reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-27 - Termination of noncharitable trusts valued under one hundred fifty thousand dollars--Distribution of property.

55-3-27. Termination of noncharitable trusts valued under one hundred fifty thousand dollars--Distribution of property.
Except as otherwise provided by the terms of the trust, if the value of the trust property of a noncharitable trust is less than one hundred fifty thousand dollars, the trustee may terminate the trust. On petition by a trustee or beneficiary, the court may modify or terminate a noncharitable trust or appoint a new trustee if it determines that the value of the trust property is insufficient to justify the cost of administration involved. Upon termination of a trust pursuant to this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention. The existence of spendthrift or similar protective provisions in a trust does not make this section inapplicable. The court, when considering the termination of a trust containing spendthrift or similar protective provisions, shall consider the feasibility of appointing a new trustee to continue the trust. This section does not apply to a purpose trust under subdivision 55-1-21(1).
Source:
SL 1998, ch 282, §5; SL 2004, ch 312, §12; SL 2015, ch 240, §18; SL 2018, ch 275, §26.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-28 - Terms of trust may be reformed by court.

55-3-28. Terms of trust may be reformed by court.
On petition by a trustee or beneficiary, the court may reform the terms of the trust, based upon a showing by the preponderance of the evidence and without any preliminary showing of an ambiguity, to conform to the trustor's intention if the failure to conform was due to a mistake of fact or law or a scrivener's error and the trustor's intent can be established. The terms of the trust may be construed or modified, in a manner that does not violate the trustor's probable intention, to achieve the trustor's tax objectives.
Source: SL 1998, ch 282, §6; SL 2016, ch 231, §22; SL 2023, ch 161, §10.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-29 - Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition to court.

55-3-29. Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition to court.
Without approval of court and except as otherwise provided by the terms of the trust, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the combination or division does not impair the rights of any of the beneficiaries or substantially affect the accomplishment of the trust purposes. On petition by a trustee or beneficiary, the court may affirm or prevent a proposed combination or division; and, if the terms of the trust instruments creating the trusts are inconsistent, the court shall resolve such inconsistencies in its order by establishing the terms of the trust that will survive the combination or division.
Source:
SL 1998, ch 282, §7; SL 2004, ch 312, §11.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-29.1 - Defense of laches not available.

55-3-29.1. Defense of laches not available.
No beneficiary of a trust may assert the defense of laches in any proceeding to modify, reform, or terminate a trust pursuant to §§55-3-23 to 55-3-29, inclusive.
Source:
SL 2009, ch 252, §22.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-29.2 - Statute of limitations defense not available.

55-3-29.2. Statute of limitations defense not available.
No beneficiary of a trust may assert a statute of limitations defense in any proceeding to modify, reform, or terminate a trust pursuant to §§55-3-23 to 55-3-29, inclusive.
Source:
SL 2011, ch 212, §12.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-30 - Provisions not exclusive.

55-3-30. Provisions not exclusive.
The provisions of §§55-3-23 to 55-3-29, inclusive, shall not be construed as exclusive methods of modifying or terminating irrevocable trusts.
Source:
SL 1998, ch 282, §8.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-39 - When state law or jurisdiction provision valid, effective, and conclusive.

55-3-39. When state law or jurisdiction provision valid, effective, and conclusive.
Except as expressly provided by the terms of a governing instrument or by a court order, a general law or a state jurisdiction provision stating that the laws of this state govern is valid, effective, and conclusive for the trust if all of the following are true:
(1)Some or all of the trust assets are deposited in this state or physical evidence of such assets is held in this state and the trust is being administered by a qualified person; in this subdivision, deposited in this state, includes being held in a checking account, time deposit, certificate of deposit, brokerage account, trust company fiduciary account, or other similar account or deposit that is located in this state including South Dakota investments;
(2)A trustee is a qualified person who is designated as a trustee under the governing instrument, a successor trusteeship, or designated by a court having jurisdiction over the trust; and
(3)The administration, for example, physically maintaining trust records in this state and preparing or arranging for the preparation of, on an exclusive basis or a nonexclusive basis, an income tax return that must be filed by the trust, occurs wholly or partly in this state.
The State of South Dakota and its courts have jurisdiction over a trust created in a foreign jurisdiction if the administration of the trust meets the three requirements set forth in this section.
Nothing in this section may be construed to be the exclusive means of providing a valid effective and conclusive state jurisdiction provision.
Source:
SL 1998, ch 282, §20; SL 2004, ch 312, §6; SL 2010, ch 232, §3.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-40 - Validity, construction, and administration of trust with state jurisdiction provision.

