - Grounds for removal of trustee. - 55-3-20.1. Grounds for removal of trustee. In addition to other...

Section 55-3-21 - Appointment of trustee by circuit court--Grounds. - 55-3-21. Appointment of trustee by circuit court--Grounds. If a trust...

Section 55-3-23 - Termination of trust. - 55-3-23. Termination of trust. In addition to the methods specified...

Section 55-3-24 - Modification or termination of trust--Notice to fiduciaries--Distribution of property. - 55-3-24. Modification or termination of trust--Notice to fiduciaries--Distribution of property....

Section 55-3-25 - Petition to court for affirmation--Non-consenting beneficiaries--Distribution of property. - 55-3-25. Petition to court for affirmation--Non-consenting beneficiaries--Distribution of property. A...

Section 55-3-26 - Petition to modify terms of trust--Circumstances--Distribution of property. - 55-3-26. Petition to modify terms of trust--Circumstances--Distribution of property. On...

Section 55-3-27 - Termination of noncharitable trusts valued under one hundred fifty thousand dollars--Distribution of property. - 55-3-27. Termination of noncharitable trusts valued under one hundred fifty...

Section 55-3-28 - Terms of trust may be reformed by court. - 55-3-28. Terms of trust may be reformed by court. On...

Section 55-3-29 - Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition to court. - 55-3-29. Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition...

Section 55-3-29.1 - Defense of laches not available. - 55-3-29.1. Defense of laches not available. No beneficiary of a...

Section 55-3-29.2 - Statute of limitations defense not available. - 55-3-29.2. Statute of limitations defense not available. No beneficiary of...

Section 55-3-30 - Provisions not exclusive. - 55-3-30. Provisions not exclusive. The provisions of §§55-3-23 to 55-3-29,...

Section 55-3-39 - When state law or jurisdiction provision valid, effective, and conclusive. - 55-3-39. When state law or jurisdiction provision valid, effective, and...

Section 55-3-40 - Validity, construction, and administration of trust with state jurisdiction provision. - 55-3-40. Validity, construction, and administration of trust with state jurisdiction...

Section 55-3-41 - Qualified person defined. - 55-3-41. Qualified person defined. For the purposes of §55-3-39, the...

Section 55-3-42 - State jurisdiction provision defined. - 55-3-42. State jurisdiction provision defined. For the purposes of §§55-3-39...

Section 55-3-43 - South Dakota investments defined. - 55-3-43. South Dakota investments defined. For the purposes of §55-3-39,...

Section 55-3-44 - Trustor defined. - 55-3-44. Trustor defined. For the purposes of §55-3-40, the term,...

Section 55-3-45 - Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined. - 55-3-45. Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting...

Section 55-3-46 - Effect of the laws, rules, or orders of foreign country on trust or disposition of property. - 55-3-46. Effect of the laws, rules, or orders of foreign...

Section 55-3-46.1 - Effect of laws, rules, or orders of other states on a trust or disposition of property. - 55-3-46.1. Effect of laws, rules, or orders of other states...

Section 55-3-47 - Cessation of trustee upon action of foreign court--Successor trustee. - 55-3-47. Cessation of trustee upon action of foreign court--Successor trustee....

Section 55-3-48 - South Dakota law governs administration of trust. - 55-3-48. South Dakota law governs administration of trust. Unless the...

Section 55-3-49 - Enforcement of foreign judgments. - 55-3-49. Enforcement of foreign judgments. Notwithstanding any other provision of...

Chapter 04 - Uniform Trusts Act

Section 55-4-1 - Definition of terms. - 55-4-1. Definition of terms. Terms used in this chapter mean:...

Section 55-4-2 - Powers attached to the office of trustee. - 55-4-2. Powers attached to the office of trustee. Unless it...

Section 55-4-3 - Number of trustees for exercise of powers. - 55-4-3. Number of trustees for exercise of powers. Unless it...

Section 55-4-4 - Liability of trustee not joining in exercise of power. - 55-4-4. Liability of trustee not joining in exercise of power....

Section 55-4-5 - Cotrustee--Liability for maladministration of trust. - 55-4-5. Cotrustee--Liability for maladministration of trust. Nothing in §55-4-3 or...

Section 55-4-6 - Voting of corporate stock owned by trustee. - 55-4-6. Voting of corporate stock owned by trustee. A trustee...

Section 55-4-7 - Creation of trust--Bank account to pay special debts. - 55-4-7. Creation of trust--Bank account to pay special debts. Whenever...

Section 55-4-8 - Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor. - 55-4-8. Trust to pay special debts--Failure of beneficiary to present...

Section 55-4-9 - Holding stock in name of nominee. - 55-4-9. Holding stock in name of nominee. A trustee owning...

Section 55-4-10 - Loan of trust funds. - 55-4-10. Loan of trust funds. Except as provided in §§55-4-11...

Section 55-4-11 - Corporate trustee depositing trust funds with self--Interest. - 55-4-11. Corporate trustee depositing trust funds with self--Interest. A corporate...

Section 55-4-12 - Corporate trustee depositing trust funds with self--Maintenance of required value--Ownership of income--Items specified in statements of financial condition to Division of Banking. - 55-4-12. Corporate trustee depositing trust funds with self--Maintenance of required...

Section 55-4-13 - Trustee not to buy from or sell to self--Exception. - 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. - 55-4-14.Permitted sales between trusts held by same corporate trustee. A...

Section 55-4-15 - Corporate trustee buying its own stock. - 55-4-15. Corporate trustee buying its own stock. No corporate trustee,...

Section 55-4-16 - Withdrawals from mingled trust funds. - 55-4-16. Withdrawals from mingled trust funds. Where a person who...

Section 55-4-17 - Unenforceable oral trust created by deed--Duties of intended trustee--Conveyance of real property interest under oral trust. - 55-4-17. Unenforceable oral trust created by deed--Duties of intended trustee--Conveyance...

