reglab/housing_qa huggingface dataset:
SD Codified L § 55-14A-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 14A - Uniform Prudent Management Of Institutional Funds Act|Section 55-14A-5 - Delegation of management and investment functions.

55-14A-5. Delegation of management and investment functions.(a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:(1)Selecting an agent;(2)Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and(3)Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.(b) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.(c) An institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the function was delegated.(d) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.(e) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than this chapter. Source: SL 2007, ch 283, §5.
SD Codified L § 55-14A-6 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 14A - Uniform Prudent Management Of Institutional Funds Act|Section 55-14A-6 - Release or modification of restrictions on management, investment, or purpose.

55-14A-6. Release or modification of restrictions on management, investment, or purpose.(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.(b) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. To the extent practicable, any modification must be made in accordance with the donor's probable intention.(c) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument.(d) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution may release or modify the restriction, in whole or part, if:(1)The institutional fund subject to the restriction has a total value of less than twenty-five thousand dollars;(2)More than twenty years have elapsed since the fund was established; and(3)The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument. Source: SL 2007, ch 283, §6.
SD Codified L § 55-14A-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 14A - Uniform Prudent Management Of Institutional Funds Act|Section 55-14A-7 - Reviewing compliance.

55-14A-7. Reviewing compliance.Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. Source: SL 2007, ch 283, §7.
SD Codified L § 55-14A-8 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 14A - Uniform Prudent Management Of Institutional Funds Act|Section 55-14A-8 - Application to existing institutional funds.

55-14A-8. Application to existing institutional funds.This chapter applies to institutional funds existing on or established after July 1, 2007. As applied to institutional funds existing on July 1, 2007, this chapter governs only decisions made or actions taken on or after that date. This chapter does not apply to any funds directly held or managed by a governmental agency. Source: SL 2007, ch 283, §8.
SD Codified L § 55-14A-9 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 14A - Uniform Prudent Management Of Institutional Funds Act|Section 55-14A-9 - Relation to Electronic Signatures in Global and National Commerce Act.

55-14A-9.Relation to Electronic Signatures in Global and National Commerce Act.This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U. S.C. Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 U.S. C. Section 7003(b). Source: SL 2007, ch 283, §9.
SD Codified L § 55-14A-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 14A - Uniform Prudent Management Of Institutional Funds Act|Section 55-14A-10 - Uniformity of application and construction.

55-14A-10. Uniformity of application and construction.In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source: SL 2007, ch 283, §10.
SD Codified L § 55-15-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-2 - Trustee's authority to convert income trust, total return unitrust--Calculate trust amount, value--Conditions.

55-15-2. Trustee's authority to convert income trust, total return unitrust--Calculate trust amount, value--Conditions.A trustee, other than an interested trustee, or, if two or more persons are acting as trustee, a majority of the trustees who are not an interested trustee (in either case hereafter "trustee"), may, in its sole discretion and without the approval of any court, (i) convert an income trust to a total return unitrust, (ii) reconvert a total return unitrust to an income trust, or (iii) change the percentage used to calculate the unitrust amount and the method used to determine the fair market value of the trust if:(1)The trustee adopts a written policy for the trust providing (i) in the case of a trust being administered as an income trust, that future distributions from the trust will be unitrust amounts rather than net income, (ii) in the case of a trust being administered as a total return unitrust, that future distributions from the trust will be net income rather than unitrust amounts, or (iii) that the percentage used to calculate the unitrust amount or the method used to determine the fair market value of the trust will be changed as stated in the policy;(2)The trustee sends written notice of its intention to take such action, along with copies of such written policy and this chapter, to (i) the trustor, if living, (ii) all living persons who are currently receiving or eligible to receive distributions of income of the trust, (iii) all living persons who would receive principal of the trust if the trust were to terminate at the time of the giving of such notice (without regard to the exercise of any power of appointment) or, if the trust does not provide for its termination, all living persons who would receive or be eligible to receive distributions of income or principal of the trust if the persons identified in subclause (ii) of this subdivision were deceased, and (iv) all persons acting as adviser or protector of the trust;(3)At least one person receiving notice under each of subclauses (ii) and (iii) of subdivision (2) is, to the best information and belief of the trustee, legally competent; and(4)No person receiving such notice objects, by written instrument delivered to the trustee, to the proposed action of the trustee within sixty days of receipt of such notice. Source: SL 2002, ch 225, §2.
SD Codified L § 55-15-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-3 - Interested trustee's authority over actions enumerated in § 55-15-2--Conditions.

55-15-3. Interested trustee's authority over actions enumerated in §55-15-2--Conditions.If there is no trustee of the trust other than an interested trustee, the interested trustee or, if two or more persons are acting as trustee and are interested trustees, a majority of such interested trustees, may, in its sole discretion and without the approval of any court, take such action as provided in §55-15-2 so long as the trustee appoints a disinterested person who, in its sole discretion but acting in a fiduciary capacity, determines for the trustee (i) the percentage to be used to calculate the unitrust amount, (ii) the method to be used in determining the fair market value of the trust, and (iii) which assets, if any, are to be excluded in determining the unitrust amount; and complies with all of the provisions of subdivisions (1) to (4), inclusive, of §55-15-2. Source: SL 2002, ch 225, §3.
SD Codified L § 55-15-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-4 - Trustee may petition court--Appointment of disinterested person.

