reglab/housing_qa huggingface dataset:
SD Codified L § 55-16-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-7 - Disposition to more than one trustee--Qualified disposition even if all trustees are not qualified persons.

55-16-7. Disposition to more than one trustee--Qualified disposition even if all trustees are not qualified persons.In the case of a disposition to more than one trustee, a disposition that is otherwise a qualified disposition may not be treated as other than a qualified disposition solely because not all of the trustees are qualified persons. Source: SL 2005, ch 261, §7.
SD Codified L § 55-16-8 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-8 - Powers and rights of transferor--Effect on qualified disposition.

55-16-8. Powers and rights of transferor--Effect on qualified disposition.A qualified disposition is subject to §§55-16-9 to 55-16-14, inclusive, notwithstanding a transferor's retention of any or all of the powers and rights described in subdivision 55-16-2(2) and the transferor's service as trust advisor pursuant to §55-16-5. The transferor has only such powers and rights as are conferred by the trust instrument. Except as permitted by §§55-16-2 and 55-16-5, a transferor has no rights or authority with respect to the property that is the subject of a qualified disposition or the income therefrom, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority is void. Source: SL 2005, ch 261, §8.
SD Codified L § 55-16-9 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-9 - Creditors' actions limited to transfers with intent to defraud.

55-16-9. Creditors' actions limited to transfers with intent to defraud.Notwithstanding any other provision of law, including chapter 54-8A, no action of any kind, including an action to enforce a judgment entered by a court or other body having adjudicative authority, may be brought at law or in equity for an attachment or other provisional remedy against property that is the subject of a qualified disposition or for avoidance of a qualified disposition unless the settlor's transfer of property was made with the intent to defraud that specific creditor. In the event of any conflict between any provision of this chapter and any provision of chapter 54-8A or any other provision of law similar to any provision of chapter 54-8A, the provisions of this chapter control and prevail. Source: SL 2005, ch 261, §9; SL 2008, ch 257, §16; SL 2014, ch 226, §21.
SD Codified L § 55-16-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-10 - Requirements for bringing claim for fraudulent transfer of settlor's assets.

55-16-10. Requirements for bringing claim for fraudulent transfer of settlor's assets.A cause of action or claim for relief with respect to a fraudulent transfer of a settlor's assets under §55-16-9 is extinguished unless the action under §55-16-9 is brought by a creditor of the settlor who meets one of the following requirements:(1)Is a creditor of the settlor before the settlor's assets are transferred to the trust, and the action under §55-16-9 is brought within the later of:(a)Two years after the transfer is made; or(b)Six months after the transfer is or reasonably could have been discovered by the creditor if the creditor:(i)Can demonstrate that the creditor asserted a specific claim against the settlor before the transfer; or(ii)Files another action, other than an action under §55-16-9, against the settlor that asserts a claim based on an act or omission of the settlor that occurred before the transfer, and the action described in this sub-subsection is filed within two years after the transfer;(2)Becomes a creditor subsequent to the transfer into trust, and the action under §55-16-9 is brought within two years after the transfer is made;(3)In any action described in §55-16-9, the burden to prove the matter by clear and convincing evidence is upon the creditor;(4)A person is deemed to have discovered a transfer at the time a public record of the transfer is made, including the conveyance of an interest in real property that is recorded in the appropriate public filing office where the property is located, the filing of a financing statement pursuant to chapter 57A-9, or the filing of a bill of sale or other transfer instrument regarding personal property; or(5)The filing of a bill of sale or other transfer instrument which conveys personal property to a trust which is governed by this chapter shall be filed in the applicable public filing office determined as follows:(a)If the transferor is a natural person and is a resident of this state, the personal property transfer instrument shall be recorded in the county in this state where the transferor maintains the transferor's principal residence; and(b)In all other cases, the personal property transfer instrument shall be recorded in the county in this state where the trustee of the trust maintains a principal residence or principal place of business.This section and §§55-16-9, 55-16-11 to 55-16-13, inclusive, are inseparably interwoven with substantive rights that a deprivation of legal rights would result if another jurisdiction's laws and regulations to the contrary are applied to a claim or cause of action described therein. Source: SL 2005, ch 261, §10; SL 2008, ch 257, §17; SL 2012, ch 233, §16; SL 2016, ch 231, §24; SL 2017, ch 204, §22.
SD Codified L § 55-16-11 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-11 - Disposition by transferor who is a trustee--Time of disposition.

