reglab/housing_qa huggingface dataset:
SD Codified L § 55-1A-23 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-23 - Borrowing money against trust assets.

55-1A-23. Borrowing money against trust assets.A trustee may borrow money, and mortgage or otherwise encumber or pledge trust assets, for a term within or extending beyond the term of his trust, in connection with the exercise of any power vested in himself. Source: SL 1979, ch 336, §23.
SD Codified L § 55-1A-24 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-24 - Contracts binding upon trust.

55-1A-24. Contracts binding upon trust.A trustee may enter into contracts binding upon his trust which are reasonably incident to the administration of the trust and which he believes to be for the best interests of the trust. Source: SL 1979, ch 336, §24.
SD Codified L § 55-1A-25 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-25 - Claims in favor of or against trust or trustee.

55-1A-25. Claims in favor of or against trust or trustee.A trustee may pay, compromise, contest, submit to arbitration, or otherwise settle any and all claims in favor of or against his trust or himself as trustee. Source: SL 1979, ch 336, §25.
SD Codified L § 55-1A-26 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-26 - Release of claim or lien.

55-1A-26. Release of claim or lien.A trustee may release, in whole or in part, any claim or lien belonging to his trust. Source: SL 1979, ch 336, §26.
SD Codified L § 55-1A-27 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-27 - Payment of trust administration expenses.

55-1A-27. Payment of trust administration expenses.A trustee may pay taxes, assessments, compensation of himself, and other expenses incurred in the collection, care, administration and protection of his trust. Source: SL 1979, ch 336, §27.
SD Codified L § 55-1A-28 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-28 - Creation of reserves.

55-1A-28. Creation of reserves.A trustee may create reserves out of income for depreciation, obsolescence, or amortization, or for the depletion of mineral or timber properties. Source: SL 1979, ch 336, §28.
SD Codified L § 55-1A-29 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-29 - Payment of sum distributable to minor or other beneficiary under legal disability--Methods.

55-1A-29. Payment of sum distributable to minor or other beneficiary under legal disability--Methods.A trustee may make payment of any sum distributable to a minor or other beneficiary under legal disability, without liability to himself, by paying the sum in any one or more of the following ways:(1)Directly to the beneficiary;(2)To the conservator of the beneficiary;(3)Directly for the maintenance, education and general welfare of the beneficiary;(4)To a parent of the beneficiary; or(5)To anyone who has custody and care of the person of the beneficiary. Source: SL 1979, ch 336, §29; SL 1993, ch 213, §253.
SD Codified L § 55-1A-30 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-30 - Distribution of property and money.

55-1A-30. Distribution of property and money.A trustee may effect distribution of property and money in divided or undivided interests, and adjust the resulting differences in valuation. Source: SL 1979, ch 336, §30.
SD Codified L § 55-1A-31 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-31 - Employment of agents and assistants.

55-1A-31. Employment of agents and assistants.A trustee may employ attorneys, accountants, investment advisors, agents or other persons, even if they are associated with himself, to advise or assist himself in the performance of his duties; act without independent investigation upon their recommendations; and instead of acting personally, employ one or more agents to perform any act of administration, whether or not such act is discretionary. Source: SL 1979, ch 336, §31.
SD Codified L § 55-1A-32 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-32 - Prosecution or defense of actions and proceedings.

55-1A-32. Prosecution or defense of actions and proceedings. A trustee may prosecute or defend actions, claims or proceedings for the protection of trust assets or of the trustee in the performance of the trustee's duties. However, a trustee has no duty to prosecute, or to defend or continue to defend the trust or its assets in any action, through exercise of judicial process or otherwise, to reach the assets of the trust in satisfaction of a claim against the trust, a beneficiary or the settlor of a trust unless:(1)The trustee is reasonably satisfied that the readily marketable assets of the trust are sufficient to fully indemnify the trustee for all the liabilities and expenses, including professional fees and expense of counsel, accountants, and expert witnesses, that the trustee may incur in so prosecuting or defending the trust or its assets; or(2)If the trustee is not satisfied that the settlor or the beneficiaries have provided the trustee with indemnity, supported with such security as may be satisfactory to the trustee in its sole discretion, as is then and will be sufficient to fully indemnify the trustee.Unless otherwise provided in the trust agreement, a trustee who is no longer serving due to resignation or removal, whether by judicial process or pursuant to the trust agreement, or as a result of the trust terminating, does not have a duty to defend or continue to prosecute or defend the trust or its assets in any action, whether the trust is in existence or not at the time of such action. Source: SL 1979, ch 336, §32; SL 2017, ch 204, §13; SL 2021, ch 207, § 11.
SD Codified L § 55-1A-32.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-32.1 - Trustee immunity from liability for failure to prosecute, defend, or continue to defend.