Section 55-4-18 - Unenforceable oral trust created by deed--Liability of trustee to settlor for transfer of real property. - 55-4-18. Unenforceable oral trust created by deed--Liability of trustee to...

Section 55-4-19 - Action on contract against trustee in representative capacity--Execution against trust property--Intervention by beneficiary. - 55-4-19. Action on contract against trustee in representative capacity--Execution against...

Section 55-4-20 - Action on contract against trustee--Notice to beneficiaries. - 55-4-20. Action on contract against trustee--Notice to beneficiaries. No judgment...

Section 55-4-21 - Action on contract against trustee--Personal liability of trustee. - 55-4-21. Action on contract against trustee--Personal liability of trustee. The...

Section 55-4-22 - Exoneration or reimbursement of trustee for tort committed in administration of trust. - 55-4-22. Exoneration or reimbursement of trustee for tort committed in...

Section 55-4-23 - Exoneration or reimbursement of trustee for tort--Increase in value of trust property. - 55-4-23. Exoneration or reimbursement of trustee for tort--Increase in value...

Section 55-4-24 - Liability of trustees of charitable trust for torts not changed by provisions of law as to exoneration or reimbursement of trustee for tort. - 55-4-24. Liability of trustees of charitable trust for torts not...

Section 55-4-25 - Tort liability of trust estate--Action against trustee, amount of recovery, intervention by beneficiary. - 55-4-25. Tort liability of trust estate--Action against trustee, amount of...

Section 55-4-26 - Tort liability of trust estate--Action against trustee, proof as to reimbursement unnecessary. - 55-4-26. Tort liability of trust estate--Action against trustee, proof as...

Section 55-4-27 - Tort liability of trust estate--Action against trustee, notice to beneficiaries. - 55-4-27. Tort liability of trust estate--Action against trustee, notice to...

Section 55-4-28 - Personal liability for tort committed by trustee. - 55-4-28. Personal liability for tort committed by trustee. The trustee...

Section 55-4-29 - Existing law as to charitable immunity not changed by law as to tort liability of trust estate. - 55-4-29. Existing law as to charitable immunity not changed by...

Section 55-4-30 - Power of settlor of trust. - 55-4-30. Power of settlor of trust. Subject to the final...

Section 55-4-31 - Trustee not liable if beneficiary consents to conduct or releases trustee from liability or ratifies transaction. - 55-4-31. Trustee not liable if beneficiary consents to conduct or...

Section 55-4-32 - Relieving trustee of duties--Power of the court. - 55-4-32. Relieving trustee of duties--Power of the court. A court...

Section 55-4-33 - Liabilities for violations of chapter. - 55-4-33. Liabilities for violations of chapter. If a trustee violates...

Section 55-4-34 - Application of chapter to testamentary trust. - 55-4-34. Application of chapter to testamentary trust. This chapter shall...

Section 55-4-35 - Uniformity of interpretation. - 55-4-35. Uniformity of interpretation. This chapter shall be so interpreted...

Section 55-4-36 - Citation of chapter. - 55-4-36. Citation of chapter. This chapter may be cited as...

Section 55-4-37 - Liability for fiduciary's partnership interest limited. - 55-4-37. Liability for fiduciary's partnership interest limited. If permitted by...

Section 55-4-38 - Limitation on trustee's power to make distributions to his or her benefit. - 55-4-38. Limitation on trustee's power to make distributions to his...

Section 55-4-39 - "Trustee" construed broadly. - 55-4-39."Trustee" construed broadly. The reference to trustee in §55-4-38 includes...

Section 55-4-40 - Applicability of §§ 55-4-38 and 55-4-39. - 55-4-40. Applicability of §§55-4-38 and 55-4-39. The provisions of §§55-4-38...

Section 55-4-41 - Certain trustees exempted from §§ 55-4-38 to 55-4-40, inclusive. - 55-4-41. Certain trustees exempted from §§55-4-38 to 55-4-40, inclusive. The...

Section 55-4-50 - Co-trustee's inability or failure to perform. - 55-4-50. Co-trustee's inability or failure to perform. If a co-trustee...

Section 55-4-51 - Certificate of trust furnished in lieu of copy of trust instrument or will that creates testamentary trust--Contents. - 55-4-51. Certificate of trust furnished in lieu of copy of...

Section 55-4-51.1 - Recording of certificate of trust--Reliance upon content. - 55-4-51.1. Recording of certificate of trust--Reliance upon content. A certificate...

Section 55-4-51.2 - Applicability of §§ 55-4-51 and 55-4-51.1. - 55-4-51.2. Applicability of §§55-4-51 and 55-4-51.1. Sections 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. - 55-4-51.3. Form of certificate of trust in support of a...

Section 55-4-52 - Request for excerpts from trust instrument. - 55-4-52. Request for excerpts from trust instrument. A recipient of...

Section 55-4-53 - Limitation of liability for acting in reliance on certificate of trust. - 55-4-53. Limitation of liability for acting in reliance on certificate...

Section 55-4-54 - Enforcement of transaction entered into in reliance on certificate of trust. - 55-4-54. Enforcement of transaction entered into in reliance on certificate...

Section 55-4-55 - Liability for bad faith demand for trust instrument. - 55-4-55. Liability for bad faith demand for trust instrument. Any...

Section 55-4-56 - Right to obtain copy of trust instrument in judicial proceeding. - 55-4-56. Right to obtain copy of trust instrument in judicial...

Section 55-4-57 - Time for commencing judicial proceeding to contest validity of trust--Distribution of trust property--Recovery of improper distribution--Notice. - 55-4-57. Time for commencing judicial proceeding to contest validity of...

Section 55-4-58 - Presentation of claims against property of trust revocable at settlor's death. - 55-4-58. Presentation of claims against property of trust revocable at...

Chapter 05 - Investment And Management Powers Of Fiduciaries

Section 55-5-6 - Standards for investing and managing assets. - 55-5-6. Standards for investing and managing assets. The trustee shall...

