reglab/housing_qa huggingface dataset:
SD Codified L § 55-4-54 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 of trust.Any person who in good faith enters into a transaction in reliance on a certificate of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct. Source: SL 2009, ch 252, §27.
SD Codified L § 55-4-55 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|Section 55-4-55 - Liability for bad faith demand for trust instrument.

55-4-55. Liability for bad faith demand for trust instrument.Any person making a demand for the trust instrument in addition to a certificate of trust or excerpts is liable for damages if the court determines that the person did not act in good faith in demanding the trust instrument. Source: SL 2009, ch 252, §28.
SD Codified L § 55-4-56 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 proceeding.The provisions of §§55-4-51 to 55-4-55, inclusive, do not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust. Source: SL 2009, ch 252, §29.
SD Codified L § 55-5-6 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|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 invest and manage trust assets as a prudent investor would considering the purposes, terms, distribution requirements, and other circumstances of the trust. This standard requires the exercise of reasonable care, skill, and caution and shall be applied to investments not in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy that should incorporate risk and return objectives reasonably suitable to the trust. Source: SL 1995, ch 271, §6.
SD Codified L § 55-5-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|Section 55-5-7 - Prudent investor rule.

55-5-7. Prudent investor rule.No specific investment or course of action is, taken alone, prudent or imprudent. The trustee may invest in every kind of property and type of investment, subject to this chapter. The prudent investor rule is a test of conduct and not of resulting performance. The prudent investor rule may be expanded, restricted, eliminated, or otherwise altered by the terms of the trust instrument or court order. Unless expanded, restricted, eliminated, or otherwise altered by the terms of the trust instrument or a court order, the trustee's investment decisions and actions shall be judged in terms of the trustee's reasonable judgment regarding the anticipated effect on the trust portfolio as a whole under the facts and circumstances prevailing at the time of the decision or action. No trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust instrument or court order. Source: SL 1995, ch 271, §7; SL 2009, ch 252, §30; SL 2010, ch 232, §13.
SD Codified L § 55-5-8 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|Section 55-5-8 - Diversification of investments.

55-5-8. Diversification of investments.The trustee shall diversify the investments of the trust unless, under the circumstances, the trustee reasonably believes it is in the interests of the beneficiaries and furthers the purposes of the trust not to diversify. Regardless of concentration or lack of diversification, the trustee need not diversify if the trust instrument or court order allows or directs retention of assets forming part of the trust corpus and no trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust instrument or court order. If a trust instrument or court order allows or directs a fiduciary to invest in a specific investment, type of investment, or investment concentration, no trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust instrument or court order. Source: SL 1995, ch 271, §8; SL 2006, ch 243, §9; SL 2009, ch 252, §31; SL 2010, ch 232, §14.
SD Codified L § 55-5-9 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|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 or retention of assets--Interest in closely held entity. The trustee shall, within a reasonable time after the acceptance of the trusteeship, review trust assets and make and implement decisions concerning the retention and disposition of original pre-existing investments in order to conform to the provisions of this section. The trustee's decision to retain or dispose of an asset may properly be influenced by the asset's special relationship or value to the purposes of the trust or to some or all of the beneficiaries, consistent with the trustee's duty of impartiality.If a trust owns an interest in a closely held entity, and the trust agreement, or other document signed by the settlor, trust protector, or signed by a majority of the current income or principal beneficiaries, if the settlor is deceased, provides that the trustee has no duty to inquire or review the activities of the closely held entity, no trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust or court order.For purposes of this section, the term, closely held entity, means any entity in which the following persons in aggregate own at least twenty percent of the entity:(1)The settlor;(2)The settlor's grandparents or their descendants;(3)The settlor's spouse; or(4)Any trust created by anyone of the aforementioned persons.If a trust was in existence on or before July 1, 2012, and a collateral document relieved the trustee of the duty to inquire or review the activities of a closely held entity as provided in this section, then the trustee may elect to have this section apply upon providing sixty days written notice of the election to the settlor or to the current income or principal beneficiaries if the settlor is deceased. Source: SL 1995, ch 271, §9; SL 2009, ch 252, §32; SL 2012, ch 233, §22; SL 2021, ch 207, § 13.
SD Codified L § 55-5-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|Section 55-5-10 - Investment strategy--Productivity judged by whole portfolio.

55-5-10. Investment strategy--Productivity judged by whole portfolio.The trustee shall pursue an investment strategy that considers both the reasonable production of income and safety of capital, consistent with the trustee's duty of impartiality and the purpose of the trust. Whether investments are underproductive or overproductive of income shall be judged by the portfolio as a whole and not as to any particular asset. Source: SL 1995, ch 271, §10.
SD Codified L § 55-5-11 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|Section 55-5-11 - Circumstances considered in investment decisions.