55-1A-32.1. Trustee immunity from liability for failure to prosecute, defend, or continue to defend.If the trustee fails to prosecute, defend, or continue to defend the trust or its assets because the conditions set forth in subdivision 55-1A-32(1) or (2) have not been fulfilled, the trustee is not liable for any such failure even if the failure, including without limitation a withdrawal from a proceeding, may result in the granting or awarding of relief against the trustee or the trust, including without limitation a distribution of trust assets in satisfaction of a claim.For purposes of chapter 55-1A, the term, prosecute, or, defend or continue to defend, means:(1)Instituting, participating in, intervening in or defending a lawsuit, action in equity or administrative, arbitration or mediation proceeding (collectively a proceeding); or(2)Taking any other action to resist such claim.This section and §55-1A-32 control unless the governing instrument specifically provides otherwise. Source: SL 2017, ch 204, §14.
SD Codified L § 55-1A-33 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-33 - Advance of income or loan to beneficiary--Lien.

55-1A-33. Advance of income or loan to beneficiary--Lien.A trustee may advance income or make loans out of trust property to a beneficiary on terms and conditions the trustee considers to be fair and reasonable under the circumstances, for which such advance or loan the trustee shall have a lien on the future benefits of such beneficiary. Source: SL 1979, ch 336, §33; SL 2011, ch 212, §18.
SD Codified L § 55-1A-34 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-34 - Advance of money for protection of trust--Lien.

55-1A-34. Advance of money for protection of trust--Lien.A trustee may advance money for the protection of his trust or its assets, and for all expenses and liabilities sustained or incurred in or about the administration or protection of the trust, or because of the holding or ownership of any trust assets. Such trustee shall have a lien on the trust assets and may reimburse himself, with interest, out of the trust assets for the advances. Source: SL 1979, ch 336, §34.
SD Codified L § 55-1A-35 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-35 - Execution and delivery of instruments.

55-1A-35. Execution and delivery of instruments.A trustee may execute and deliver all instruments which will accomplish or facilitate the exercise of the powers vested in himself. Source: SL 1979, ch 336, §35.
SD Codified L § 55-1A-36 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-36 - Holding of two or more trusts with undivided interests.

55-1A-36. Holding of two or more trusts with undivided interests.A trustee may hold two or more trusts or parts of trusts created by the same instrument, as an undivided whole, without separation between such trusts or parts of such trusts; provided that, such separate trusts or parts of such trusts shall have undivided interests and that no such holding shall defer the vesting of any estate in possession or otherwise. Source: SL 1979, ch 336, §36.
SD Codified L § 55-1A-37 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-37 - Citation of chapter.

55-1A-37. Citation of chapter.This chapter may be cited or referred to as the "South Dakota Trustees' Powers Act." Source: SL 1979, ch 336, §37.
SD Codified L § 55-1A-38 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-38 - Trustee may perform necessary and appropriate acts.

55-1A-38. Trustee may perform necessary and appropriate acts.A trustee may perform such other acts, which, in the judgment of the trustee, may be necessary or appropriate for the proper management, investment, and distribution of the trust estate. Source: SL 1998, ch 282, §37.
SD Codified L § 55-1A-39 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-39 - Disclaimer of powers by trustee--Time limit.

55-1A-39. Disclaimer of powers by trustee--Time limit.Any power granted to a trustee in any written trust instrument may be disclaimed by that trustee in the manner provided by law for disclaimers, but without regard to the time limits provided by law for disclaimers. Upon such disclaimer, the powers so disclaimed shall cease to exist as to that trustee. Source: SL 1998, ch 282, §39.
SD Codified L § 55-1A-40 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01A - Trustees Powers|Section 55-1A-40 - Trust name change.

55-1A-40. Trust name change.A trustee may change the name of an irrevocable trust if the trustee deems such action to be in the best interests of the trust and its beneficiaries. Source: SL 2011, ch 212, §13.
SD Codified L § 55-1B-1.1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-1.1 - Governing instrument may provide trust advisor or trust protector with powers and immunities of trustee.