Section 55-5-7 - Prudent investor rule. - 55-5-7. Prudent investor rule. No specific investment or course of...

Section 55-5-8 - Diversification of investments. - 55-5-8. Diversification of investments. The trustee shall diversify the investments...

Section 55-5-9 - Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity. - 55-5-9. Review of assets upon acceptance of trusteeship--Basis for disposition...

Section 55-5-10 - Investment strategy--Productivity judged by whole portfolio. - 55-5-10. Investment strategy--Productivity judged by whole portfolio. The trustee shall...

Section 55-5-11 - Circumstances considered in investment decisions. - 55-5-11. Circumstances considered in investment decisions. The circumstances that the...

Section 55-5-12 - Precedence of express provisions of trust instrument. - 55-5-12. Precedence of express provisions of trust instrument. The provisions...

Section 55-5-13 - Court authority over trustee. - 55-5-13. Court authority over trustee. Nothing in this chapter abrogates...

Section 55-5-14 - Authorization language. - 55-5-14. Authorization language. The following terms or comparable language in...

Section 55-5-15 - Applicability of chapter. - 55-5-15. Applicability of chapter. This chapter applies to all existing...

Section 55-5-16 - Delegation of responsibilities to others. - 55-5-16. Delegation of responsibilities to others. A trustee has a...

Section 55-5-17 - Duties of trustee with respect to life insurance--Notice to settlor. - 55-5-17. Duties of trustee with respect to life insurance--Notice to...

Chapter 05A - Powers Of Foreign Fiduciaries

Section 55-5A-1 - Release of judgments or mortgages by foreign fiduciaries--Deeds to carry out real estate contracts--Court approval not required. - 55-5A-1. Release of judgments or mortgages by foreign fiduciaries--Deeds to...

Section 55-5A-2 - Certificate of appointing court or clerk attached--Contents. - 55-5A-2. Certificate of appointing court or clerk attached--Contents. Before any...

Chapter 06 - Common Trust Funds And Collective Investment Funds

Section 55-6-1 - Establishment and maintenance of common trust funds and collective investment funds--Purpose. - 55-6-1. Establishment and maintenance of common trust funds and collective...

Section 55-6-1.1 - Common trust fund defined. - 55-6-1.1.Common trust fund defined. For purposes of this chapter, the...

Section 55-6-1.2 - Collective investment fund defined. - 55-6-1.2.Collective investment fund defined. For purposes of this chapter, the...

Section 55-6-2 - Bank or trust company investment in funds. - 55-6-2. Bank or trust company investment in funds. Any bank...

Section 55-6-2.1 - Powers of bank or trust company qualified to act as fiduciary. - 55-6-2.1. Powers of bank or trust company qualified to act...

Section 55-6-3 - Compliance with law governing administration of trust estates. - 55-6-3. Compliance with law governing administration of trust estates. The...

Section 55-6-4 - Application of chapter. - 55-6-4. Application of chapter. This chapter shall apply to fiduciary...

Section 55-6-5 - Uniformity of interpretation. - 55-6-5. Uniformity of interpretation. This chapter shall be so interpreted...

Section 55-6-7 - Citation of chapter. - 55-6-7. Citation of chapter. This chapter may be cited as...

Chapter 07 - Third Party Responsibility For Fiduciary Acts

Section 55-7-1 - Liability of third persons dealing with trustees. - 55-7-1. Liability of third persons dealing with trustees. One who...

Section 55-7-2 - Definition of terms. - 55-7-2. Definition of terms. Terms used in §§55-7-2 to 55-7-15,...

Section 55-7-3 - A thing done "in good faith" defined. - 55-7-3. A thing done "in good faith" defined. A thing...

Section 55-7-4 - Payment or transfer to fiduciary--Nonliability of transferor for improper application. - 55-7-4. Payment or transfer to fiduciary--Nonliability of transferor for improper...

Section 55-7-5 - Check or bill of exchange drawn by fiduciary payable to third person--Liability of payee. - 55-7-5. Check or bill of exchange drawn by fiduciary payable...

Section 55-7-6 - Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or transferee. - 55-7-6. Transfer of check or bill of exchange drawn by...

Section 55-7-7 - Bank account in name of fiduciary--Check drawn by fiduciary--Bank's liability to principal. - 55-7-7. Bank account in name of fiduciary--Check drawn by fiduciary--Bank's...

Section 55-7-8 - Bank account in name of principal--Check drawn by fiduciary--Bank's liability to principal. - 55-7-8. Bank account in name of principal--Check drawn by fiduciary--Bank's...

Section 55-7-9 - Deposit in bank to fiduciary's personal account--Bank's liability to principal. - 55-7-9. Deposit in bank to fiduciary's personal account--Bank's liability to...

Section 55-7-10 - Deposit in bank in names of two or more trustees--Check drawn by one. - 55-7-10. Deposit in bank in names of two or more...

Section 55-7-12 - Law governing transactions not within Uniform Fiduciaries Act. - 55-7-12. Law governing transactions not within Uniform Fiduciaries Act. In...

Section 55-7-13 - Act not retroactive. - 55-7-13. Act not retroactive. The provisions of §§55-7-2 to 55-7-15,...

Section 55-7-14 - Uniformity of interpretation. - 55-7-14. Uniformity of interpretation. Sections 55-7-2 to 55-7-15, inclusive, shall...

Section 55-7-15 - Citation of uniform act. - 55-7-15. Citation of uniform act. Sections 55-7-2 to 55-7-15, inclusive,...

Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries

Section 55-8-1 - Definition of terms. - 55-8-1. Definition of terms. In this chapter, unless the context...

Section 55-8-2 - Rights and duties of corporation and transfer agent--Law governing. - 55-8-2. Rights and duties of corporation and transfer agent--Law governing....

Section 55-8-3 - Application of chapter. - 55-8-3. Application of chapter. This chapter applies to the rights...

