reglab/housing_qa huggingface dataset:
SD Codified L § 55-3-12 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-12 - Purchase by trustee of claims against trust property.

55-3-12. Purchase by trustee of claims against trust property.A trustee cannot enforce any claim against the trust property which he purchases after or in contemplation of his appointment as trustee; but he may be allowed by any competent court to charge to the trust property what he has in good faith paid for the claim, upon discharging the same. Source: SDC 1939, §59.0208.
SD Codified L § 55-3-13 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 trustee, including a former trustee, is entitled to the repayment, out of the trust property, of all expenses actually and properly incurred by the trustee in the performance of the trustee's duties. The trustee is entitled to the repayment of even unlawful expenditures, if the expenditures were productive of actual benefit to the estate. Expenses in performance of the trust include those expenses actually and properly incurred in the exercise of the trustee's powers as described in the governing instrument, in any applicable court order, or in chapter 55-1A. A former trustee is entitled to the repayment, out of trust property, of all expenses actually and properly incurred by the former trustee in the defense of proceedings relating to the performance of the trustee's duties to the same extent as the current trustee is entitled to repayment. Source: SDC 1939, §59.0212; SL 2014, ch 226, §18; SL 2020, ch 206, § 13.
SD Codified L § 55-3-14 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-14 - Compensation of trustee.

55-3-14. Compensation of trustee.When a declaration of trust does not specify the rate or amount of the trustee's compensation the trustee is entitled to and shall receive reasonable compensation for the performance of his duties. If such declaration specifies the amount or rate of his compensation, he is entitled to the amount or rate thus specified and no more. Source: SDC 1939, §59.0213; SL 1967, ch 337.
SD Codified L § 55-3-15 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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.The trustee of an implied trust who becomes such through his own fault has none of the rights to compensation or repayment of expense prescribed in §§55-3-13 and 55-3-14. Source: SDC 1939, §59.0214.
SD Codified L § 55-3-16 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-16 - Vacation of office of trustee.

55-3-16. Vacation of office of trustee.The office of a trustee is vacated:(1)By its death;(2)By its discharge; or(3)By its resignation. Source: SDC 1939, §59.0217; SL 2019, ch 209, §1.
SD Codified L § 55-3-17 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-17 - Discharge of trustee--Grounds.

55-3-17. Discharge of trustee--Grounds.A trustee can be discharged from his trust only as follows:(1)By the extinction of the trust;(2)By the completion of his duties under the trust;(3)By such means as may be prescribed by the declaration of trust;(4)By the consent of the beneficiary, if he has capacity to contract;(5)By the judgment of a competent tribunal in a direct proceeding for that purpose that he is of unsound mind; or(6)By the circuit court. Source: SDC 1939, §59.0218.
SD Codified L § 55-3-17.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-17.1 - Resignation of fiduciary.

55-3-17.1. Resignation of fiduciary.In addition to the provisions included in the governing instrument, a fiduciary may resign:(1)In the case of a revocable trust:(a)Without court approval upon at least thirty days' notice to the settlor, all fiduciaries, all designated successors to the resigning fiduciary's office and all those who have authority to appoint a successor to replace the resigning fiduciary; or(b)With court approval;(2)In the case of an irrevocable trust:(a)Without court approval upon at least thirty days' notice to the settlor, if living, all fiduciaries, all designated successors to the resigning fiduciary's office, all those who have authority to appoint a successor to replace the resigning fiduciary and to those qualified beneficiaries who are known to the resigning fiduciary other than those who are restricted from receiving notice or have elected not to receive notice pursuant to the governing instrument, §55-2-13 or chapter 55-18; or(b)With court approval.In approving a resignation under subdivision (1)(b) or (2)(b), the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.Any liability of a resigning fiduciary or of any sureties on the fiduciary's bond for its acts or omissions is not discharged or affected by the fiduciary's resignation unless the court orders otherwise.Following resignation, a successor fiduciary may be appointed pursuant to the terms set forth in the governing instrument or under §21-22-12.Nothing in this section may be construed to be the exclusive means of resignation by a fiduciary. Source: SL 2019, ch 209, §2.
SD Codified L § 55-3-18 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-18 - Survivorship between cotrustees.

