reglab/housing_qa huggingface dataset:
SD Codified L § 55-1B-12 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 01B - Directed Trusts|Section 55-1B-12 - Powers and discretions of family advisor.

55-1B-12. Powers and discretions of family advisor.The powers and discretions of a family advisor are as provided in the governing instrument or by court order and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the family advisor. The powers and discretions may only include the following:(1)Remove and appoint a trustee, a fiduciary provided for in the governing trust instrument, trust advisor, investment committee member, or distribution committee member;(2)Appoint a trust protector, or a family advisor;(3)Advise the trustee on matters concerning any beneficiary; receive trust accountings, investment reports, and other information from the trustee or to which a beneficiary is entitled; attend meetings whether in person or by any other means with the trustee, investment trust advisors, distribution trust advisors, or other advisors whether in person or by any means, electronic or otherwise; and to consult with a fiduciary regarding both fiduciary and nonfiduciary matters or actions, all without any power or discretion to take any action as a fiduciary; or(4)Provide direction regarding notification of qualified beneficiaries pursuant to §55-2-13.A family advisor is not required to exercise any powers or discretions under any circumstances. Every action or inaction by a family advisor is a nonfiduciary action or inaction and a family advisor is absolutely excluded from liability to any other person for an action or inaction as a family advisor. A court may review a family advisor's exercise of the powers described in subdivisions (1), (2), and (4) only if the family advisor acts dishonestly or with an improper motive but may not review a family advisor's failure to exercise any powers. A reasonableness standard may not be applied to any action or inaction of a family advisor. Other than for the two circumstances listed above, a court has no jurisdiction to review a family advisor's action or inaction.A family advisor is entitled to compensation as provided in the governing instrument. If the governing instrument does not provide for or establish compensation, a family advisor is entitled to reasonable compensation for the exercise of the powers and discretions granted to the family advisor pursuant to this chapter. Source: SL 2016, ch 231, §18; SL 2020, ch 206, § 11.
SD Codified L § 55-2-1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-1 - Trustee's obligation of good faith.

55-2-1. Trustee's obligation of good faith.In all matters connected with his trust a trustee is bound to act in the highest good faith toward his beneficiary and may not obtain any advantage therein over the latter by the slightest misrepresentation, concealment, threat, or adverse pressure of any kind. Source: SDC 1939, §59.0106.
SD Codified L § 55-2-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-2 - Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.

55-2-2. Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.A trustee may not in any manner use or deal with the trust property for his own profit or for any other purpose unconnected with the trust.If he does so, he may, at the option of the beneficiary, be required to account for all profits thereby made or to pay the value of the use of the trust property, and if he has disposed thereof, to replace it with its fruits or to account for its proceeds with interest. Source: SDC 1939, §59.0107.
SD Codified L § 55-2-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-3 - Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.

55-2-3. Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.Neither a trustee nor any of his agents may take part in any transaction concerning the trust in which he or anyone for whom he acts as agent has an interest, present or contingent, adverse to that of his beneficiary, except as follows:(1)When the beneficiary does have the capacity to contract and, with a full knowledge of the motives of the trustee and of all other facts concerning the transaction which might affect his own decision and without the use of any influence on the part of the trustee, permits the trustee to do so;(2)When the beneficiary does not have the capacity to contract but the circuit court, upon the like information of the facts, grants the like permission;(3)When some of the beneficiaries have the capacity to contract and some do not have it and the former grant permission for themselves and the circuit court for the latter in the manner above prescribed; or(4)When the instrument creating the trust expressly grants permission to the trustee to buy, sell or lease property for the trust from or to the trust. Source: SDC 1939, §59.0108; SL 1981, ch 354, §1.
SD Codified L § 55-2-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-4 - Trustee's influence not to be used for his advantage.

55-2-4. Trustee's influence not to be used for his advantage.A trustee may not use the influence which his position gives him to obtain any advantage from his beneficiary. Source: SDC 1939, §59.0109.
SD Codified L § 55-2-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-5 - Trustee not to assume a trust adverse to the interest of beneficiary.

55-2-5. Trustee not to assume a trust adverse to the interest of beneficiary.No trustee so long as he remains in the trust may undertake another trust adverse in its nature to the interest of his beneficiary in the subject of the trust without the consent of the latter. Source: SDC 1939, §59.0110.
SD Codified L § 55-2-6 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-6 - Adverse interest of trustee--Information to beneficiary--Removal of trustee.