Section 55-8-4 - Registration of security in name of fiduciary. - 55-8-4. Registration of security in name of fiduciary. A corporation...

Section 55-8-5 - Assignment of security by fiduciary--Assumption as to authority and capacity. - 55-8-5. Assignment of security by fiduciary--Assumption as to authority and...

Section 55-8-6 - Assignment of security by fiduciary--Compliance with controlling instrument and law governing fiduciary relationship assumed. - 55-8-6. Assignment of security by fiduciary--Compliance with controlling instrument and...

Section 55-8-7 - Assignment of security by fiduciary--Corporation or transfer agent not charged with notice of records or documents. - 55-8-7. Assignment of security by fiduciary--Corporation or transfer agent not...

Section 55-8-8 - Assignment of security by fiduciary not the registered owner--Evidence of appointment or incumbency. - 55-8-8. Assignment of security by fiduciary not the registered owner--Evidence...

Section 55-8-9 - Claim of beneficial interest adverse to transfer of security--Written notice to corporation or transfer agent, contents. - 55-8-9. Claim of beneficial interest adverse to transfer of security--Written...

Section 55-8-10 - Claim of beneficial interest adverse to transfer of security--Notice of presentment to claimant--Restraining order. - 55-8-10. Claim of beneficial interest adverse to transfer of security--Notice...

Section 55-8-11 - Liability of corporation or transfer agent for making or refusing transfer. - 55-8-11. Liability of corporation or transfer agent for making or...

Section 55-8-12 - Nonliability of corporation or transfer agent for authorized acts. - 55-8-12. Nonliability of corporation or transfer agent for authorized acts....

Section 55-8-13 - Participation in breach of fiduciary duty--Nonliability of third persons. - 55-8-13. Participation in breach of fiduciary duty--Nonliability of third persons....

Section 55-8-14 - Liability of guarantor of signature of fiduciary. - 55-8-14. Liability of guarantor of signature of fiduciary. If a...

Section 55-8-15 - Corporation and transfer agent not liable for breach of fiduciary duty or on guarantee of fiduciary's signature. - 55-8-15. Corporation and transfer agent not liable for breach of...

Section 55-8-16 - Tax obligations of corporation or transfer agent not affected by chapter. - 55-8-16. Tax obligations of corporation or transfer agent not affected...

Section 55-8-17 - Uniformity of interpretation. - 55-8-17. Uniformity of interpretation. This chapter shall be so construed...

Section 55-8-18 - Citation of chapter. - 55-8-18. Citation of chapter. This chapter may be cited as...

Chapter 09 - Charitable Trusts

Section 55-9-1 - Express trusts--Creation for charitable, educational, religious, or other public use. - 55-9-1. Express trusts--Creation for charitable, educational, religious, or other public...

Section 55-9-2 - Validity of trust not affected by uncertainty or violation of rule against perpetuities--Disposal of property by trustee. - 55-9-2. Validity of trust not affected by uncertainty or violation...

Section 55-9-3 - Action to enforce charitable trust--Liberal construction to carry out intent--Notice of action to attorney general. - 55-9-3. Action to enforce charitable trust--Liberal construction to carry out...

Section 55-9-4 - Incomplete or imperfect trust--Purposes impracticable or impossible of performance--Administration to accomplish general purpose--Order of court with consent of donor, if alive and competent. - 55-9-4. Incomplete or imperfect trust--Purposes impracticable or impossible of performance--Administration...

Section 55-9-5 - Enforcement by attorney general as representative of beneficiaries--Exception. - 55-9-5. Enforcement by attorney general as representative of beneficiaries--Exception. Except...

Section 55-9-6 - Restrictions to avoid taxability of income--Definition of terms. - 55-9-6. Restrictions to avoid taxability of income--Definition of terms. Terms...

Section 55-9-7 - Restrictions deemed incorporated in instrument creating charitable trust or foundation. - 55-9-7. Restrictions deemed incorporated in instrument creating charitable trust or...

Section 55-9-8 - Self-dealing by trustee prohibited. - 55-9-8. Self-dealing by trustee prohibited. The trustee of a trust...

Section 55-9-9 - Distributions required to avoid taxes. - 55-9-9. Distributions required to avoid taxes. The trustee of a...

Section 55-9-10 - Retention of excess business holdings prohibited. - 55-9-10. Retention of excess business holdings prohibited. The trustee of...

Section 55-9-11 - Investments to jeopardize exempt purposes prohibited. - 55-9-11. Investments to jeopardize exempt purposes prohibited. The trustee of...

Section 55-9-12 - Taxable expenditures prohibited. - 55-9-12. Taxable expenditures prohibited. The trustee of a trust described...

Section 55-9-13 - Judicial determination that restrictive provisions are contrary to instrument creating trust. - 55-9-13. Judicial determination that restrictive provisions are contrary to instrument...

Section 55-9-14 - State supervisory powers unimpaired by restrictions to avoid taxability of income. - 55-9-14. State supervisory powers unimpaired by restrictions to avoid taxability...

Chapter 10A - Uniform Transfers To Minors Act

Section 55-10A-1 - Definitions. - 55-10A-1. Definitions. Terms used in this chapter mean: (1)"Adult," a...

Section 55-10A-2 - Scope and jurisdiction. - 55-10A-2. Scope and jurisdiction. This chapter applies to any transfer...

Section 55-10A-3 - Nomination of custodian. - 55-10A-3. Nomination of custodian. Any person having the right to...

Section 55-10A-4 - Transfer by gift or exercise of power of appointment. - 55-10A-4. Transfer by gift or exercise of power of appointment....

Section 55-10A-5 - Transfer authorized by will or trust. - 55-10A-5. Transfer authorized by will or trust. Any personal representative...

Section 55-10A-6 - Other transfer by fiduciary. - 55-10A-6. Other transfer by fiduciary. A transfer under subdivisions (1)...

Section 55-10A-7 - Transfer by obligor. - 55-10A-7. Transfer by obligor. Subject to subdivisions (1) and (2),...