55-3-18. Survivorship between cotrustees.On the death, renunciation, or discharge of one of several cotrustees, the trust survives to the others. Source: SDC 1939, §59.0219.
SD Codified L § 55-3-20 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 court.The circuit court may remove any trustee who has violated, or is unfit to execute, his trust. It may appoint a trustee whenever there is a vacancy and the declaration of trust does not provide a practicable method of appointment. Source: SDC 1939, §59.0220.
SD Codified L § 55-3-20.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-20.1 - Grounds for removal of trustee.

55-3-20.1. Grounds for removal of trustee.In addition to other remedies available by law and procedures or powers set out in a trust instrument, the settlor, or the settlor's agent, a trust protector, a cotrustee, or a qualified beneficiary as defined in §55-2-13, or an enforcer, as defined in §55-1-21.4, may request the court to remove a trustee, or a trustee may be removed by the court on the court's own initiative.In addition to the powers otherwise granted the court, the court may remove a trustee if:(1)The trustee commits a serious breach of trust;(2)Lack of cooperation among cotrustees substantially impairs the administration of the trust;(3)Because of unfitness, unwillingness, persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries;(4)There is a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available; or(5)If the trustee merges with another institution or the location or place of administration of the trust changes, and the court finds that removal of the trustee best serves the interests of all of the beneficiaries, and a suitable cotrustee or successor trustee is available.Pending a final decision on a request to remove a trustee, the court may order such appropriate relief as may be necessary to protect the trust property or the interests of the beneficiaries. Source: SL 2009, ch 252, §23; SL 2015, ch 240, §17; SL 2020, ch 206, § 14.
SD Codified L § 55-3-21 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-21 - Appointment of trustee by circuit court--Grounds.

55-3-21. Appointment of trustee by circuit court--Grounds.If a trust exists without any appointed trustees, or where all the trustees renounce, die, or are discharged, the circuit court for the county where the trust property or some portion thereof is situated must appoint another trustee and direct the execution of the trust. The court may in its discretion appoint the original number or any less number of trustees. Source: SDC 1939, §59.0220.
SD Codified L § 55-3-23 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-23 - Termination of trust.