55-5-11. Circumstances considered in investment decisions.The circumstances that the trustee may consider in making investment decisions include, without limitation, the general economic conditions, the possible effect of inflation, the expected tax consequences of investment decisions or strategies, the role each investment or course of action plays within the overall portfolio, the expected total return, including both income yield and appreciation of capital, and the duty to incur only reasonable and appropriate costs. The trustee may consider related trusts and the assets of beneficiaries when making investment decisions. Source: SL 1995, ch 271, §11.
SD Codified L § 55-5-12 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|Section 55-5-12 - Precedence of express provisions of trust instrument.

55-5-12. Precedence of express provisions of trust instrument.The provisions of this chapter may be expanded, restricted, eliminated, or otherwise altered by express provisions of the trust instrument. The trustee is not liable to a beneficiary for the trustee's reasonable and good faith reliance on those express provisions. Source: SL 1995, ch 271, §12.
SD Codified L § 55-5-13 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|Section 55-5-13 - Court authority over trustee.

55-5-13. Court authority over trustee.Nothing in this chapter abrogates or restricts the power of an appropriate court in proper cases to direct or permit the trustee to deviate from the terms of the trust instrument or to direct or permit the trustee to take, or to restrain the trustee from taking, any action regarding the making or retention of investments. Source: SL 1995, ch 271, §13.
SD Codified L § 55-5-14 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|Section 55-5-14 - Authorization language.

55-5-14. Authorization language.The following terms or comparable language in the investment powers and related provisions of a trust instrument, unless otherwise limited or modified by that instrument, authorize any investment or strategy permitted under this chapter: "investments permissible by law for investment of trust funds," "legal investment," "authorized investments," "using the judgment and care under the circumstances then prevailing that men of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to the speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent person rule." Source: SL 1995, ch 271, §14.
SD Codified L § 55-5-15 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|Section 55-5-15 - Applicability of chapter.

55-5-15. Applicability of chapter.This chapter applies to all existing and future trusts, but only as to actions or inactions occurring after July 1, 1995. Source: SL 1995, ch 271, §15.
SD Codified L § 55-5-16 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|Section 55-5-16 - Delegation of responsibilities to others.

55-5-16. Delegation of responsibilities to others. A trustee has a duty to personally perform the responsibilities of the trusteeship except as a prudent person might delegate those responsibilities to others. In deciding whether, to whom, and in what manner to delegate fiduciary authority in the administration of a trust, and thereafter in monitoring agents, the trustee may seek the prior approval for the delegation from the settlor, a trust protector, or if the settlor is deceased, the majority of the current income or principal beneficiaries, or from the court. If such approval is given in writing by either the settlor, a trust protector, or if the settlor is deceased, the majority of the current income or principal beneficiaries, or by the court, the trustee is not liable for the acts of the person to whom the authority is delegated except in the cases of willful misconduct or gross negligence by the delegating trustee in the selection or monitoring of the agent. Source: SL 1996, ch 284, §3; SL 1998, ch 282, §42; SL 2011, ch 212, §2; SL 2018, ch 275, §27; SL 2021, ch 207, § 14.
SD Codified L § 55-5-17 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05 - Investment And Management Powers Of Fiduciaries|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 settlor.(a) Unless otherwise required by the terms of the trust instrument or court order, no trustee of a trust, with respect to acquiring, retaining, or disposing of a contract of insurance or holding one or more insurance contracts upon the life of the settlor, or the lives of the settlor and the settlor's spouse, has the following duties:(1)To determine whether any such contract is or remains a proper investment;(2)To investigate the financial strength or changes in the financial strength of the life insurance company;(3)To make a determination of whether to exercise any policy options available under any such contract;(4)To make a determination of whether to diversify any such contract relative to one another or to other assets, if any, administered by the trustee; (5)To inquire about changes in the health or financial condition of the insured or insured's relative to any such contract; or(6)To vote, or give proxies to vote, on corporate matters.A trustee of a revocable or an irrevocable trust, or of either a directed trust pursuant to chapter 55-1B or a delegated trust pursuant to §55-5-16, is not liable to the beneficiaries of the trust or to any other party for any loss arising from the absence of those duties upon the trustee.(b) The trustee of a trust described under subsection (a) of this section which was established prior to the effective date of this section, shall notify the settlor in writing that, unless the settlor provides written notice to the contrary to the trustee within sixty days of the trustee's notice, the provisions of subsection (a) of this section shall apply to the trust. Subsection (a) of this section does not apply if, within sixty days of the trustee's notice, the settlor notifies the trustee that subsection (a) does not apply. Source: SL 2010, ch 232, §15; SL 2012, ch 233, §27; SL 2014, ch 226, §5.
SD Codified L § 55-5A-1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|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 carry out real estate contracts--Court approval not required.Judgments rendered by any court in the State of South Dakota, and mortgages belonging to an estate, trust, or person under conservatorship, may, without prior order of court, be released, discharged or assigned, in whole or in part as to any particular property, and deeds may be executed in performance of real estate contracts entered into before the creation of the estate, trust, or conservatorship, by any foreign fiduciary, receiver, referee, or by any other person acting in a fiduciary capacity appointed by a court of record of any foreign state or country, if no fiduciary, receiver or referee has been appointed and qualified in this state. Such release, satisfaction, discharge, assignment or deed may be made without any order of court in any manner, and by any instrument which would be valid and effective if made by a like officer qualified under the laws of this state. Source: SL 1976, ch 179, §1; SL 1993, ch 213, §255.
SD Codified L § 55-5A-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 05A - Powers Of Foreign Fiduciaries|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 instrument executed by any fiduciary or officer as authorized in §55-5A-1 shall be effective, there shall be attached thereto a certificate executed by the court or clerk making the appointment, with seal attached, if such officer has a seal. Such certificate shall state the name of the court making such appointment, the date of appointment, and that the authority of such fiduciary or officer is still in full force and effect. Source: SL 1976, ch 179, §1.
SD Codified L § 55-6-1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|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 investment funds--Purpose.Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds or collective investment funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as cofiduciaries.Any common trust fund or collective investment fund authorized by this chapter shall be established and maintained in accordance with 12 C.F.R. 9.18 as of January 1, 2011. Source: SL 1941, ch 20, §1; SDC Supp 1960, §6.0901; SL 2011, ch 212, §23.
SD Codified L § 55-6-1.1 (2021)
2021 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.