55-1B-1.1. Governing instrument may provide trust advisor or trust protector with powers and immunities of trustee.Any governing instrument providing for a trust advisor or trust protector may also provide such trust advisor or trust protector with some, none, or all of the rights, powers, privileges, benefits, immunities, or authorities available to a trustee under South Dakota law or under the governing instrument. Unless the governing instrument provides otherwise, a trust advisor or trust protector has no greater liability to any person than would a trustee holding or benefiting from the rights, powers, privileges, benefits, immunities, or authority provided or allowed by the governing instrument to such trust advisor or trust protector. Source: SL 2011, ch 212, §4.
SD Codified L § 55-1B-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-3 - Death of grantor.

55-1B-3. Death of grantor.An excluded fiduciary may continue to follow the direction of the trust advisor upon the incapacity or death of the grantor if the instrument so allows. Source: SL 1997, ch 280, §3.
SD Codified L § 55-1B-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-4 - Trust advisor as fiduciary.

55-1B-4. Trust advisor as fiduciary. If one or more trust advisors are given authority by the terms of a governing instrument to direct, consent to, or disapprove a fiduciary's investment or distribution decisions, or proposed investment or distribution decisions, such trust advisors shall be considered to be fiduciaries when exercising such authority. For investment decisions, so long as there is at least one fiduciary exercising the authority of the investment advisor pursuant to §55-1B-10 for the investment, except in the cases of willful misconduct or gross negligence by the fiduciary investment advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that such other trust advisors acting pursuant to this section are not acting in a fiduciary capacity. Similarly, for distribution decisions, so long as there is at least one fiduciary exercising the authority of the distribution advisor pursuant to § 55-1B-11 for the distribution, except in the case of willful misconduct or gross negligence by the fiduciary distribution advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that such other trust advisors acting pursuant to this section are not acting in a fiduciary capacity. Source: SL 1997, ch 280, §4; SL 2018, ch 275, §24; SL 2021, ch 207, § 9.
SD Codified L § 55-1B-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-5 - Excluded fiduciary's liability for loss if trust protector appointed.

55-1B-5. Excluded fiduciary's liability for loss if trust protector appointed.If an instrument appoints a trust protector, the excluded fiduciary is not liable for any loss resulting from any action taken upon such trust protector's direction. Source: SL 1997, ch 280, §5.
SD Codified L § 55-1B-6 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-6 - Powers and discretions of trust protector.

55-1B-6. Powers and discretions of trust protector.The powers and discretions of a trust protector are as provided in the governing instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the trust protector and are binding on all other persons. The powers and discretion may include the following:(1)Modify or amend the trust instrument to achieve favorable tax status or respond to changes in the Internal Revenue Code, state law, or the rulings and regulations thereunder;(2)Increase or decrease the interests of any beneficiaries to the trust;(3)Modify the terms of any power of appointment granted by the trust. However, a modification or amendment may not grant a beneficial interest to any individual or class of individuals not specifically provided for under the trust instrument;(4)Remove and appoint a trustee, a fiduciary provided for in the governing trust instrument, trust advisor, investment committee member, or distribution committee member;(5)Terminate the trust; (6)Veto or direct trust distributions;(7)Change situs or governing law of the trust, or both;(8)Appoint a successor trust protector;(9)Interpret terms of the trust instrument at the request of the trustee;(10)Advise the trustee on matters concerning a beneficiary;(11)Amend or modify the trust instrument to take advantage of laws governing restraints on alienation, distribution of trust property, or the administration of the trust;(12)Reserved;(13)Add to the trust an individual beneficiary or beneficiaries from a class of individuals identified in the governing instrument;(14)Add to the trust a charitable beneficiary or beneficiaries from a class of charities identified in the trust instrument;(15)Provide other powers and discretions in the governing instrument;(16)Remove a representative as provided in subdivision 55-18-4(3);(17)Appoint a representative as provided in subdivision 55-18-9(12); and(18)Act as a representative as provided in subdivision 55-18-9(11).In addition to the powers and discretions granted to the trust protector in the governing instrument, the trust protector may also exercise any of the powers and discretions granted to a trust protector under §55-2-13 to the extent such exercise is not prohibited under the terms of the governing instrument.The powers referenced in subdivisions (5), (6), and (11) may be granted notwithstanding the provisions of §§55-3-24 to 55-3-28, inclusive. Source: SL 1997, ch 280, §6; SL 2005, ch 260, §3; SL 2009, ch 252, §14; SL 2013, ch 239, §20; SL 2016, ch 231, §17; SL 2017, ch 208, §29; SL 2020, ch 206, § 8.
SD Codified L § 55-1B-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-7 - Submission to court jurisdiction--Effect on trust advisor or trust protector.