55-3-40. Validity, construction, and administration of trust with state jurisdiction provision.
The validity, construction, and administration of a trust with a state jurisdiction provision are determined by the laws of this state, including the:
(1)Capacity of the trustor;
(2)Powers, obligations, liabilities, and rights of the trustees and the appointment and removal of the trustees; and
(3)Existence and extent of powers, conferred or retained, including a trustee's discretionary powers, and the validity of the exercise of a power.
Source:
SL 1998, ch 282, §21.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-41 - Qualified person defined.

55-3-41. Qualified person defined.
For the purposes of §55-3-39, the term, qualified person, means:
(1)An individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does not have a present intention of moving from this state, and who has the intention of returning to this state when away;
(2)A trust company that is organized under Title 51A or under federal law and that has its principal place of business in this state; or
(3)A bank or savings association that possesses and exercises trust powers, has its principal place of business in this state, and the deposits of which are insured by the Federal Deposit Insurance Corporation.
Source:
SL 1998, ch 282, §22.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-42 - State jurisdiction provision defined.

55-3-42. State jurisdiction provision defined.
For the purposes of §§55-3-39 and 55-3-40, the term, state jurisdiction provision, means a provision within the trust instrument that the laws of this state govern the validity, construction, or administration of a trust or that the trust is subject to the jurisdiction of this state.
Source:
SL 1998, ch 282, §23; SL 2013, ch 239, §22.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-43 - South Dakota investments defined.

55-3-43. South Dakota investments defined.
For the purposes of §55-3-39, the term, South Dakota investments, means real property located in South Dakota, any equity or debt securities of a corporation, partnership, or limited liability company organized under the laws of South Dakota or having its headquarters in South Dakota, debt securities of the State of South Dakota or any of its subdivisions, or any of its instrumentalities.
Source:
SL 1998, ch 282, §24.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-44 - Trustor defined.

55-3-44. Trustor defined.
For the purposes of §55-3-40, the term, trustor, means a person who transfers property in trust, and includes a person who furnishes the property transferred to a trust even if the trust is created by another person.
Source:
SL 1998, ch 282, §25.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-45 - Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined.

55-3-45. Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined.
If a trust is not subject to court supervision under chapter 21-22, and if no objection has been made by a distribution beneficiary, as defined in this title, of a trust within one hundred eighty days after a copy of the trustee's accounting has been provided in accordance with §55-2-24, the distribution beneficiary is deemed to have approved such accounting of the trustee, and the trustee, absent fraud, intentional misrepresentation, or material omission, shall be released and discharged from any and all liability to all beneficiaries of the trust as to all matters set forth in such accounting. Alternatively, the trustee's accounting may be approved on behalf of all beneficiaries by a trust advisor or trust protector, or in accordance with §55-18-9 if:
(1)Notice or information to the beneficiaries has been waived or modified in accordance with §55-2-13; or
(2)Authorized under the terms of the governing instrument.
The provisions of chapter 55-18 apply to this section.
For purposes of this section, the term, accounting, means any interim or final report or other statement provided by a trustee reflecting all transactions, receipts, and disbursements during the reporting period and a list of assets as of the end of the period covered by the report or statement, and including written notice to the distribution beneficiary of the provisions of this section.
Source: SL 1998, ch 282, §26; SL 2010, ch 232, §4; SL 2017, ch 208, §34; SL 2020, ch 206, §15; SL 2023, ch 161, §11.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-46 - Effect of the laws, rules, or orders of foreign country on trust or disposition of property.