55-15-4. Trustee may petition court--Appointment of disinterested person.If any trustee desires to (i) convert an income trust to a total return unitrust, (ii) reconvert a total return unitrust to an income trust, or (iii) change the percentage used to calculate the unitrust amount and the method used to determine the fair market value of the trust but does not have the ability to or elects not to do it under the provisions of §§55-15-2 and 55-15-3, or in the event the trustee receives a written objection within the applicable period, the trustee may petition the court for such order as the trustee deems appropriate. In the event, however, there is only one trustee of such trust and such trustee is an interested trustee or in the event there are two or more trustees of such trust and a majority of them are interested trustees, the court, in its own discretion or on the petition of such trustee or trustees or any person interested in the trust, may appoint a disinterested person who, acting in a fiduciary capacity, shall present such information to the court as shall be necessary to enable the court to make its determination. Source: SL 2002, ch 225, §4.
SD Codified L § 55-15-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-5 - Annual valuation of trust required.

55-15-5. Annual valuation of trust required.The fair market value of the trust shall be determined at least annually, using such valuation date or dates or averages of valuation dates as are deemed appropriate. Assets for which a fair market value cannot be readily ascertained shall be valued using such valuation methods as are deemed reasonable and appropriate. Such assets may be excluded from valuation, if all income received with respect to such assets is distributed to the extent distributable in accordance with the terms of the governing instrument. Source: SL 2002, ch 225, §5.
SD Codified L § 55-15-8 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-8 - Unitrust amount as net income of trust--Allocation of capital gains to trust income.

55-15-8. Unitrust amount as net income of trust--Allocation of capital gains to trust income.Following the conversion of an income trust to a total return unitrust, the trustee:(1)Shall treat the unitrust amount as if it were net income of the trust for purposes of determining the amount available, from time to time, for distributions from the trust; and(2)May allocate to trust income for each taxable year of the trust (or portions thereof) (i) net short-term capital gain described in I.R.C. section 1222(5) for such year (or portion thereof) but only to the extent that the amounts so allocated together with all other amounts allocate to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof); and (ii) net long-term capital gain described in I.R.C. section 1222(7) for such year (or portion thereof) but only to the extent that the amount so allocated together with all other amounts, including amounts described in clause (i) above, allocated to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof). Source: SL 2002, ch 225, §8.
SD Codified L § 55-15-9 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-9 - Administration of total return unitrust--Authority of trustee.

55-15-9. Administration of total return unitrust--Authority of trustee.In administering a total return unitrust, the trustee may, in its sole discretion but subject to the provisions of the governing instrument, determine:(1)The effective date of the conversion;(2)The timing of distributions (including provisions for prorating a distributions for a short year in which a beneficiary' right to payments commences or ceases);(3)Whether distributions are to be made in cash or in kind or partly in cash and partly in kind;(4)If the trust is reconverted to an income trust, the effective date of such reconversion; and(5)Such other administrative issues as may be necessary or appropriate to carry out the purposes of this chapter. Source: SL 2002, ch 225, §9.
SD Codified L § 55-15-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-10 - Distributions of principal not affected by conversion.

55-15-10. Distributions of principal not affected by conversion.Conversion to a total return unitrust under the provisions of this chapter does not affect any other provisions of the governing instrument, if any, regarding distributions of principal. Source: SL 2002, ch 225, §10.
SD Codified L § 55-15-11 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-11 - Spouse may compel reconversion to income trust for certain trusts--Written instrument required.

55-15-11. Spouse may compel reconversion to income trust for certain trusts--Written instrument required.In the case of a trust for which a marital deduction has been taken for federal tax purpose under I.R.C. section 2056 or 2523, the spouse otherwise entitled to receive the net income of the trust has the right, by written instrument delivered to the trustee, to compel the reconversion during his or her lifetime of the trust from a total return unitrust to an income trust, notwithstanding anything in this chapter to the contrary. Source: SL 2002, ch 225, §11.
SD Codified L § 55-15-12 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-12 - Applicability of chapter.

55-15-12.Applicability of chapter.This chapter shall be construed as pertaining to the administration of a trust and shall be available to any trust that is administered in South Dakota under South Dakota law unless (i) the governing instrument reflects an intention that the current beneficiary or beneficiaries are to receive an amount other than a reasonable current return from the trust, ii) the trust is a trust described in I.R.C. section 170(f)(2)(B), 6664(d), 1361(d), 2702(a)(3), or 2702(b), (iii) one or more persons to whom the trustee could distribute income have a power of withdrawal over the trust that is not subject to an ascertainable standard under I.R. C. section 2041 or 2514 or that can be exercised to discharge a duty of support he or she possesses, or (iv) the governing instrument expressly prohibits use of this chapter by specific reference to the chapter. A provision in the governing instrument that "The provisions of this chapter, or any corresponding provision of future law, may not be used in the administration of this trust" or similar words reflecting such intent are sufficient to preclude use of this chapter. Source: SL 2002, ch 225, §12.
SD Codified L § 55-15-13 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-13 - Trustee acting in good faith not liable--Remedy.