55-6-1.1.Common trust fund defined.For purposes of this chapter, the term, common trust fund, is a fund as defined in 12 C.F.R. 9.18(a)(1) as of January 1, 2011, and is provided exemption from taxation according to 26 U.S. C. 584 as of January 1, 2011. Source: SL 2011, ch 212, §28.
SD Codified L § 55-6-1.2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 06 - Common Trust Funds And Collective Investment Funds|Section 55-6-1.2 - Collective investment fund defined.

55-6-1.2.Collective investment fund defined.For purposes of this chapter, the term, collective investment fund, is a fund as defined in 12 C.F. R. 9.18(a)(2) as of January 1, 2011, and is provided exemption from taxation according to Internal Revenue Service, Revenue Ruling 81-100, published March 30, 1981. Source: SL 2011, ch 212, §29.
SD Codified L § 55-6-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 06 - Common Trust Funds And Collective Investment Funds|Section 55-6-2 - Bank or trust company investment in funds.

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.
SD Codified L § 55-6-2.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 06 - Common Trust Funds And Collective Investment Funds|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 as fiduciary.A bank or trust company qualified to act as a fiduciary in this state may:(1)Establish and maintain common trust funds or collective investment funds for the collective investment of funds held in any fiduciary capacity by it or by another bank or trust company which is owned or controlled by a corporation which owns or controls such bank or trust company;(2)Invest funds which it holds in common trust funds or collective investment funds established and maintained pursuant to subdivision (1).The provisions of §§55-6-1 to 55-6-7, inclusive, relating to common trust funds or collective investment funds shall apply to the establishment and maintenance of common trust funds or collective investment funds under this section.This section shall apply to all fiduciary relationships. Source: SL 1978, ch 356, §§1 to 3; SL 2011, ch 212, §25.
SD Codified L § 55-6-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 06 - Common Trust Funds And Collective Investment Funds|Section 55-6-3 - Compliance with law governing administration of trust estates.

55-6-3. Compliance with law governing administration of trust estates.The bank or trust company operating such common trust funds or collective investment funds shall comply with the provisions of chapter 21-22 in the administration of the trust estate. Source: SL 1941, ch 20, §2; SDC Supp 1960, §6.0902; SL 2011, ch 212, §26.
SD Codified L § 55-6-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 06 - Common Trust Funds And Collective Investment Funds|Section 55-6-4 - Application of chapter.

55-6-4. Application of chapter.This chapter shall apply to fiduciary relationships in existence at the time this chapter takes effect or thereafter established. Source: SL 1941, ch 20, §7; SDC Supp 1960, §6.0904.
SD Codified L § 55-6-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 06 - Common Trust Funds And Collective Investment Funds|Section 55-6-5 - Uniformity of interpretation.

55-6-5. Uniformity of interpretation.This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. Source: SL 1941, ch 20, §3; SDC Supp 1960, §6.0903.
SD Codified L § 55-6-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 06 - Common Trust Funds And Collective Investment Funds|Section 55-6-7 - Citation of chapter.

55-6-7. Citation of chapter.This chapter may be cited as the Uniform Common Trust Fund Act. Source: SL 1941, ch 20, §4; SDC Supp 1960, §6.0906.
SD Codified L § 55-7-1 (2021)
2021 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.

55-7-1. Liability of third persons dealing with trustees.One who actually and in good faith transfers any money or other property to a trustee as such is not bound to see to the application thereof; and his rights can in no way be prejudiced by a misapplication thereof by the trustee. Other persons must at their peril see to the proper application of money or other property paid or delivered by them. Source: SDC 1939, §59.0117.
SD Codified L § 55-7-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 07 - Third Party Responsibility For Fiduciary Acts|Section 55-7-2 - Definition of terms.

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.