55-2-6. Adverse interest of trustee--Information to beneficiary--Removal of trustee.If a trustee acquires any interest or becomes charged with any duty adverse to the interest of his beneficiary in the subject of the trust, he must immediately inform the latter thereof and may be at once removed. Source: SDC 1939, §59.0111.
SD Codified L § 55-2-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-7 - Fraud against beneficiary of trust.

55-2-7. Fraud against beneficiary of trust.Every violation of the provisions of §§55-2-1 to 55-2-6, inclusive, is a fraud against the beneficiary of the trust. Source: SDC 1939, §59.0112.
SD Codified L § 55-2-8 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-8 - Presumption against trustee.

55-2-8. Presumption against trustee.All transactions between a trustee and his beneficiary during the existence of the trust or while the influence acquired by the trustee remains, by which he obtains any advantage from his beneficiary, are presumed to be entered into by the latter without sufficient consideration and under undue influence. Source: SDC 1939, §59.0113.
SD Codified L § 55-2-9 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-9 - Liability of trustee mingling trust property with his own.

55-2-9. Liability of trustee mingling trust property with his own.A trustee who willfully and unnecessarily mingles the trust property with his own so as to constitute himself in appearance its absolute owner is liable for its safety in all events. Source: SDC 1939, §59.0114.
SD Codified L § 55-2-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-10 - Measure of liability for unauthorized use or disposal of trust property--Intent to serve interest of beneficiary.

55-2-10. Measure of liability for unauthorized use or disposal of trust property--Intent to serve interest of beneficiary.A trustee who uses or disposes of the trust property in any manner not authorized by the trust but in good faith and with intent to serve the interest of the beneficiary is liable only to make good whatever is lost to the beneficiary by his error. Source: SDC 1939, §59.0115.
SD Codified L § 55-2-11 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-11 - Liability for acts of cotrustee.

55-2-11. Liability for acts of cotrustee.A trustee is responsible for the wrongful acts of a cotrustee to which he consented or which by his negligence he enabled the latter to commit, but for no others. Source: SDC 1939, §59.0116.
SD Codified L § 55-2-12 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-12 - Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.

55-2-12. Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary. Unless otherwise provided in the trust agreement, a successor trustee:(1)Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; and(2)Does not have a duty to:(a)Confirm or validate such predecessor fiduciary's actions or inactions;(b)Confirm the validity of the trust agreement; or(c)Prosecute or seek redress for any action or inaction by the predecessor fiduciary. Source: SL 1991, ch 229, §2; SL 2021, ch 207, § 10.
SD Codified L § 55-2-14 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-14 - Duty to provide information regarding revocable trust and its administration.

55-2-14. Duty to provide information regarding revocable trust and its administration.A trustee of a revocable trust:(1)Subject to subdivision 3 below, shall keep the settlor reasonably informed of the trust and its administration;(2)Unless otherwise provided in the trust instrument, does not have a duty to inform a trust beneficiary of the trust and its administration, other than the settlor or, if the trustor is an incapacitated person, the trustor's designated agent;(3)Unless otherwise provided in the trust instrument, if the trustee obtains actual knowledge that the settlor of a revocable trust is an incapacitated person and has no designated agent, the trustee may in its sole discretion keep each interested trust beneficiary, who, if the settlor were then deceased, would be a current trust beneficiary, reasonably informed of the trust and its administration. Notwithstanding the provisions of the trust instrument, upon good cause shown, the court may order the trustee to keep other beneficiaries reasonably informed of the trust and its administration. Source: SL 2007, ch 247, §9.
SD Codified L § 55-2-16 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-16 - Action that may not be taken by restricted trustee may be taken by another unrestricted trustee.

55-2-16. Action that may not be taken by restricted trustee may be taken by another unrestricted trustee.Any action that may not be taken by a trustee of the first trust by reason of the restrictions in subdivision 55-2-15(2) may instead be taken by any other trustee of the first trust who is not so restricted, or, if none, by the next available party who can be a successor trustee and who is not so restricted. The second trust may be a trust created or administered under the laws of any jurisdiction, within or without the United States. Source: SL 2007, ch 281, §2.
SD Codified L § 55-2-17 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-17 - Conditions under which beneficiary has power to change trustees.