Section 55-10A-8 - Receipt for custodial property. - 55-10A-8. Receipt for custodial property. A written acknowledgment of delivery...

Section 55-10A-9 - Manner of creating custodial property and effecting transfer. - 55-10A-9. Manner of creating custodial property and effecting transfer. Custodial...

Section 55-10A-10 - Designation of initial custodian. - 55-10A-10. Designation of initial custodian. An instrument in the following...

Section 55-10A-11 - Control. - 55-10A-11. Control. A transferor shall place the custodian in control...

Section 55-10A-12 - Single custodianship. - 55-10A-12. Single custodianship. A transfer may be made only for...

Section 55-10A-13 - Validity and effect of transfer. - 55-10A-13. Validity and effect of transfer. The validity of a...

Section 55-10A-14 - Care of custodial property. - 55-10A-14. Care of custodial property. A custodian shall take control...

Section 55-10A-15 - Powers of custodian. - 55-10A-15. Powers of custodian. A custodian, acting in a custodial...

Section 55-10A-16 - Use of custodial property. - 55-10A-16. Use of custodial property. A custodian may deliver or...

Section 55-10A-17 - Custodian's expenses, compensation, and bond. - 55-10A-17. Custodian's expenses, compensation, and bond. A custodian is entitled...

Section 55-10A-18 - Exemption of third person from liability. - 55-10A-18. Exemption of third person from liability. A third person...

Section 55-10A-19 - Liability to third persons. - 55-10A-19. Liability to third persons. A claim based on a...

Section 55-10A-20 - Renunciation, resignation, death, or removal of custodian--Designation of successor custodian. - 55-10A-20. Renunciation, resignation, death, or removal of custodian--Designation of successor...

Section 55-10A-21 - Accounting by and determination of liability of custodian. - 55-10A-21. Accounting by and determination of liability of custodian. A...

Section 55-10A-22 - Termination of custodianship. - 55-10A-22. Termination of custodianship. The custodian shall transfer in an...

Section 55-10A-23 - Applicability. - 55-10A-23. Applicability. This chapter applies to a transfer within the...

Section 55-10A-24 - Effect on existing custodianships. - 55-10A-24. Effect on existing custodianships. Any transfer of custodial property...

Section 55-10A-25 - Short title. - 55-10A-25. Short title. This chapter may be cited as the...

Section 55-10A-26 - Repeal of the Gifts to Minors Act. - 55-10A-26. Repeal of the Gifts to Minors Act. Chapter 55-10...

Chapter 11 - Prearranged Funeral Trusts

Section 55-11-1 - End-of-life directives--Prearranged funeral contract--Portion of money paid under contract held in trust. - 55-11-1. End-of-life directives--Prearranged funeral contract--Portion of money paid under contract...

Section 55-11-1.1 - Personal property and professional services to be provided under prearranged funeral trust contract. - 55-11-1.1. Personal property and professional services to be provided under...

Section 55-11-2 - Deposit of trust fund in banking institution or association--Violation as misdemeanor. - 55-11-2. Deposit of trust fund in banking institution or association--Violation...

Section 55-11-3 - Contract to be in writing--Copies furnished depository and personal representative of contracting party--Clause concerning trust fund required. - 55-11-3. Contract to be in writing--Copies furnished depository and personal...

Section 55-11-3.1 - Clause required in contract not providing guaranteed price. - 55-11-3.1. Clause required in contract not providing guaranteed price. In...

Section 55-11-4 - Financial institution receiving money in trust--Acknowledgment on copy of prearranged funeral contract. - 55-11-4. Financial institution receiving money in trust--Acknowledgment on copy of...

Section 55-11-5 - Cancellation of contract creating revocable trust. - 55-11-5. Cancellation of contract creating revocable trust. The contract creating...

Section 55-11-5.1 - Return of payments required on revocation under contract with guaranteed price. - 55-11-5.1. Return of payments required on revocation under contract with...

Section 55-11-7 - Solicitation of funeral trust contracts--Annual registration required--Exception--Unauthorized solicitation or sale prohibited--Violation as misdemeanor. - 55-11-7. Solicitation of funeral trust contracts--Annual registration required--Exception--Unauthorized solicitation or...

Section 55-11-8 - Information to be submitted upon registration. - 55-11-8. Information to be submitted upon registration. When a person...

Section 55-11-9 - Annual report required--Contents--Filing fee--Confidentiality--Violation as misdemeanor. - 55-11-9. Annual report required--Contents--Filing fee--Confidentiality--Violation as misdemeanor. Before March first...

Section 55-11-10 - Applicability of § 37-24-5.4. - 55-11-10. Applicability of §37-24-5.4. Notwithstanding §§55-11-1, 55-11-3, 55-11-5 and 55-11-5.1...

Section 55-11-11 - Prearranged funeral contract pooled funds trust--Creation--Separate accounts--When consent of purchaser required. - 55-11-11. Prearranged funeral contract pooled funds trust--Creation--Separate accounts--When consent of...

Section 55-11-12 - Death or relocation of beneficiary of irrevocable prearranged funeral trust--Seller's option to provide comparable services or return deposits and interest--Disposition of funds. - 55-11-12. Death or relocation of beneficiary of irrevocable prearranged funeral...

Section 55-11-12.1 - Disbursement of funds in irrevocable prearranged funeral trust. - 55-11-12.1. Disbursement of funds in irrevocable prearranged funeral trust. Every...

Section 55-11-13 - Prearranged funeral contract not burial insurance. - 55-11-13. Prearranged funeral contract not burial insurance. A prearranged funeral...

Section 55-11-14 - Applicability of act to certain contracts. - 55-11-14. Applicability of act to certain contracts. The terms of...

Section 55-11-15 - Certain persons operating cemeteries exempted from provisions regarding sale of merchandise and services--Maintenance of funds. - 55-11-15. Certain persons operating cemeteries exempted from provisions regarding sale...

