reglab/housing_qa huggingface dataset:
SD Codified L § 55-12-22 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 12 - Cemetery Perpetual Care Funds|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.If the attorney general has reason to believe that any person is using the money in the earnings fund for purposes not related to the care and maintenance of the perpetual care cemetery, the attorney general may bring an action in the name of the state against the person to restrain by temporary or permanent injunction the use of the money in the earnings fund. The notice of the action shall state generally the relief sought and be served at least three days before any hearing in the action. Source: SL 2019, ch 210, §5.
SD Codified L § 55-12-23 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 12 - Cemetery Perpetual Care Funds|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 court may make any additional orders or judgments as may be necessary to restore to any person in interest any moneys or property, real or personal, that the court finds to have been misused. Additional relief may include the appointment of a receiver whenever it appears to the satisfaction of the court that the defendant threatens or is about to remove, conceal, or dispose of his property to the damage of persons to whom restoration would be made under this section. Source: SL 2019, ch 210, §6.
SD Codified L § 55-12-24 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 12 - Cemetery Perpetual Care Funds|Section 55-12-24 - Authority of receiver.

55-12-24. Authority of receiver.If a receiver is appointed by the court, the receiver may collect, receive, and take into the receiver's possession all the goods and chattels, rights and credits, moneys and effects, land and tenements, books, records, documents, papers, choses in action, bills, notes, and property of every description. If any property has been commingled and the property cannot be identified because of the commingling, the receiver may sell, convey, and assign the property and hold and dispose of any proceeds under the direction of the court. Source: SL 2019, ch 210, §7.
SD Codified L § 55-13-1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|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 the person to whom income is presently payable or for whom it is accumulated for distribution as income;(2)"Inventory value" means the cost of property purchased by the trustee and the market value of other property at the time it became subject to the trust, but in the case of a testamentary trust the trustee may use any value finally determined for the purposes of an estate or inheritance tax;(3)"Remainderman" means the person entitled to principal, including income which has been accumulated and added to principal;(4)"Trustee" means an original trustee and any successor or added trustee. Source: SL 1984, ch 323, §1.
SD Codified L § 55-13-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|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 trust shall be administered with due regard to the respective interests of income beneficiaries and remaindermen. A trust is so administered with respect to the allocation of receipts and expenditures if a receipt is credited or an expenditure is charged to income or principal or partly to each(1)in accordance with the terms of the trust instrument, notwithstanding contrary provisions of this chapter;(2)in the absence of any contrary terms of the trust instrument, in accordance with the provisions of this chapter; or(3)if neither of the preceding rules of administration is applicable, in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal, and in view of the manner in which men of ordinary prudence, discretion and judgment would act in the management of their own affairs.(b)If the trust instrument gives the trustee discretion in crediting a receipt or charging an expenditure to income or principal or partly to each, no inference of imprudence or partiality arises from the fact that the trustee has made an allocation contrary to a provision of this chapter. Source: SL 1984, ch 323, §2.
SD Codified L § 55-13-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-3 - Income--Principal--Charges.