55-2-17. Conditions under which beneficiary has power to change trustees.For the purposes of §55-2-15, a beneficiary shall be considered to have the power to "change the trustees" if he or she can, alone or with others, name himself or herself as a trustee or can remove a trustee and replace that trustee with a new trustee who is the beneficiary or who is related or subordinate (as defined in §672 of the I.R.C.) to the beneficiary. Source: SL 2007, ch 281, §3; SL 2009, ch 252, §18.
SD Codified L § 55-2-18 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-18 - Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust.

55-2-18. Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust.The exercise of the power to distribute the income or principal of the trust under §55-2-15 shall be by an instrument in writing, signed and acknowledged by the trustee and filed with the records of the trust. The trustee of the first trust may notify the beneficiaries of the first trust, in writing, prior to the effective date of the trustee's exercise of the power under §55-2-15 (applying chapter 55-18). A copy of the exercise of this authority and the second trust agreement shall satisfy this notice provision. For the purposes of this section, the term, beneficiaries, means those persons who would be entitled to notice and a copy of the first trust instrument under §55-2-13. Source: SL 2007, ch 281, §4; SL 2009, ch 252, §19; SL 2013, ch 239, §17; SL 2017, ch 208, §31.
SD Codified L § 55-2-19 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-19 - Exercise of power to distribute income or principal considered exercise of power of appointment.

55-2-19. Exercise of power to distribute income or principal considered exercise of power of appointment.The exercise of the power to distribute the income or principal of the trust under §55-2-15 shall be considered the exercise of a power of appointment (other than a power to appoint to the trustee, the trustee's creditors, the trustee's estate, or the creditors of the trustee's estate). Source: SL 2007, ch 281, §5.
SD Codified L § 55-2-20 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-20 - Impermissible use of power.

55-2-20. Impermissible use of power.The power under §55-2-15 may not be exercised to suspend the power to alienate trust property or extend the first trust beyond the permissible period of any rule against perpetuities applicable to the first trust. Source: SL 2007, ch 281, §6; SL 2011, ch 212, §9.
SD Codified L § 55-2-21 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-21 - Trustee's right to distribute income or principal in trust arising under law or terms of first trust not abridged.

55-2-21. Trustee's right to distribute income or principal in trust arising under law or terms of first trust not abridged.No provision of §§55-2-15 to 55-2-20, inclusive, may be construed to abridge the right of any trustee who has power to distribute income or principal in further trust which arises under statute, common law, or the terms of the first trust. Source: SL 2007, ch 281, §7; SL 2009, ch 252, §20.
SD Codified L § 55-2-22 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-22 - Fiduciary duty to determine that substituted property is of equivalent value.

55-2-22. Fiduciary duty to determine that substituted property is of equivalent value.Notwithstanding the terms of a trust instrument, if a settlor has a power to substitute property of equivalent value, a trustee has a fiduciary duty to determine that the substituted property is of equivalent value, prior to allowing the substitution. Source: SL 2009, ch 252, §21.
SD Codified L § 55-2-23 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 02 - Duties And Liabilities Of Trustees|Section 55-2-23 - Reliance of excluded fiduciaries and trustees on tax information.

55-2-23. Reliance of excluded fiduciaries and trustees on tax information.An excluded fiduciary as defined in §55-1B-1 who receives tax information regarding an asset or entity owned by the trust, any trustee of a trust that holds an asset or entity owned by the trust but who does not manage the asset or entity, and any trustee who receives tax information from the settlor, the settlor's agents, or other individuals regarding matters that have tax implications to the trust or trust beneficiaries, may rely, without liability, on tax information it receives in any of the above situations. By way of example, if a trustee holds in trust a limited liability company interest but does not manage the limited liability company, the trustee may rely, without limitation, on any tax information received from the manager of the limited liability company or its accountant or agents.The tax information that a trustee may rely on in the above situations may include the following:(1)The accuracy of any information reported on a tax return;(2)A copy of a tax return provided by the tax return preparer or the taxpayer filing the return;(3)The representation of another fiduciary or tax advisor who filed or prepared a tax return as to the amount of any item reported on that return;(4)The settlor's representation whether or not a gift or generation skipping transfer tax form has ever been filed as well as how much of the respective exemptions have been utilized; or(5)The direction from the grantor's or settlor's tax advisors based upon any contribution or distribution, or both, for the appropriate tax filings.An entity, for purposes of this section, shall be defined as set out in subdivisions 47-34A-101(6) and 47-34A-101(13).This section applies to any trust in existence on or created on or after July 1, 2012. Source: SL 2012, ch 233, §21.
SD Codified L § 55-3-1 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-1 - Application of chapter.