Chapter 12 - Cemetery Perpetual Care Funds

Section 55-12-1 - Cemeteries subject to provisions of chapter. - 55-12-1. Cemeteries subject to provisions of chapter. Any persons, firms,...

Section 55-12-2 - Classification of cemeteries. - 55-12-2. Classification of cemeteries. All such persons, firms or organizations...

Section 55-12-3 - Operation of perpetual care cemetery--Creation of perpetual care fund required. - 55-12-3. Operation of perpetual care cemetery--Creation of perpetual care fund...

Section 55-12-4 - Continuance of operation--Cemetery principal fund deposits. - 55-12-4. Continuance of operation--Cemetery principal fund deposits. To continue to...

Section 55-12-5 - Previously existing cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund. - 55-12-5. Previously existing cemetery becoming a perpetual care cemetery--Creation and...

Section 55-12-8 - Income from cemetery principal fund--Transfer to earnings fund--Use. - 55-12-8. Income from cemetery principal fund--Transfer to earnings fund--Use. The...

Section 55-12-9 - Nonperpetual care cemeteries. - 55-12-9. Nonperpetual care cemeteries. All other organizations subject to the...

Section 55-12-10 - Nonperpetual care cemetery sign--Requirements as to display. - 55-12-10. Nonperpetual care cemetery sign--Requirements as to display. Each nonperpetual...

Section 55-12-11 - Forms to disclose status as nonperpetual care cemetery--Information to purchaser of lot. - 55-12-11. Forms to disclose status as nonperpetual care cemetery--Information to...

Section 55-12-12 - Nonperpetual care cemetery becoming a perpetual care cemetery--Creation and maintenance of perpetual care fund. - 55-12-12. Nonperpetual care cemetery becoming a perpetual care cemetery--Creation and...

Section 55-12-13 - Commission, bonus, rebate or other thing of value in connection with sale of interment space in perpetual care cemetery prohibited--Exceptions. - 55-12-13. Commission, bonus, rebate or other thing of value in...

Section 55-12-14 - Representations in connection with sale of interment space as to speculative investment prohibited. - 55-12-14. Representations in connection with sale of interment space as...

Section 55-12-15 - Violations as petty offenses. - 55-12-15. Violations as petty offenses. A violation of §55-12-3, 55-12-4,...

Section 55-12-16 - Severability of provisions. - 55-12-16. Severability of provisions. If any provision hereof or the...

Section 55-12-17 - Annual financial report. - 55-12-17. Annual financial report. A perpetual cemetery, as defined in...

Section 55-12-18 - Funds to be administered by trustee under control of licensed banking institution--Report to secretary of state. - 55-12-18. Funds to be administered by trustee under control of...

Section 55-12-19 - Attorney general investigation into use of earnings fund--Subpoena. - 55-12-19. Attorney general investigation into use of earnings fund--Subpoena. If...

Section 55-12-20 - Procedures available to attorney general. - 55-12-20. Procedures available to attorney general. The attorney general may...

Section 55-12-21 - Court action to enforce compliance. - 55-12-21. Court action to enforce compliance. If any person refuses...

Section 55-12-22 - Injunction to restrain use of money in earnings fund. - 55-12-22. Injunction to restrain use of money in earnings fund....

Section 55-12-23 - Restoration of misused money or property--Appointment of receiver. - 55-12-23. Restoration of misused money or property--Appointment of receiver. The...

Section 55-12-24 - Authority of receiver. - 55-12-24. Authority of receiver. If a receiver is appointed by...

Chapter 13 - Revised Uniform Principal And Income Act

Section 55-13-1 - Definitions. - 55-13-1. Definitions. As used in this chapter: (1)"Income beneficiary" means...

Section 55-13-2 - Duty of trustee as to receipts and expenditures. - 55-13-2. Duty of trustee as to receipts and expenditures. (a)A...

Section 55-13-3 - Income--Principal--Charges. - 55-13-3. Income--Principal--Charges. (a)Income is the return in money or property...

Section 55-13-4 - When right to income arises--Apportionment of income. - 55-13-4. When right to income arises--Apportionment of income. (a)An income...

Section 55-13-5 - Income earned during administration of a decedent's estate. - 55-13-5. Income earned during administration of a decedent's estate. (a)Unless...

Section 55-13-6 - Corporate distributions. - 55-13-6. Corporate distributions. (a)Corporate distributions of shares of the distributing...

Section 55-13-7 - Increase in value of certain trust investments distributable as income. - 55-13-7.Increase in value of certain trust investments distributable as income....

Section 55-13-8 - Business and farming operations. - 55-13-8. Business and farming operations. (a)If a trustee uses any...

Section 55-13-9 - Disposition of natural resources. - 55-13-9. Disposition of natural resources. (a)If any part of the...

Section 55-13-10 - Timber. - 55-13-10. Timber. If any part of the principal consists of...

Section 55-13-11 - Other property subject to depletion. - 55-13-11. Other property subject to depletion. Except as provided in...

Section 55-13-13 - Charges against income and principal. - 55-13-13. Charges against income and principal. (a)The following charges shall...

Section 55-13-14 - Application of chapter. - 55-13-14. Application of chapter. Except as specifically provided in the...

Section 55-13-15 - Uniformity of interpretation. - 55-13-15. Uniformity of interpretation. This chapter shall be so construed...

Section 55-13-16 - Short title. - 55-13-16. Short title. This chapter may be cited as the...

Section 55-13-17 - Severability. - 55-13-17. Severability. If any provision of this chapter or the...

Section 55-13-18 - Application of chapter to existing trusts and estates. - 55-13-18. Application of chapter to existing trusts and estates. The...

Chapter 13A - Uniform Principal And Income Act

Section 55-13A-101 - Short title. - 55-13A-101. Short title. This chapter may be cited as the...

Section 55-13A-102 - Definitions. - 55-13A-102. Definitions. In this chapter: (1)"Accounting period" means a calendar...