55-3-46. Effect of the laws, rules, or orders of foreign country on trust or disposition of property.
No trust with South Dakota situs or governed by the laws of the State of South Dakota and no disposition of property to be held upon the terms of such trust is void, voidable, liable to be set aside, or defective in any manner by reason that:
(1)The law of any foreign country, as defined in subdivision 10-43-1(6), prohibits or does not recognize the concept of a trust; or
(2)The trust or disposition:
(a)Avoids or defeats any right, claim, or interest conferred by the law of a foreign country upon any person by reason of a personal relationship to the trustor or by way of heirship rights; or
(b)Contravenes any rule or law of a foreign country or any foreign country's judicial or administrative order or action intended to recognize, protect, enforce, or give effect to such a right, claim, or interest.
Source:
SL 2005, ch 260, §8.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-46.1 - Effect of laws, rules, or orders of other states on a trust or disposition of property.

55-3-46.1. Effect of laws, rules, or orders of other states on a trust or disposition of property.
No trust governed by the laws of this state and no disposition of property to be held upon the terms of such trust is void, voidable, liable to be set aside, or defective in any manner by reason that the law or public policy of any other state does not recognize or limits the validity of the trust or the validity or enforceability of any or all of the terms of the trust, so long as such terms are valid and enforceable under the laws and public policy of this state.
Source:
SL 2021, ch 207, § 6.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-47 - Cessation of trustee upon action of foreign court--Successor trustee.

55-3-47. Cessation of trustee upon action of foreign court--Successor trustee.
If, in any action brought against a trustee of a trust, a foreign court takes any action whereby such court declines to apply the law of this state in determining the validity, construction, or administration of such trust, or the effect of a spendthrift provision thereof, the trustee shall immediately upon the foreign court's action and without the further order of any court of this state, cease in all respects to be trustee of the trust and a successor trustee shall thereupon succeed as trustee in accordance with the terms of the trust instrument or, if the trust instrument does not provide for a successor trustee and the trust would otherwise be without a trustee, the court, upon the application of any beneficiary of the trust, shall appoint a successor trustee upon such terms and conditions as it determines to be consistent with the purposes of the trust and this section. Upon the trustee's ceasing to be trustee, the trustee has no power or authority other than to convey the trust property to the successor trustee named in the trust instrument in accordance with this section.
Source:
SL 2006, ch 243, §10.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-48 - South Dakota law governs administration of trust.

55-3-48. South Dakota law governs administration of trust.
Unless the governing instrument or a court order expressly prohibits the change of the law of another jurisdiction to govern the administration of the trust, the laws of South Dakota shall govern the administration of a trust while the trust is administered in South Dakota.
Source:
SL 2012, ch 233, §25; SL 2016, ch 231, §23.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 03 - Express Trusts For Third Party Beneficiaries › Section 55-3-49 - Enforcement of foreign judgments.

55-3-49. Enforcement of foreign judgments.
Notwithstanding any other provision of law, no judgment, decree, or order of a court of the United States, a court of a state other than this state, or any other court, shall be enforced against any trust governed by the laws of this state, or any disposition of property to be held upon the terms of any such trust, unless a court in this state first determines that the time, manner, and mechanism for enforcing the judgment is consistent with the restrictions and limitations imposed under the terms of the trust and by the laws of this state on the enforcement of the claims of any creditor, including the restrictions and limitations imposed under this chapter, chapter 55-1, and chapter 55-16.
Source:
SL 2021, ch 207, § 7.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-1 - Definition of terms.