55-3-1. Application of chapter.The provisions of this chapter apply to all trusts. Source: SDC 1939, §59.0201; SL 1993, ch 213, §254; SL 1993, ch 355, §1; SL 1998, ch 282, §11; SL 2010, ch 232, §2.
SD Codified L § 55-3-2 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-2 - Creation of trust--Mutual consent of trustor and trustee.

55-3-2. Creation of trust--Mutual consent of trustor and trustee.The mutual consent of a trustor and trustee creates a trust of which the beneficiary may take advantage at any time prior to its rescission. Source: SDC 1939, §59.0202.
SD Codified L § 55-3-3 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-3 - Appointing court or public officer as trustor.

55-3-3. Appointing court or public officer as trustor.When a trustee is appointed by a court or public officer as a trustee, the court or officer is the trustor. A court may otherwise establish or create a trust and may act as the trustor of a trust. Source: SDC 1939, §59.0202; SL 2016, ch 231, §19.
SD Codified L § 55-3-4 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-4 - Declaration of trust--Declarations of trustor to trustee before acceptance.

55-3-4. Declaration of trust--Declarations of trustor to trustee before acceptance.The nature, extent, and object of a trust are expressed in the declaration of trust.All declarations of a trustor to his trustees in relation to the trust, before its acceptance by the trustees or any of them are to be deemed part of the declaration of the trust, except that when a declaration of trust is made in writing all previous declarations by the same trustor are merged therein. Source: SDC 1939, §59.0203.
SD Codified L § 55-3-5 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-5 - Trustee to follow declaration of trust--Modifications.

55-3-5. Trustee to follow declaration of trust--Modifications. A trustee shall fulfill the purposes of the trust as declared at its creation, or as subsequently amended, and shall follow all the directions of the trustor given at that time, except as modified. For purposes of modifications by consent of all parties interested and modifications upon approval by the court, the provisions of chapter 55-18 apply to such modifications. Source: SDC 1939, §59.0204; SL 1993, ch 355, §5; SL 2017, ch 208, §32; SL 2021, ch 207, § 2.
SD Codified L § 55-3-6 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-6 - Trust irrevocable in absence of express contrary provisions.

55-3-6. Trust irrevocable in absence of express contrary provisions.Unless the terms of a trust expressly reserve a power to the settlor to revoke or modify a trust, a trust shall be irrevocable. Source: SDC 1939, §59.0216; SL 1993, ch 355, §2; SL 1998, ch 282, §9; SL 2019, ch 209, §5.
SD Codified L § 55-3-7 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-7 - Trustee's power as agent.

55-3-7. Trustee's power as agent.A trustee is a general agent for the trust and the trust property. The trustee's authority is the authority that is conferred upon the trustee by the declaration of trust and by this chapter and none other. The trustee's acts, within the scope of the trustee's authority, bind the trust and the trust property to the same extent as the acts of an agent bind the agent's principal. Source: SDC 1939, §59.0209; SL 2016, ch 231, §20.
SD Codified L § 55-3-10 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-10 - Degree of care and diligence used in execution of trusts.

55-3-10. Degree of care and diligence used in execution of trusts.A trustee, whether he receives any compensation or not, must use at least ordinary care and diligence in the execution of his trust. Source: SDC 1939, §59.0205.
SD Codified L § 55-3-11 (2021)
2021 South Dakota Codified Laws|Title 55 - Fiduciaries and Trusts|Chapter 03 - Express Trusts For Third Party Beneficiaries|Section 55-3-11 - Investment of money by trustee--Interest, simple or compound, on omission to invest trust moneys.

55-3-11. Investment of money by trustee--Interest, simple or compound, on omission to invest trust moneys.A trustee must invest money received by him under the trust, as fast as he collects a sufficient amount, in such manner as to afford reasonable security and interest for the same.If he fails so to do, he must pay simple interest thereon if such omission is merely negligent, and compound interest thereon if it is willful. Source: SDC 1939, §59.0207.