Section 55-13A-103 - Fiduciary duties--General principles. - 55-13A-103. Fiduciary duties--General principles. (a) In allocating receipts and disbursements...

Section 55-13A-104 - Trustee's power to adjust. - 55-13A-104. Trustee's power to adjust. (a) A trustee may adjust...

Section 55-13A-105 - Judicial control of discretionary power. - 55-13A-105. Judicial control of discretionary power. (a) The court may...

Section 55-13A-201 - Determination and distribution of net income. - 55-13A-201. Determination and distribution of net income. After a decedent...

Section 55-13A-202 - Distribution to residuary and remainder beneficiaries. - 55-13A-202.Distribution to residuary and remainder beneficiaries. (a) Notwithstanding any contrary...

Section 55-13A-301 - When right to income begins and ends. - 55-13A-301. When right to income begins and ends. (a) An...

Section 55-13A-302 - Apportionment of receipts and disbursements when decedent dies or income interest begins. - 55-13A-302. Apportionment of receipts and disbursements when decedent dies or...

Section 55-13A-303 - Apportionment when income interest ends. - 55-13A-303. Apportionment when income interest ends. (a) In this section,...

Section 55-13A-401 - Character of receipts. - 55-13A-401. Character of receipts. (a) In this section, the term,...

Section 55-13A-402 - Distribution from trust or estate. - 55-13A-402. Distribution from trust or estate. A trustee shall allocate...

Section 55-13A-403 - Business and other activities conducted by trustee. - 55-13A-403. Business and other activities conducted by trustee. (a) If...

Section 55-13A-404 - Principal receipts. - 55-13A-404. Principal receipts. A trustee shall allocate to principal: (1)To...

Section 55-13A-405 - Rental property. - 55-13A-405. Rental property. To the extent that a trustee accounts...

Section 55-13A-406 - Obligation to pay money. - 55-13A-406. Obligation to pay money. (a) An amount received as...

Section 55-13A-407 - Insurance policies and similar contracts. - 55-13A-407. Insurance policies and similar contracts. (a) Except as otherwise...

Section 55-13A-408 - Insubstantial allocations not required. - 55-13A-408. Insubstantial allocations not required. If a trustee determines that...

Section 55-13A-409 - Deferred compensation, annuities, and similar payments. - 55-13A-409. Deferred compensation, annuities, and similar payments. (a) For the...

Section 55-13A-410 - Liquidating asset. - 55-13A-410. Liquidating asset. (a) In this section, the term, liquidating...

Section 55-13A-411 - Minerals, water, and other natural resources. - 55-13A-411. Minerals, water, and other natural resources. (a) To the...

Section 55-13A-412 - Timber. - 55-13A-412. Timber. (a) To the extent that a trustee accounts...

Section 55-13A-413 - Property not productive of income. - 55-13A-413. Property not productive of income. (a) If a marital...

Section 55-13A-414 - Derivatives and options. - 55-13A-414. Derivatives and options. (a) In this section, the term,...

Section 55-13A-415 - Asset-backed securities. - 55-13A-415. Asset-backed securities. (a) In this section, the term, asset-...

Section 55-13A-501 - Disbursements from income. - 55-13A-501. Disbursements from income. A trustee shall make the following...

Section 55-13A-502 - Disbursements from principal. - 55-13A-502. Disbursements from principal. (a) A trustee shall make the...

Section 55-13A-503 - Transfers from income to principal for depreciation. - 55-13A-503. Transfers from income to principal for depreciation. (a) In...

Section 55-13A-504 - Transfers from income to reimburse principal. - 55-13A-504. Transfers from income to reimburse principal. (a) If a...

Section 55-13A-505 - Income taxes. - 55-13A-505. Income taxes. (a) A tax required to be paid...

Section 55-13A-506 - Adjustments between principal and income because of taxes. - 55-13A-506. Adjustments between principal and income because of taxes. (a)...

Section 55-13A-601 - Uniformity of application and construction. - 55-13A-601. Uniformity of application and construction. In applying and construing...

Section 55-13A-602 - Application of chapter to existing trusts and estates. - 55-13A-602. Application of chapter to existing trusts and estates. This...

Chapter 14A - Uniform Prudent Management Of Institutional Funds Act

Section 55-14A-1 - Short title. - 55-14A-1. Short title. This chapter may be cited as the...

Section 55-14A-2 - Definitions. - 55-14A-2. Definitions. In this chapter: (1)"Charitable purpose" means the relief...

Section 55-14A-3 - Standard of conduct in managing and investing institutional fund. - 55-14A-3. Standard of conduct in managing and investing institutional fund....

Section 55-14A-4 - Appropriation for expenditure or accumulation of endowment fund--Rules of construction. - 55-14A-4. Appropriation for expenditure or accumulation of endowment fund--Rules of...

Section 55-14A-5 - Delegation of management and investment functions. - 55-14A-5. Delegation of management and investment functions. (a) Subject to...

Section 55-14A-6 - Release or modification of restrictions on management, investment, or purpose. - 55-14A-6. Release or modification of restrictions on management, investment, or...

Section 55-14A-7 - Reviewing compliance. - 55-14A-7. Reviewing compliance. Compliance with this chapter is determined in...

Section 55-14A-8 - Application to existing institutional funds. - 55-14A-8. Application to existing institutional funds. This chapter applies to...

Section 55-14A-9 - Relation to Electronic Signatures in Global and National Commerce Act. - 55-14A-9.Relation to Electronic Signatures in Global and National Commerce Act....

Section 55-14A-10 - Uniformity of application and construction. - 55-14A-10. Uniformity of application and construction. In applying and construing...

Chapter 15 - Total Return Unitrusts

Section 55-15-1 - Definitions. - 55-15-1.Definitions. Terms used in this chapter mean: (1)"Disinterested person," any...