55-13-3. Income--Principal--Charges. (a)Income is the return in money or property derived from the use of principal, including return received as(1)rent of real or personal property, including sums received for cancellation or renewal of a lease;(2)interest on money lent, including sums received as consideration for the privilege of prepayment of principal except as provided in §55-13-7 on bond premium and bond discount;(3)income earned during administration of a decedent's estate as provided in §55-13-5;(4)corporate distributions as provided in §55-13-6;(5)accrued increment on bonds or other obligations issued at discount as provided in §55-13-7;(6)receipts from business and farming operations as provided in §55-13-8;(7)receipts from disposition of natural resources as provided in §§55-13-9 and 55-13-10;(8)receipts from other principal subject to depletion as provided in §55-13-11;(9)receipts from disposition of any underproductive property.(b)Principal is the property which has been set aside by the owner or the person legally empowered so that it is held in trust eventually to be delivered to a remainderman while the return or use of the principal is in the meantime taken or received by or held for accumulation for an income beneficiary. Principal includes(1)consideration received by the trustee on the sale or other transfer of principal or on repayment of a loan or as a refund or replacement or change in the form of principal;(2)proceeds of property taken on eminent domain proceedings;(3)proceeds of insurance upon property forming part of the principal except proceeds of insurance upon a separate interest of an income beneficiary;(4)stock dividends, receipts on liquidation of a corporation, and other corporate distributions as provided in §55-13-6;(5)receipts from the disposition of corporate securities as provided in §55-13-7;(6)royalties and other receipts from disposition of natural resources as provided in §§55-13-9 and 55-13-10;(7)receipts from other principal subject to depletion as provided in §55-13-11;(8)any profit resulting from any change in the form of principal on underproductive property;(9)receipts from disposition of any underproductive property;(10)any allowances for depreciation established under §§55-13-8 and 55-13-13(a)(2).(c)After determining income and principal in accordance with the terms of the trust instrument or of this chapter, the trustee shall charge to income or principal expenses and other charges as provided in §55-13-13. Source: SL 1984, ch 323, §3; SL 2021, ch 204, § 7.
SD Codified L § 55-13-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|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 beneficiary is entitled to income from the date specified in the trust instrument, or, if none is specified, from the date an asset becomes subject to the trust. In the case of an asset becoming subject to a trust by reason of a will, it becomes subject to the trust as of the date of the death of the testator even though there is an intervening period of administration of the testator's estate.(b)In the administration of a decedent's estate or an asset becoming subject to a trust by reason of a will(1)receipts due but not paid at the date of death of the testator are principal;(2)receipts in the form of periodic payments (other than corporate distributions to stockholders), including rent, interest, or annuities, not due at the date of the death of the testator shall be treated as accruing from day to day. That portion of the receipt accruing before the date of death is principal, and the balance is income.(c)In all other cases, any receipt from an income producing asset is income even though the receipt was earned or accrued in whole or in part before the date when the asset became subject to the trust.(d)On termination of an income interest, the income beneficiary whose interest is terminated, or his estate, is entitled to(1)income undistributed on the date of termination;(2)income due but not paid to the trustee on the date of termination;(3)income in the form of periodic payments (other than corporate distributions to stockholders), including rent, interest, or annuities, not due on the date of termination, accrued from day to day. (e)Corporate distributions to stockholders shall be treated as due on the day fixed by the corporation for determination of stockholders of record entitled to distribution or, if no date is fixed, on the date of declaration of the distribution by the corporation. Source: SL 1984, ch 323, §4.
SD Codified L § 55-13-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|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 the will otherwise provides and subject to subsection (b), all expenses incurred in connection with the settlement of a decedent's estate, including debts, funeral expenses, estate taxes, interest and penalties concerning taxes, family allowances, fees of attorneys and personal representatives, and court costs shall be charged against the principal of the estate.(b)Unless the will otherwise provides, income from the assets of a decedent's estate after the death of the testator and before distribution, including income from property used to discharge liabilities, shall be determined in accordance with the rules applicable to a trustee under this chapter and distributed as follows:(1)to specific legatees and devisees, the income from the property bequeathed or devised to them respectively, less taxes, ordinary repairs, and other expenses of management and operation of the property, and an appropriate portion of interest accrued since the death of the testator and of taxes imposed on income (excluding taxes on capital gains) which accrue during the period of administration;(2)to all other legatees and devisees, except legatees of pecuniary bequests not in trust, the balance of the income, less the balance of taxes, ordinary repairs, and other expenses of management and operation of all property from which the estate is entitled to income, interest accrued since the death of the testator, and taxes imposed on income (excluding taxes on capital gains) which accrue during the period of administration, in proportion to their respective interests in the undistributed assets of the estate computed at times of distribution on the basis of inventory value.(c)Income received by a trustee under subsection (b) shall be treated as income of the trust. Source: SL 1984, ch 323, §5.
SD Codified L § 55-13-6 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-6 - Corporate distributions.