55-3-23. Termination of trust.In addition to the methods specified in §§55-3-24 to 55-3-27, inclusive, a trust terminates if:(1)The term of the trust expires;(2)The trust purpose is fulfilled;(3)The trust purpose becomes unlawful or impossible to fulfill; or(4)The trust is revoked. Source: SL 1998, ch 282, §1; SL 2016, ch 231, §21.
SD Codified L § 55-3-24 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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. An irrevocable trust may be modified or terminated by judicial action or by written agreement entered into by all beneficiaries, if continuance of the trust on its existing terms is not necessary to carry out a material purpose. Whether or not continuance of the trust on its existing terms is necessary to carry out a material purpose, an irrevocable trust may be modified or terminated by judicial action or by written agreement by the trustor and all beneficiaries. Upon termination of a trust under this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention or in any other manner as agreed by all the beneficiaries. No person is required to seek court affirmation of a nonjudicial settlement agreement made pursuant to this section. The provisions of chapter 55-18 apply to this section.Thirty days prior to the effective date of a modification or termination of a trust under this section, the trustor or beneficiaries shall provide notice in writing of the modification or termination, including a copy of the modification or termination, to all fiduciaries as defined in subdivision 21-22-1(3) serving as of the date of the notice. The modification or termination shall be effective no earlier than thirty days after the notice is given, unless the notice is waived. Source: SL 1998, ch 282, §2; SL 2004, ch 312, §9; SL 2017, ch 208, §33; SL 2019, ch 209, §6; SL 2021, ch 207, § 1.
SD Codified L § 55-3-25 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 trustor, trustee, or beneficiary may but is not required to seek court affirmation of a modification or termination of a trust made pursuant to §55-3-24. Upon petition by a trustor, trustee, or beneficiary, upon a finding that the provisions of §55-3-24 have been met, the court shall affirm the proposed modification or termination of the trust. If any beneficiary does not consent to a requested modification or termination of a trust by the other beneficiaries or by the trustor and other beneficiaries, the court, with the consent of the other beneficiaries, and of the trustor, if required, may approve a requested modification or partial termination if the rights or interests of the beneficiaries who do not consent are not significantly impaired or adversely affected. Upon modification or partial termination of the trust, the trustee shall distribute the trust property as ordered by the court. Source: SL 1998, ch 282, §3; SL 2017, ch 204, §19.
SD Codified L § 55-3-26 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 petition by a trustee or beneficiary, the court may modify the administrative or dispositive terms of the trust or terminate the trust if, because of circumstances not anticipated by the trustor, modification or termination of the trust would substantially further the trustor's purposes in creating the trust. Upon termination of a trust under this section, the trust property shall be distributed in accordance with the trustor's probable intention. Source: SL 1998, ch 282, §4.
SD Codified L § 55-3-27 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 thousand dollars--Distribution of property.Except as otherwise provided by the terms of the trust, if the value of the trust property of a noncharitable trust is less than one hundred fifty thousand dollars, the trustee may terminate the trust. On petition by a trustee or beneficiary, the court may modify or terminate a noncharitable trust or appoint a new trustee if it determines that the value of the trust property is insufficient to justify the cost of administration involved. Upon termination of a trust pursuant to this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention. The existence of spendthrift or similar protective provisions in a trust does not make this section inapplicable. The court, when considering the termination of a trust containing spendthrift or similar protective provisions, shall consider the feasibility of appointing a new trustee to continue the trust. This section does not apply to a purpose trust under subdivision 55-1-21(1). Source: SL 1998, ch 282, §5; SL 2004, ch 312, §12; SL 2015, ch 240, §18; SL 2018, ch 275, §26.
SD Codified L § 55-3-28 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-28 - Terms of trust may be reformed by court.

55-3-28. Terms of trust may be reformed by court.On petition by a trustee or beneficiary, the court may reform the terms of the trust, based upon a showing by the preponderance of the evidence and without any preliminary showing of an ambiguity, to conform to the trustor's intention if the failure to conform was due to a mistake of fact or law and the trustor's intent can be established. The terms of the trust may be construed or modified, in a manner that does not violate the trustor's probable intention, to achieve the trustor's tax objectives. Source: SL 1998, ch 282, §6; SL 2016, ch 231, §22.
SD Codified L § 55-3-29 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 to court.Without approval of court and except as otherwise provided by the terms of the trust, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the combination or division does not impair the rights of any of the beneficiaries or substantially affect the accomplishment of the trust purposes. On petition by a trustee or beneficiary, the court may affirm or prevent a proposed combination or division; and, if the terms of the trust instruments creating the trusts are inconsistent, the court shall resolve such inconsistencies in its order by establishing the terms of the trust that will survive the combination or division. Source: SL 1998, ch 282, §7; SL 2004, ch 312, §11.
SD Codified L § 55-3-29.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-29.1 - Defense of laches not available.

55-3-29.1. Defense of laches not available.No beneficiary of a trust may assert the defense of laches in any proceeding to modify, reform, or terminate a trust pursuant to §§55-3-23 to 55-3-29, inclusive. Source: SL 2009, ch 252, §22.
SD Codified L § 55-3-29.2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-29.2 - Statute of limitations defense not available.