55-16-11. Disposition by transferor who is a trustee--Time of disposition.A qualified disposition that is made by means of a disposition by a transferor who is a trustee is deemed to have been made as of the time, whether before, on, or after July 1, 2005, the property that is the subject of the qualified disposition was originally transferred to the transferor, or any predecessor trustee, making the qualified disposition in a form that meets the requirements of subdivisions 55-16-2(2) and (3). Further, the provisions of this section apply to determine the date the transfer is deemed to have been made, notwithstanding that the original transfer was to a trust originally within or outside of the jurisdiction of South Dakota.If property transferred to a spendthrift trust is conveyed to the settlor or to a beneficiary for the purpose of obtaining a loan secured by a mortgage or deed of trust on the property and then reconveyed to the trust within one hundred eighty days of recording the mortgage or deed of trust, for purposes of subdivision 55-16-10(1), the transfer is disregarded and the reconveyance relates back to the date the property was originally transferred to the trust. The mortgage or deed of trust on the property is enforceable against the trust. Source: SL 2005, ch 261, §11; SL 2012, ch 233, §17; SL 2016, ch 231, §25.
SD Codified L § 55-16-12 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-12 - Creditor or other person--Rights with respect to a qualified disposition--Action against trustee, advisor, or trust preparer prohibited.

55-16-12. Creditor or other person--Rights with respect to a qualified disposition--Action against trustee, advisor, or trust preparer prohibited.Notwithstanding any law to the contrary, a creditor, including a creditor whose claim arose before or after a qualified disposition, or any other person has only such rights with respect to a qualified disposition as are provided in §§55-16-9 to 55-16-16, inclusive, and no such creditor nor any other person has any claim or cause of action against the trustee, or advisor, described in §55-16-4, of a trust that is the subject of a qualified disposition, or against any person involved in the counseling, drafting, preparation, execution, or funding of a trust that is the subject of a qualified disposition. In addition to the provisions of §55-1-43, at no time is a qualified person, as defined in §55-16-3, personally liable to a creditor of a transferor or any other person for distributions made by the qualified person, before the creditor or person notified the qualified person, in writing, that a claim or cause of action existed. This applies regardless of whether the distributions are made to or for the benefit of the transferor or a beneficiary during the period in which a creditor or other person could make a claim as provided in §55-16-10. Source: SL 2005, ch 261, §12; SL 2012, ch 233, §18.
SD Codified L § 55-16-13 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-13 - Action against trustee, advisor, or preparer of trust prohibited if action by creditor would be barred--Jurisdiction--Attorneys' fees and costs.

55-16-13. Action against trustee, advisor, or preparer of trust prohibited if action by creditor would be barred--Jurisdiction--Attorneys' fees and costs.Notwithstanding any other provision of law, no action of any kind, including an action to enforce a judgment entered by a court or other body having adjudicative authority, may be brought at law or in equity against the trustee, or advisor described in §55-16-4, of a trust that is the subject of a qualified disposition, or against any person involved in the counseling, drafting, preparation, execution, or funding of a trust that is the subject of a qualified disposition, if, as of the date such action is brought, an action by a creditor with respect to such qualified disposition would be barred under §§55-16-9 to 55-16-12, inclusive. A court of this state has exclusive jurisdiction over an action brought under a claim for relief that is based on a transfer of property to a trust that is the subject of this section. A court of this state may award attorneys' fees and costs to the prevailing party in such an action. In any action described in this section, the burden to prove the matter by clear and convincing evidence is upon the creditor. Source: SL 2005, ch 261, §13; SL 2007, ch 247, §12; SL 2009, ch 252, §44; SL 2016, ch 231, §26.
SD Codified L § 55-16-14 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-14 - Multiple qualified dispositions in same trust instrument.

55-16-14. Multiple qualified dispositions in same trust instrument.If more than one qualified disposition is made by means of the same trust instrument:(1)The making of a subsequent qualified disposition shall be disregarded in determining whether a creditor's claim with respect to a prior qualified disposition is extinguished as provided in §55-16-10; and(2)Any distribution to a beneficiary is deemed to have been made from the latest such qualified disposition. Source: SL 2005, ch 261, §14.
SD Codified L § 55-16-16 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 16 - Qualified Dispositions In Trust|Section 55-16-16 - Avoidance of qualified disposition.