55-1B-7. Submission to court jurisdiction--Effect on trust advisor or trust protector.By accepting an appointment to serve as a trust advisor or trust protector of a trust that is subject to the laws of this State, the trust advisor or the trust protector submits to the jurisdiction of the courts of South Dakota even if investment advisory agreements or other related agreements provide otherwise, and the trust advisor or trust protector may be made a party to any action or proceeding if issues relate to a decision or action of the trust advisor or trust protector. Source: SL 1997, ch 280, §7.
SD Codified L § 55-1B-8 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-8 - Powers of trust protector incorporated by reference in will or trust instrument.

55-1B-8. Powers of trust protector incorporated by reference in will or trust instrument.Any of the powers enumerated in §55-1B-6, as they exist at the time of the signing of a will by a testator or at the time of the signing of a trust instrument by a trustor, may be, by appropriate reference made thereto, incorporated in whole or in part in such will or trust instrument, by a clearly expressed intention of a testator of a will or trustor of a trust instrument. Source: SL 2005, ch 260, §4.
SD Codified L § 55-1B-9 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-9 - Investment trust advisor or distribution trust advisor provided for in trust instrument.

55-1B-9. Investment trust advisor or distribution trust advisor provided for in trust instrument.A trust instrument governed by the laws of South Dakota may provide for a person to act as an investment trust advisor or a distribution trust advisor, respectively, with regard to investment decisions or discretionary distributions. Unless otherwise provided or restricted by the terms of the governing instrument, any person may simultaneously serve as a trust advisor and a trust protector. Source: SL 2005, ch 260, §5; SL 2017, ch 204, §16.
SD Codified L § 55-1B-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-10 - Powers and discretions of investment trust advisor.

55-1B-10. Powers and discretions of investment trust advisor.The powers and discretions of an investment trust advisor shall be as provided in the trust instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the investment trust advisor and are binding on any other person and any other interested party, fiduciary, and excluded fiduciary. In addition to the powers and discretions granted to the investment trust advisor in the governing instrument, the investment trust advisor may also exercise any of the following powers and discretions to the extent such exercise is not prohibited under the terms of the governing instrument:(1)Direct the trustee with respect to the retention, purchase, sale, exchange, tender, or other transaction affecting the ownership thereof or rights therein of trust investments. These powers include the pledge or encumbrance of trust property, lending of trust assets, either secured or unsecured, at terms defined by the investment trust advisor to any party including beneficiaries of the trust and the investment and reinvestment of principal and income of the trust;(2)Vote proxies for securities held in trust;(3)Select one or more investment advisers, managers, or counselors, including the trustee, and delegate to them any of its powers; (4)Direct the trustee with respect to any additional powers and discretions over investment and management of trust assets provided in the governing instrument;(5)Direct the trustee as to the value of nonpublicly traded trust investments;(6)Direct the trustee as to any investment or management power referenced in chapter 55-1A; and(7)Exercise the powers granted to an investment trust advisor in §55-2-13. Source: SL 2005, ch 260, §6; SL 2012, ch 233, §6; SL 2014, ch 226, §17; SL 2020, ch 206, § 9.
SD Codified L § 55-1B-11 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-11 - Powers and discretions of distribution trust advisor.

55-1B-11. Powers and discretions of distribution trust advisor.The powers and discretions of a distribution trust advisor over any discretionary distributions of income or principal, including distributions pursuant to an ascertainable standard or other criteria and appointments pursuant to §55-2-15, shall be provided in the trust instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the distribution trust advisor and are binding on any other person and any other interested party, fiduciary, and excluded fiduciary. Unless the terms of the governing instrument provide otherwise, then, in addition to the powers and discretions granted to the distribution trust advisor in the trust instrument, the distribution trust advisor shall direct the trustee with regard to all discretionary distributions to beneficiaries, may direct appointments pursuant to §55-2-15, and may exercise any of the powers and discretions granted to a distribution trust advisor in §55-2-13. Source: SL 2005, ch 260, §7; SL 2009, ch 252, §15; SL 2011, ch 212, §5; SL 2012, ch 233, §7; SL 2020, ch 206, § 10.