55-13-6. Corporate distributions.(a)Corporate distributions of shares of the distributing corporation, including distributions in the form of a stock split or stock dividend, are principal. A right to subscribe to shares or other securities issued by the distributing corporation accruing to stockholders on account of their stock ownership and the proceeds of any sale of the right are principal.(b)Except to the extent that the corporation indicates that some part of a corporate distribution is a settlement of preferred or guaranteed dividends accrued since the trustee became a stockholder or is in lieu of an ordinary cash dividend, a corporate distribution is principal if the distribution is pursuant to(1)a call of shares;(2)a merger, consolidation, reorganization, or other plan by which assets of the corporation are required by another corporation; or(3)a total or partial liquidation of the corporation, including any distribution which the corporation indicates is a distribution in total or partial liquidation or any distribution of assets, other than cash, pursuant to a court decree or final administrative order by a government agency ordering distribution of the particular assets.(c)Distributions made from ordinary income by a regulated investment company or by a trust qualifying and electing to be taxed under federal law as a real estate investment trust are income. All other distributions made by the company or trust, including distributions from capital gains, depreciation, or depletion, whether in the form of cash or an option to take new stock or cash or an option to purchase additional shares, are principal.(d)Except as provided in subsections (a), (b), and (c), all corporate distributions are income, including cash dividends, distributions of or rights to subscribe to shares or securities or obligations of corporations other than the distributing corporation, and the proceeds of the rights or property distributions. Except as provided in subsections (b) and (c), if the distributing corporation gives a stockholder an option to receive a distribution either in cash or in its own shares, the distribution chosen is income.(e)The trustee may rely upon any statement of the distributing corporation as to any fact relevant under any provision of this chapter concerning the source or character of dividends or distributions of corporate assets. Source: SL 1984, ch 323, §6.
SD Codified L § 55-13-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|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.(a)Unless otherwise provided in the trust instrument, an increase in the value of the following investments owned by any trust is distributable as income when it becomes available for distribution:(1)A zero coupon bond;(2)An annuity contract before annuitization;(3)A life insurance contract before the death of the insured;(4)An interest in a common trust fund (as defined under §584 of the Internal Revenue Code) (26 U.S.C. §584);(5)An interest in a partnership, as defined in §7701 of the Internal Revenue Code (26 U.S. C. §7701); or(6)Any other obligation for the payment of money that is payable at a future time in accordance with a fixed, variable, or discretionary schedule of appreciation in excess of the price at which it was issued.(b)For purposes of this section, the increase in value of an investment described in subsection (a) is available for distribution only if the trustee receives cash on account of the investment.(c)The increase in value of the obligations described in subsection (a) is distributable to the beneficiary who was the income beneficiary at the time of the increase from the first principal cash available or, if none is available, when realized by sale, redemption, or other disposition. If unrealized increase is distributed as income but out of principal, the principal shall be reimbursed from the increase when realized. Source: SL 1984, ch 323, §7; SL 1995, ch 272, §1; SL 2002, ch 100, §25.
SD Codified L § 55-13-8 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-8 - Business and farming operations.

55-13-8. Business and farming operations.(a)If a trustee uses any part of the principal in the continuance of a business of which the settlor was a sole proprietor or a partner, the net profits of the business, computed in accordance with generally accepted accounting principles for a comparable business, are income. If a loss results in any fiscal or calendar year, the loss falls on principal and shall not be carried into any other fiscal or calendar year for purposes of calculating net income.(b)Generally accepted accounting principles shall be used to determine income from an agricultural or farming operation, including the raising of animals or the operation of a nursery. Source: SL 1984, ch 323, §8.
SD Codified L § 55-13-9 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-9 - Disposition of natural resources.

55-13-9. Disposition of natural resources.(a)If any part of the principal consists of a right to receive royalties, overriding or limited royalties, working interests, production payments, net profit interests, or other interests in minerals or other natural resources in, on or under land, the receipts from taking the natural resources from the land shall be allocated as follows:(1)If received as rent on a lease or extension payments on a lease, the receipts are income.(2)If received from a production payment, the receipts are income to the extent of any factor for interest or its equivalent provided in the governing instrument. There shall be allocated to principal the fraction of the balance of the receipts which the unrecovered cost of the production payment bears to the balance owed on the production payment, exclusive of any factor for interest or its equivalent. The receipts not allocated to principal are income.(3)If received as a royalty, overriding or limited royalty, or bonus, or from a working, net profit, or any other interest in minerals or other natural resources, receipts not provided for in the preceding paragraphs of this section shall be apportioned on a yearly basis in accordance with this paragraph whether or not any natural resource was being taken from the land at the time the trust was established. Twenty-seven and one-half percent of the gross receipts (but not to exceed fifty percent of the net receipts remaining after payment of all expenses, direct and indirect, computed without allowance for depletion) shall be added to principal as an allowance for depletion. The balance of the gross receipts, after payment therefrom of all expenses, direct and indirect, is income.(b)If a trustee, on July 1, 1984, held an item of depletable property of a type specified in this section he shall allocate receipts from the property in the manner used before July 1, 1984, but as to all depletable property acquired after July 1, 1984 by an existing or new trust, the method of allocation provided herein shall be used.(c)This section does not apply to timber, water, soil, sod, dirt, turf, or mosses. Source: SL 1984, ch 323, §9.
SD Codified L § 55-13-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-10 - Timber.

55-13-10. Timber.If any part of the principal consists of land from which merchantable timber may be removed, the receipts from taking the timber from the land shall be allocated in accordance with §55-13-2(a)(3). Source: SL 1984, ch 323, §10.
SD Codified L § 55-13-11 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-11 - Other property subject to depletion.

55-13-11. Other property subject to depletion.Except as provided in §§55-13-9 and 55-13-10, if the principal consists of property subject to depletion, including leaseholds, patents, copyrights, royalty rights, and rights to receive payments on a contract for deferred compensation, receipts from the property, not in excess of five percent per year of its inventory value, are income, and the balance is principal. Source: SL 1984, ch 323, §11.
SD Codified L § 55-13-14 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-14 - Application of chapter.

55-13-14. Application of chapter.Except as specifically provided in the trust instrument, the will or in this chapter, this chapter shall apply to any receipt or expense received or incurred on or after July 1, 1984 by any trust executed or the estate of any decedent dying on or after July 1, 1984. Source: SL 1984, ch 323, §14.
SD Codified L § 55-13-15 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-15 - Uniformity of interpretation.

55-13-15. Uniformity of interpretation.This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. Source: SL 1984, ch 323, §15.
SD Codified L § 55-13-16 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-16 - Short title.

55-13-16. Short title.This chapter may be cited as the Revised Uniform Principal and Income Act. Source: SL 1984, ch 323, §16.
SD Codified L § 55-13-17 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-17 - Severability.

55-13-17. Severability.If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application and to this end the provisions of this chapter are severable. Source: SL 1984, ch 323, §17.
SD Codified L § 55-13-18 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 13 - Revised Uniform Principal And Income Act|Section 55-13-18 - Application of chapter to existing trusts and estates.

55-13-18. Application of chapter to existing trusts and estates.The provisions of this chapter may not be utilized by any trust created after June 30, 2007, or by any decedent's estate based upon a will executed subsequent to June 30, 2007. Any trust or decedent's estate not otherwise prohibited by this section from utilizing this chapter may apply the provisions of this chapter to such trust or decedent's estate upon the making of an election as provided in §55-13A-602. Source: SL 2007, ch 282, §34.
SD Codified L § 55-13A-101 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|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 Uniform Principal and Income Act. Source: SL 2007, ch 282, §1.