55-3-29.2. Statute of limitations defense not available.No beneficiary of a trust may assert a statute of limitations defense in any proceeding to modify, reform, or terminate a trust pursuant to §§55-3-23 to 55-3-29, inclusive. Source: SL 2011, ch 212, §12.
SD Codified L § 55-3-30 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-30 - Provisions not exclusive.

55-3-30. Provisions not exclusive.The provisions of §§55-3-23 to 55-3-29, inclusive, shall not be construed as exclusive methods of modifying or terminating irrevocable trusts. Source: SL 1998, ch 282, §8.
SD Codified L § 55-3-39 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 conclusive.Except as expressly provided by the terms of a governing instrument or by a court order, a general law or a state jurisdiction provision stating that the laws of this state govern is valid, effective, and conclusive for the trust if all of the following are true:(1)Some or all of the trust assets are deposited in this state or physical evidence of such assets is held in this state and the trust is being administered by a qualified person; in this subdivision, deposited in this state, includes being held in a checking account, time deposit, certificate of deposit, brokerage account, trust company fiduciary account, or other similar account or deposit that is located in this state including South Dakota investments;(2)A trustee is a qualified person who is designated as a trustee under the governing instrument, a successor trusteeship, or designated by a court having jurisdiction over the trust; and(3)The administration, for example, physically maintaining trust records in this state and preparing or arranging for the preparation of, on an exclusive basis or a nonexclusive basis, an income tax return that must be filed by the trust, occurs wholly or partly in this state.The State of South Dakota and its courts have jurisdiction over a trust created in a foreign jurisdiction if the administration of the trust meets the three requirements set forth in this section.Nothing in this section may be construed to be the exclusive means of providing a valid effective and conclusive state jurisdiction provision. Source: SL 1998, ch 282, §20; SL 2004, ch 312, §6; SL 2010, ch 232, §3.
SD Codified L § 55-3-40 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|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 provision.The validity, construction, and administration of a trust with a state jurisdiction provision are determined by the laws of this state, including the:(1)Capacity of the trustor;(2)Powers, obligations, liabilities, and rights of the trustees and the appointment and removal of the trustees; and(3)Existence and extent of powers, conferred or retained, including a trustee's discretionary powers, and the validity of the exercise of a power. Source: SL 1998, ch 282, §21.
SD Codified L § 55-3-41 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-41 - Qualified person defined.

55-3-41. Qualified person defined.For the purposes of §55-3-39, the term, qualified person, means:(1)An individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does not have a present intention of moving from this state, and who has the intention of returning to this state when away;(2)A trust company that is organized under Title 51A or under federal law and that has its principal place of business in this state; or(3)A bank or savings association that possesses and exercises trust powers, has its principal place of business in this state, and the deposits of which are insured by the Federal Deposit Insurance Corporation. Source: SL 1998, ch 282, §22.
SD Codified L § 55-3-42 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-42 - State jurisdiction provision defined.

55-3-42. State jurisdiction provision defined.For the purposes of §§55-3-39 and 55-3-40, the term, state jurisdiction provision, means a provision within the trust instrument that the laws of this state govern the validity, construction, or administration of a trust or that the trust is subject to the jurisdiction of this state. Source: SL 1998, ch 282, §23; SL 2013, ch 239, §22.
SD Codified L § 55-3-43 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-43 - South Dakota investments defined.

55-3-43. South Dakota investments defined.For the purposes of §55-3-39, the term, South Dakota investments, means real property located in South Dakota, any equity or debt securities of a corporation, partnership, or limited liability company organized under the laws of South Dakota or having its headquarters in South Dakota, debt securities of the State of South Dakota or any of its subdivisions, or any of its instrumentalities. Source: SL 1998, ch 282, §24.
SD Codified L § 55-3-44 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-44 - Trustor defined.

55-3-44. Trustor defined.For the purposes of §55-3-40, the term, trustor, means a person who transfers property in trust, and includes a person who furnishes the property transferred to a trust even if the trust is created by another person. Source: SL 1998, ch 282, §25.