55-16-16. Avoidance of qualified disposition.A qualified disposition is avoided only to the extent necessary to satisfy the transferor's debt to the creditor at whose instance the disposition had been avoided, together with such costs, including attorney's fees, as the court may allow. If any qualified disposition is avoided as provided in this section, then:(1)If the court is satisfied that a qualified person has not acted in bad faith in accepting or administering the property that is the subject of the qualified disposition:(a)Such qualified person has a first and paramount lien against the property that is the subject of the qualified disposition in an amount equal to the entire cost, including attorney's fees, properly incurred by such qualified person in the defense of the action or proceedings to avoid the qualified disposition. It is presumed that such qualified person did not act in bad faith merely by accepting such property; and(b)The qualified disposition is avoided subject to the proper fees, costs, preexisting rights, claims, and interests of such qualified person, and of any predecessor qualified person that has not acted in bad faith; and(2)If the court is satisfied that a beneficiary of a trust has not acted in bad faith, the avoidance of the qualified disposition is subject to the right of such beneficiary to retain any distribution made upon the exercise of a trust power or discretion vested in the qualified person or qualified persons of such trust, which power or discretion was properly exercised prior to the creditor's commencement of an action to avoid the qualified disposition. It is presumed that the beneficiary, including a beneficiary who is also a transferor of the trust, did not act in bad faith merely by creating the trust or by accepting a distribution made in accordance with the terms of the trust. Source: SL 2005, ch 261, §16.
SD Codified L § 55-17-1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-1 - Arrangement qualifying as special spousal trust.

55-17-1. Arrangement qualifying as special spousal trust.An arrangement is a South Dakota special spousal trust if one or both spouses in a marriage transfer property to a trust, the trust expressly declares that some or all the property transferred is South Dakota special spousal property as provided in this chapter, and at least one trustee is a qualified person. A South Dakota special spousal trust is enforceable without consideration. Both spouses or either spouse may be a trustee. The trust must be signed by both spouses. The trust may be revocable or irrevocable.For purposes of this section, a qualified person is any person who meets the requirements of §§55-3-41 and 55-3-39, but without regard to whether that person is the transferor. Source: SL 2016, ch 231, §29.
SD Codified L § 55-17-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-2 - Required language.

55-17-2. Required language.A South Dakota special spousal trust shall contain the following language in capital letters at the beginning of the trust:THE CONSEQUENCES OF THIS TRUST MAY BE VERY EXTENSIVE, INCLUDING YOUR RIGHTS WITH RESPECT TO CREDITORS AND OTHER THIRD PARTIES, AND YOUR RIGHTS WITH YOUR SPOUSE BOTH DURING THE COURSE OF YOUR MARRIAGE, AT THE TIME OF A DIVORCE, AND AT THE DEATH OF YOU OR YOUR SPOUSE. ACCORDINGLY, THIS TRUST AGREEMENT SHOULD ONLY BE SIGNED AFTER CAREFUL CONSIDERATION. IF YOU HAVE ANY QUESTIONS ABOUT THIS TRUST AGREEMENT, YOU SHOULD SEEK INDEPENDENT LEGAL ADVICE. Source: SL 2016, ch 231, §30.
SD Codified L § 55-17-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-3 - Classification of property--Interest of each spouse.

55-17-3. Classification of property--Interest of each spouse.Spouses may classify all or any of their property as special spousal property by transferring property to a South Dakota special spousal trust established pursuant to this chapter, and by expressly declaring in the trust that the property is community property. Unless there is a specific provision in the governing instrument stating otherwise, each spouse's respective interest in the special spousal property is fifty percent. Source: SL 2016, ch 231, §31; SL 2018, ch 275, §29.
SD Codified L § 55-17-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-4 - Amendment and revocation.

55-17-4. Amendment and revocation.A South Dakota special spousal trust may not be amended or revoked unless the trust agreement provides for amendment or revocation, or unless the trust agreement is amended or revoked by a later South Dakota special spousal trust. To amend or revoke the trust, the later South Dakota special spousal trust is not required to declare any property held by the trustee as special spousal property. The amended trust or the revocation is enforceable without consideration. However, notwithstanding the other provisions of this chapter, unless the South Dakota special spousal trust expressly provides otherwise, at any time after the death of the first spouse the surviving spouse may amend the South Dakota special spousal trust with regard to the surviving spouse's property to be disposed of at the surviving spouse's death. For purposes of this section, the term, surviving spouse's property, means the property that consists of the surviving spouse's property that is not South Dakota special spousal property and the surviving spouse's share of the special spousal property determined as of the date of the first spouse's death. Source: SL 2016, ch 231, §32.
SD Codified L § 55-17-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-5 - Application of Internal Revenue Code--Special spousal property defined--Community property classified by another jurisdiction.