Section 55-15-2 - Trustee's authority to convert income trust, total return unitrust--Calculate trust amount, value--Conditions. - 55-15-2. Trustee's authority to convert income trust, total return unitrust--Calculate...

Section 55-15-3 - Interested trustee's authority over actions enumerated in § 55-15-2--Conditions. - 55-15-3. Interested trustee's authority over actions enumerated in §55-15-2--Conditions. If...

Section 55-15-4 - Trustee may petition court--Appointment of disinterested person. - 55-15-4. Trustee may petition court--Appointment of disinterested person. If any...

Section 55-15-5 - Annual valuation of trust required. - 55-15-5. Annual valuation of trust required. The fair market value...

Section 55-15-6 - Calculation of unitrust amount. - 55-15-6. Calculation of unitrust amount. The unitrust amount shall be...

Section 55-15-8 - Unitrust amount as net income of trust--Allocation of capital gains to trust income. - 55-15-8. Unitrust amount as net income of trust--Allocation of capital...

Section 55-15-9 - Administration of total return unitrust--Authority of trustee. - 55-15-9. Administration of total return unitrust--Authority of trustee. In administering...

Section 55-15-10 - Distributions of principal not affected by conversion. - 55-15-10. Distributions of principal not affected by conversion. Conversion to...

Section 55-15-11 - Spouse may compel reconversion to income trust for certain trusts--Written instrument required. - 55-15-11. Spouse may compel reconversion to income trust for certain...

Section 55-15-12 - Applicability of chapter. - 55-15-12.Applicability of chapter. This chapter shall be construed as pertaining...

Section 55-15-13 - Trustee acting in good faith not liable--Remedy. - 55-15-13. Trustee acting in good faith not liable--Remedy. Any trustee...

Section 55-15-14 - No duty to act created. - 55-15-14. No duty to act created. Nothing in this chapter...

Section 55-15-15 - Chapter not applicable to charitable remainder unitrust. - 55-15-15.Chapter not applicable to charitable remainder unitrust. This chapter does...

Chapter 16 - Qualified Dispositions In Trust

Section 55-16-1 - Definitions. - 55-16-1. Definitions. Terms used in this chapter mean: (1)"Claim," a...

Section 55-16-2 - Trust instrument defined. - 55-16-2. Trust instrument defined. For the purposes of this chapter,...

Section 55-16-3 - Qualified person defined. - 55-16-3. Qualified person defined. For the purposes of this chapter,...

Section 55-16-4 - Persons and entities not to be considered qualified person--Appointment, removal, or replacement of co-trustee, trust advisor, or trust protector. - 55-16-4. Persons and entities not to be considered qualified person--Appointment,...

Section 55-16-5 - Service as investment trust advisor--Service as fiduciary by transferor. - 55-16-5. Service as investment trust advisor--Service as fiduciary by transferor....

Section 55-16-6 - Successor qualified person. - 55-16-6. Successor qualified person. If a qualified person of a...

Section 55-16-7 - Disposition to more than one trustee--Qualified disposition even if all trustees are not qualified persons. - 55-16-7. Disposition to more than one trustee--Qualified disposition even if...

Section 55-16-8 - Powers and rights of transferor--Effect on qualified disposition. - 55-16-8. Powers and rights of transferor--Effect on qualified disposition. A...

Section 55-16-9 - Creditors' actions limited to transfers with intent to defraud. - 55-16-9. Creditors' actions limited to transfers with intent to defraud....

Section 55-16-10 - Requirements for bringing claim for fraudulent transfer of settlor's assets. - 55-16-10. Requirements for bringing claim for fraudulent transfer of settlor's...

Section 55-16-11 - Disposition by transferor who is a trustee--Time of disposition. - 55-16-11. Disposition by transferor who is a trustee--Time of disposition....

Section 55-16-12 - Creditor or other person--Rights with respect to a qualified disposition--Action against trustee, advisor, or trust preparer prohibited. - 55-16-12. Creditor or other person--Rights with respect to a qualified...

Section 55-16-13 - Action against trustee, advisor, or preparer of trust prohibited if action by creditor would be barred--Jurisdiction--Attorneys' fees and costs. - 55-16-13. Action against trustee, advisor, or preparer of trust prohibited...

Section 55-16-14 - Multiple qualified dispositions in same trust instrument. - 55-16-14. Multiple qualified dispositions in same trust instrument. If more...

Section 55-16-15 - Application of chapter. - 55-16-15. Application of chapter. (1)Notwithstanding the provisions of §§55-16-9 to...

Section 55-16-16 - Avoidance of qualified disposition. - 55-16-16. Avoidance of qualified disposition. A qualified disposition is avoided...

Chapter 17 - Special Spousal Trusts

Section 55-17-1 - Arrangement qualifying as special spousal trust. - 55-17-1. Arrangement qualifying as special spousal trust. An arrangement is...

Section 55-17-2 - Required language. - 55-17-2. Required language. A South Dakota special spousal trust shall...

Section 55-17-3 - Classification of property--Interest of each spouse. - 55-17-3. Classification of property--Interest of each spouse. Spouses may classify...

Section 55-17-4 - Amendment and revocation. - 55-17-4. Amendment and revocation. A South Dakota special spousal trust...

Section 55-17-5 - Application of Internal Revenue Code--Special spousal property defined--Community property classified by another jurisdiction. - 55-17-5. Application of Internal Revenue Code--Special spousal property defined--Community property...

Section 55-17-6 - Qualified disposition in trust. - 55-17-6. Qualified disposition in trust. A transfer to a South...

Section 55-17-7 - Types of transfers to special spousal trust. - 55-17-7. Types of transfers to special spousal trust. In addition...

Section 55-17-8 - Records. - 55-17-8. Records. The trustee of a South Dakota special spousal...

Section 55-17-9 - Matters upon which spouses may agree. - 55-17-9. Matters upon which spouses may agree. Except as provided...

<< Previous

Next >>

South Dakota Codified Laws Title 55 - Fiduciaries and Trusts

South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts