reglab/housing_qa huggingface dataset:
SD Codified L § 55-3-45 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 defined.If a trust is not subject to court supervision under chapter 21-22, and if no objection has been made by a distribution beneficiary, as defined in this title, of a trust within one hundred eighty days after a copy of the trustee's accounting has been mailed, postage prepaid, to the last known address of such distribution beneficiary, personally, or electronically in accordance with §15-6-5(d), the distribution beneficiary is deemed to have approved such accounting of the trustee, and the trustee, absent fraud, intentional misrepresentation, or material omission, shall be released and discharged from any and all liability to all beneficiaries of the trust as to all matters set forth in such accounting. Alternatively, the trustee's accounting may be approved on behalf of all beneficiaries by a trust advisor or trust protector, or in accordance with §55-18-9 if:(1)Notice or information to the beneficiaries has been waived or modified in accordance with § 55-2-13; or(2)Authorized under the terms of the governing instrument.The provisions of chapter 55-18 apply to this section.For purposes of this section, the term, accounting, means any interim or final report or other statement provided by a trustee reflecting all transactions, receipts, and disbursements during the reporting period and a list of assets as of the end of the period covered by the report or statement, and including written notice to the distribution beneficiary of the provisions of this section. Source: SL 1998, ch 282, §26; SL 2010, ch 232, §4; SL 2017, ch 208, §34; SL 2020, ch 206, § 15.
SD Codified L § 55-3-46 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 country on trust or disposition of property.No trust with South Dakota situs or governed by the laws of the State of South Dakota and no disposition of property to be held upon the terms of such trust is void, voidable, liable to be set aside, or defective in any manner by reason that:(1)The law of any foreign country, as defined in subdivision 10-43-1(6), prohibits or does not recognize the concept of a trust; or(2)The trust or disposition:(a)Avoids or defeats any right, claim, or interest conferred by the law of a foreign country upon any person by reason of a personal relationship to the trustor or by way of heirship rights; or(b)Contravenes any rule or law of a foreign country or any foreign country's judicial or administrative order or action intended to recognize, protect, enforce, or give effect to such a right, claim, or interest. Source: SL 2005, ch 260, §8.
SD Codified L § 55-3-46.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 on a trust or disposition of property. No trust governed by the laws of this state and no disposition of property to be held upon the terms of such trust is void, voidable, liable to be set aside, or defective in any manner by reason that the law or public policy of any other state does not recognize or limits the validity of the trust or the validity or enforceability of any or all of the terms of the trust, so long as such terms are valid and enforceable under the laws and public policy of this state. Source: SL 2021, ch 207, § 6.
SD Codified L § 55-3-47 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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.If, in any action brought against a trustee of a trust, a foreign court takes any action whereby such court declines to apply the law of this state in determining the validity, construction, or administration of such trust, or the effect of a spendthrift provision thereof, the trustee shall immediately upon the foreign court's action and without the further order of any court of this state, cease in all respects to be trustee of the trust and a successor trustee shall thereupon succeed as trustee in accordance with the terms of the trust instrument or, if the trust instrument does not provide for a successor trustee and the trust would otherwise be without a trustee, the court, upon the application of any beneficiary of the trust, shall appoint a successor trustee upon such terms and conditions as it determines to be consistent with the purposes of the trust and this section. Upon the trustee's ceasing to be trustee, the trustee has no power or authority other than to convey the trust property to the successor trustee named in the trust instrument in accordance with this section. Source: SL 2006, ch 243, §10.
SD Codified L § 55-3-48 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-48 - South Dakota law governs administration of trust.

55-3-48. South Dakota law governs administration of trust.Unless the governing instrument or a court order expressly prohibits the change of the law of another jurisdiction to govern the administration of the trust, the laws of South Dakota shall govern the administration of a trust while the trust is administered in South Dakota. Source: SL 2012, ch 233, §25; SL 2016, ch 231, §23.
SD Codified L § 55-3-49 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-49 - Enforcement of foreign judgments.

55-3-49. Enforcement of foreign judgments. Notwithstanding any other provision of law, no judgment, decree, or order of a court of the United States, a court of a state other than this state, or any other court, shall be enforced against any trust governed by the laws of this state, or any disposition of property to be held upon the terms of any such trust, unless a court in this state first determines that the time, manner, and mechanism for enforcing the judgment is consistent with the restrictions and limitations imposed under the terms of the trust and by the laws of this state on the enforcement of the claims of any creditor, including the restrictions and limitations imposed under this chapter, chapter 55-1, and chapter 55-16. Source: SL 2021, ch 207, § 7.
SD Codified L § 55-4-1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|Section 55-4-1 - Definition of terms.

55-4-1. Definition of terms.Terms used in this chapter mean:(1)"Affiliate," any person directly or indirectly controlling or controlled by another person, or any person under direct or indirect common control with another person. It includes any person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by each from the other, directly or indirectly, except a broker or stock exchange;(2)"Person," an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a business trust, a trust, an unincorporated organization, or two or more persons having a joint or common interest;(3)"Relative," a spouse, ancestor, descendant, brother, or sister;(4)"Trust," an express trust only;(5)"Trustee," includes trustees, a corporate as well as a natural person and a successor or substitute trustee. Source: SL 1943, ch 308, §1; SDC Supp 1960, §59.0501; SL 1998, ch 282, §41; SL 2015, ch 240, §19.
SD Codified L § 55-4-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|Section 55-4-2 - Powers attached to the office of trustee.

55-4-2. Powers attached to the office of trustee.Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, all powers of a trustee shall be attached to the office and shall not be personal. Source: SL 1943, ch 308, §10; SDC Supp 1960, §59.0510.
SD Codified L § 55-4-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|Section 55-4-3 - Number of trustees for exercise of powers.

55-4-3. Number of trustees for exercise of powers.Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, any power vested in three or more trustees may be exercised by a majority of such trustees and any power vested in two trustees shall be exercised by both of such trustees. Source: SL 1943, ch 308, §11; SDC Supp 1960, §59.0511 (1); SL 2011, ch 212, §14.
SD Codified L § 55-4-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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.No trustee who has not joined in exercising a power shall be liable to the beneficiaries or to others for the consequences of such exercise, nor shall a dissenting trustee be liable for the consequences of an act in which he joins at the direction of the majority trustees, if he expressed his dissent in writing to any of his cotrustees at or before the time of such joinder. Source: SL 1943, ch 308, §11; SDC Supp 1960, §59.0511 (1).
SD Codified L § 55-4-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 55-4-4 shall excuse a cotrustee from liability for inactivity in the administration of the trust nor for failure to attempt to prevent a breach of trust. Source: SL 1943, ch 308, §11; SDC Supp 1960, §59.0511 (2).
SD Codified L § 55-4-6 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|Section 55-4-6 - Voting of corporate stock owned by trustee.

55-4-6. Voting of corporate stock owned by trustee.A trustee owning corporate stock may vote it by proxy, but shall be liable for any loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock and in voting it. Source: SL 1943, ch 308, §8; SDC Supp 1960, §59.0508.
SD Codified L § 55-4-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 a bank account shall, by entries made on the books of the depositor and the bank at the time of the deposit, be created exclusively for the purpose of paying dividends, interest or interest coupons, salaries, wages, or pensions or other benefits to employees, and the depositor at the time of opening such account does not expressly otherwise declare, the depositor shall be deemed a trustee of such account for the creditors to be paid therefrom, subject to such power of revocation as the depositor may have reserved by agreement with the bank. Source: SL 1943, ch 308, §2; SDC Supp 1960, §59.0502 (1).
SD Codified L § 55-4-8 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 claim for payment--Revocation of trust by depositor.If any beneficiary for whom a trust is created pursuant to §55-4-7 does not present his claim to the bank for payment within one year after it is due, the depositor who created such trust may revoke it as to such creditor. Source: SL 1943, ch 308, §2; SDC Supp 1960, §59.0502 (2).
SD Codified L § 55-4-9 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|Section 55-4-9 - Holding stock in name of nominee.

55-4-9. Holding stock in name of nominee.A trustee owning any stocks, bonds, notes, debentures, or other written obligations of any public or private corporation may hold the same in the name of a nominee, without mention of the trust in the records of such corporation or in the stock certificate or stock registration book of such corporation; provided that(1)The trust records and all reports or accounts rendered by the trustee clearly show the ownership of such stocks, bonds, notes, debentures, or other written obligations of such public or private corporation by the trustee and the facts regarding its holding; and(2)The nominee shall deposit with the trustee a signed statement showing the trust ownership, shall endorse the stock certificate or other said instrument in blank, and shall not have possession of the stock certificate or other said instrument or access thereto except under the immediate supervision of the trustee.The trustee shall be personally liable for any loss to the trust resulting from any act of such nominee in connection with stocks, bonds, notes, debentures, or other written obligations of any public or private corporation so held. Source: SL 1943, ch 308, §9; SDC Supp 1960, §59.0509; SL 1967, ch 338.
SD Codified L § 55-4-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|Section 55-4-10 - Loan of trust funds.

55-4-10. Loan of trust funds.Except as provided in §§55-4-11 and 55-4-12, or except as may be expressly authorized by a court order, by the written consent of all qualified beneficiaries which may be given notwithstanding the provisions of §55-4-31, by the written authorization from or direction by a trust protector, or by the terms of the governing instrument, which may be given by the settlor notwithstanding the provisions of §55-4-30:(1)No corporate trustee may lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate;(2)No noncorporate trustee may lend trust funds to himself or herself, or to any relative, employer, employee, partner, or other business associate. Source: SL 1943, ch 308, §3; SDC Supp 1960, §59.0503; SL 2017, ch 204, §20.
SD Codified L § 55-4-11 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 trustee which is subject to regulation and supervision by state or federal authorities may deposit with itself trust funds which are being held necessarily pending investment, distribution, or the payment of debts, provided it pays into the trust for such deposit such interest as it is required by statute to pay on uninvested trust funds, or, if there be no such statute, the same rate of interest it pays upon similar nontrust deposits, and maintains in its trust department as security for all such deposits a separate fund consisting of securities legal for trust investments and at all times equal in total market value to the amount of the deposits. But no such security shall be required to the extent that the deposit is insured or given a preference by any state or federal law. Source: SL 1943, ch 308, §4; SDC Supp 1960, §59.0504 (1).
SD Codified L § 55-4-12 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 value--Ownership of income--Items specified in statements of financial condition to Division of Banking.The separate fund of securities required by §55-4-11 shall be marked as such. Withdrawals from or additions to it may be made from time to time, as long as the required value is maintained. The income of such securities shall belong to the corporate trustee. In all statements of its financial condition published, or delivered to the Division of Banking, such corporate trustee shall show as separate items the amount of trust funds which it has deposited with itself and the amount of securities which it holds as security for the payment of such deposits. Source: SL 1943, ch 308, §4; SDC Supp 1960, §59.0504 (2).
SD Codified L § 55-4-13 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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.No trustee, unless expressly authorized by the trust instrument, shall directly or indirectly lease, buy or sell any property for the trust from or to itself or an affiliate; or from or to a director, officer, or employee of such trustee or of an affiliate; or from or to a relative, employer, partner, or other business associate. Notwithstanding this provision or any statute to the contrary, a trustee may lease, purchase or sell property from or to the trust he represents as trustee if specifically authorized to do so in a decedent's will or the instrument creating the trustee relationship, including the establishment of a trust service office as provided by chapter 51A-5. Source: SL 1943, ch 308, §5; SDC Supp 1960, §59.0505; SL 1980, ch 343; SL 1981, ch 354, §2; SL 1984, ch 314, §7.
SD Codified L § 55-4-14 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 corporate trustee may sell stocks, bonds and other securities listed on all exchange supervised by the securities and exchange commission as well as obligations of the U.S. treasury and obligations of U. S. government agencies held by it in one account to itself as trustee of another account if the transaction is fair to both accounts and if such transaction is not prohibited by the instruments creating the trustee relationships. Source: SL 1943, ch 308, §6; SDC Supp 1960, §59.0506; SL 1979, ch 337.
SD Codified L § 55-4-15 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|Section 55-4-15 - Corporate trustee buying its own stock.

55-4-15. Corporate trustee buying its own stock.No corporate trustee, unless expressly authorized by the trust instrument, may purchase for a trust shares of its own stock, or its bonds, or other securities, or the stock, bonds, or other securities of an affiliate. Source: SL 1943, ch 308, §7; SDC Supp 1960, §59.0507; SL 2006, ch 243, §4.
SD Codified L § 55-4-16 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|Section 55-4-16 - Withdrawals from mingled trust funds.

55-4-16. Withdrawals from mingled trust funds.Where a person who is a trustee of two or more trusts has mingled the funds of two or more trusts in the same aggregate of cash, or in the same bank or brokerage account or other investment, and a withdrawal is made therefrom by the trustee for his own benefit, or for the benefit of a third person not a beneficiary or creditor of one or more of the trusts, or for an unknown purpose, such a withdrawal shall be charged first to the amount of cash, credit, or other property of the trustee in the mingled fund, if any, and after the exhaustion of the trustee's cash, credit, or other property, then to the several trusts in proportion to their several interests in the cash, credit, or other property at the time of the withdrawal. Source: SL 1943, ch 308, §15; SDC Supp 1960, §59.0515.
SD Codified L § 55-4-17 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 of real property interest under oral trust.When an interest in real property is conveyed by deed to a person on a trust which is unenforceable on account of the statute of frauds and the intended trustee or his successor in interest still holds title but refuses to carry out the trust on account of the statute of frauds, the intended trustee or his successor in interest, except to the extent that the successor in interest is a bona fide purchaser of a legal interest in the real property in question, shall be under a duty to convey the interest in real property to the settlor or his successor in interest. A court having jurisdiction may prescribe the conditions upon which the interest shall be conveyed to the settlor or his successor in interest. Source: SL 1943, ch 308, §16; SDC Supp 1960, §59.0516 (1).
SD Codified L § 55-4-18 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 settlor for transfer of real property.Where the intended trustee has transferred part or all of his interest and it has come into the hands of a bona fide purchaser, the intended trustee shall be liable to the settlor or his successor in interest for the value of the interest thus transferred at the time of its transfer, less such offsets as the court may deem equitable. Source: SL 1943, ch 308, §16; SDC Supp 1960, §59.0516 (2).
SD Codified L § 55-4-19 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 04 - Uniform Trusts Act|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 trust property--Intervention by beneficiary.Whenever a trustee shall make a contract which is within his powers as trustee, or a predecessor trustee shall have made such a contract, and a cause of action shall arise thereon, the party in whose favor the cause of action has accrued may sue the trustee in his representative capacity, and any judgment rendered in such action in favor of the plaintiff shall be collectible by execution out of the trust property. In such an action the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if he had paid the plaintiff's claim. Any beneficiary, or in the case of charitable trusts the attorney general and any corporation which is a beneficiary or agency in the performance of such charitable trust, may intervene in such action and contest the right of the plaintiff to recover. Source: SL 1943, ch 308, §12; SDC Supp 1960, §59.0512 (1), (2).