55-17-5. Application of Internal Revenue Code--Special spousal property defined--Community property classified by another jurisdiction.For purposes of the application of §1014(b)(6) of the Internal Revenue Code of 1986, 26 U.S.C. §1014(b)(6), as of January 1, 2016, a South Dakota special spousal trust is considered a trust established under the community property laws of South Dakota. For purposes of this chapter, the term, special spousal property, means community property for those purposes. Community property as classified by a jurisdiction other than South Dakota transferred to a South Dakota special spousal trust retains its character as community property while in the trust. If the trust is revoked and property is transferred on revocation of the trust, the community property as classified by a jurisdiction other than South Dakota retains its character as community property to the extent otherwise provided by South Dakota law. Source: SL 2016, ch 231, §33.
SD Codified L § 55-17-6 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-6 - Qualified disposition in trust.

55-17-6. Qualified disposition in trust.A transfer to a South Dakota special spousal trust may also be a qualified disposition in trust if the transfer complies with the provisions of chapter 55-16. Source: SL 2016, ch 231, §34.
SD Codified L § 55-17-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-7 - Types of transfers to special spousal trust.

55-17-7. Types of transfers to special spousal trust.In addition to other transfers of property to a South Dakota special spousal trust, property is considered transferred to a South Dakota special spousal trust if the property is subject to a nonprobate transfer on death under an insurance policy, contract of employment, bond, mortgage, promissory note, certificated or uncertificated security, account agreement, custodial agreement, deposit agreement, compensation plan, pension plan, individual retirement plan, employee benefit plan, trust, conveyance, deed of gift, marital property agreement, or other written instrument of a similar nature and the South Dakota special spousal trust is designated as a beneficiary to receive the property under the transfer. The property is considered the surviving spouse's property that is not South Dakota special spousal property. Source: SL 2016, ch 231, §35.
SD Codified L § 55-17-8 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-8 - Records.

55-17-8. Records.The trustee of a South Dakota special spousal trust shall maintain records that identify which property held by the trust is South Dakota special spousal property and which property held by the trust is not South Dakota special spousal property. Source: SL 2016, ch 231, §36.
SD Codified L § 55-17-9 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-9 - Matters upon which spouses may agree.

55-17-9. Matters upon which spouses may agree.Except as provided in §§55-17-10 and 55-17-11, in a South Dakota special spousal trust, spouses may agree on:(1)The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located;(2)The management and control of the property transferred to the trust;(3)The disposition of the property transferred to the trust on dissolution, death, or the occurrence or nonoccurrence of another event; if there is no provision in the governing instrument on disposition of the property transferred to the trust on dissolution, South Dakota law on disposition of property on dissolution applies;(4)The choice of law governing the interpretation of the trust; and(5)Any other matter that affects the property transferred to the trust and does not violate public policy or a statute imposing a criminal penalty. Source: SL 2016, ch 231, §37; SL 2018, ch 275, §30.
SD Codified L § 55-17-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-10 - Right of child to support.

55-17-10. Right of child to support.Notwithstanding anything contained in §55-17-9 to the contrary, a South Dakota special spousal trust may not adversely affect the right of a child to support. Source: SL 2016, ch 231, §38.
SD Codified L § 55-17-11 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-11 - Creditor rights--Good faith between spouses.

55-17-11. Creditor rights--Good faith between spouses.Notwithstanding anything contained in §55-17-9 to the contrary:(1)A provision of a revocable South Dakota special spousal property trust does not adversely affect the interest of a creditor unless the creditor has actual knowledge of the trust when the obligation to the creditor is incurred. The interest of a creditor in an irrevocable South Dakota special spousal property trust may be subject to the rights and liabilities of a creditor with respect to transfers under chapter 55-16 as provided in §55-17-6;(2)A spouse shall act in good faith with respect to the other spouse in matters involving South Dakota special spousal property. The obligation under and effect of this section may not be varied by a South Dakota special spousal property trust. Source: SL 2016, ch 231, §39.
SD Codified L § 55-17-12 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 17 - Special Spousal Trusts|Section 55-17-12 - Bona fide purchasers.

55-17-12. Bona fide purchasers.Notwithstanding anything contained in §55-17-9 to the contrary:(1)Notice of the existence of a South Dakota special spousal property trust, a marriage, or the termination of a marriage does not affect the status of a purchaser as a bona fide purchaser;(2)Special spousal property purchased by a bona fide purchaser from a spouse having the right to manage and control the property is acquired free of any claim of the other spouse. The effect of this subsection may not be varied by a South Dakota special spousal property trust. Source: SL 2016, ch 231, §40.