55-15-13. Trustee acting in good faith not liable--Remedy.Any trustee or disinterested person who in good faith takes or fails to take any action under this chapter is not liable to any person affected by such action or inaction, regardless of whether such person received written notice as provided in this chapter and regardless of whether such person was under a legal disability at the time of the delivery of such notice. Such person's exclusive remedy shall be to obtain an order of the court directing the trustee to convert an income trust to a total return unitrust, to reconvert from a total return unitrust to an income trust or to change the percentage used to calculate the unitrust amount. Source: SL 2002, ch 225, §13.
SD Codified L § 55-15-14 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-14 - No duty to act created.

55-15-14. No duty to act created.Nothing in this chapter is intended to create or imply a duty to take any action under this chapter, and no trustee is liable for not considering whether to take any action or for choosing not to take any such action. Source: SL 2002, ch 225, §14.
SD Codified L § 55-15-15 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 15 - Total Return Unitrusts|Section 55-15-15 - Chapter not applicable to charitable remainder unitrust.

55-15-15.Chapter not applicable to charitable remainder unitrust.This chapter does not apply to a charitable remainder unitrust as defined by §664(d) of the Internal Revenue Code of 1986 (26 U.S. C. §664), as of January 1, 2009. Source: SL 2009, ch 252, §38.
SD Codified L § 55-16-1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-1 - Definitions.

55-16-1. Definitions.Terms used in this chapter mean:(1)"Claim," a right to payment, whether or not the right is reduced to judgment liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured;(2)"Creditor," with respect to a transferor, a person who has a claim;(3)"Debt," liability on a claim;(4)"Disposition," a transfer, conveyance, or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one trustee for another or the addition of one or more new trustees, or the exercise of a power so as to cause a transfer of property to a trustee or trustees. The term does not include the release or relinquishment of an interest in property that theretofore was the subject of a qualified disposition;(5)"Property," real property, personal property, and interests in real or personal property;(6)"Qualified disposition," a disposition by or from a transferor to a qualified person or qualified persons, without consideration or for less than fair market value, by means of a trust instrument;(7)"Spouse" and "former spouse," only persons to whom the transferor was married at, or before, the time the qualified disposition is made;(8)"Transferor," any person as an owner of property; as a holder of a power of appointment which authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate, or the creditors of the holder's estate; or as a trustee, directly or indirectly, makes a disposition or causes a disposition to be made.The terms, transferor and beneficiary, may be any person as defined in subdivision 55-4-1(2). Source: SL 2005, ch 261, §1; SL 2015, ch 240, §20; SL 2018, ch 275, §28.
SD Codified L § 55-16-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-3 - Qualified person defined.

55-16-3. Qualified person defined.For the purposes of this chapter, a qualified person is any person who qualifies as a qualified person under §55-3-41 and who meets all the requirements of §55-3-39 other than the transferor. Source: SL 2005, ch 261, §3; SL 2009, ch 252, §42.
SD Codified L § 55-16-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-4 - Persons and entities not to be considered qualified person--Appointment, removal, or replacement of co-trustee, trust advisor, or trust protector.

55-16-4. Persons and entities not to be considered qualified person--Appointment, removal, or replacement of co-trustee, trust advisor, or trust protector.Neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in §55-16-3 may be considered a qualified person. However, nothing in this chapter precludes a transferor from appointing, removing, or replacing one or more co-trustees, trust advisors, or trust protectors, regardless of whether or not such trust advisor or trust protector is a fiduciary. Source: SL 2005, ch 261, §4; SL 2006, ch 243, §5; SL 2011, ch 212, §6.
SD Codified L § 55-16-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-5 - Service as investment trust advisor--Service as fiduciary by transferor.

55-16-5. Service as investment trust advisor--Service as fiduciary by transferor.Any person may serve as an investment trust advisor, as defined in subdivision 55-1B-1(6), notwithstanding that the person is the transferor of the qualified disposition, but a transferor may not otherwise serve as a fiduciary under a trust instrument except as stated in subdivision 55-16-2(2). While serving as an investment trust advisor of the trust, the person may have all powers authorized by statute or by the trust instrument, including the power to vote by proxy any stock owned by the trust. Source: SL 2005, ch 261, §5; SL 2006, ch 243, §6; SL 2010, ch 232, §28; SL 2012, ch 233, §15; SL 2019, ch 209, §8; SL 2020, ch 206, § 17.
SD Codified L § 55-16-6 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-6 - Successor qualified person.

55-16-6. Successor qualified person.If a qualified person of a trust ceases to meet the requirements of §55-16-3, and there remains no trustee that meets such requirements, such qualified person shall be deemed to have resigned as of the time of such cessation, and thereupon the successor qualified person provided for in the trust instrument shall become a qualified person of the trust, or in the absence of any successor qualified person provided for in the trust instrument, the circuit court shall, upon application of any interested party, appoint a successor qualified person. Source: SL 2005, ch 261, §6.