55-4-1. Definition of terms.
Terms used in this chapter mean:
(1)"Affiliate," any person directly or indirectly controlling or controlled by another person, or any person under direct or indirect common control with another person. It includes any person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by each from the other, directly or indirectly, except a broker or stock exchange;
(2)"Person," an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a business trust, a trust, an unincorporated organization, or two or more persons having a joint or common interest;
(3)"Relative," a spouse, ancestor, descendant, brother, or sister;
(4)"Trust," an express trust only;
(5)"Trustee," includes trustees, a corporate as well as a natural person and a successor or substitute trustee.
Source:
SL 1943, ch 308, §1; SDC Supp 1960, §59.0501; SL 1998, ch 282, §41; SL 2015, ch 240, §19.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-2 - Powers attached to the office of trustee.

55-4-2. Powers attached to the office of trustee.
Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, all powers of a trustee shall be attached to the office and shall not be personal.
Source:
SL 1943, ch 308, §10; SDC Supp 1960, §59.0510.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-3 - Number of trustees for exercise of powers.

55-4-3. Number of trustees for exercise of powers.
Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, any power vested in three or more trustees may be exercised by a majority of such trustees and any power vested in two trustees shall be exercised by both of such trustees.
Source:
SL 1943, ch 308, §11; SDC Supp 1960, §59.0511 (1); SL 2011, ch 212, §14.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-4 - Liability of trustee not joining in exercise of power.

55-4-4. Liability of trustee not joining in exercise of power.
No trustee who has not joined in exercising a power shall be liable to the beneficiaries or to others for the consequences of such exercise, nor shall a dissenting trustee be liable for the consequences of an act in which he joins at the direction of the majority trustees, if he expressed his dissent in writing to any of his cotrustees at or before the time of such joinder.
Source:
SL 1943, ch 308, §11; SDC Supp 1960, §59.0511 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-5 - Cotrustee--Liability for maladministration of trust.

55-4-5. Cotrustee--Liability for maladministration of trust.
Nothing in §55-4-3 or 55-4-4 shall excuse a cotrustee from liability for inactivity in the administration of the trust nor for failure to attempt to prevent a breach of trust.
Source:
SL 1943, ch 308, §11; SDC Supp 1960, §59.0511 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-6 - Voting of corporate stock owned by trustee.

55-4-6. Voting of corporate stock owned by trustee.
A trustee owning corporate stock may vote it by proxy, but shall be liable for any loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock and in voting it.
Source:
SL 1943, ch 308, §8; SDC Supp 1960, §59.0508.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-7 - Creation of trust--Bank account to pay special debts.

55-4-7. Creation of trust--Bank account to pay special debts.
Whenever a bank account shall, by entries made on the books of the depositor and the bank at the time of the deposit, be created exclusively for the purpose of paying dividends, interest or interest coupons, salaries, wages, or pensions or other benefits to employees, and the depositor at the time of opening such account does not expressly otherwise declare, the depositor shall be deemed a trustee of such account for the creditors to be paid therefrom, subject to such power of revocation as the depositor may have reserved by agreement with the bank.
Source:
SL 1943, ch 308, §2; SDC Supp 1960, §59.0502 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-8 - Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor.

55-4-8. Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor.
If any beneficiary for whom a trust is created pursuant to §55-4-7 does not present his claim to the bank for payment within one year after it is due, the depositor who created such trust may revoke it as to such creditor.
Source:
SL 1943, ch 308, §2; SDC Supp 1960, §59.0502 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-9 - Holding stock in name of nominee.

55-4-9. Holding stock in name of nominee.
A trustee owning any stocks, bonds, notes, debentures, or other written obligations of any public or private corporation may hold the same in the name of a nominee, without mention of the trust in the records of such corporation or in the stock certificate or stock registration book of such corporation; provided that
(1)The trust records and all reports or accounts rendered by the trustee clearly show the ownership of such stocks, bonds, notes, debentures, or other written obligations of such public or private corporation by the trustee and the facts regarding its holding; and
(2)The nominee shall deposit with the trustee a signed statement showing the trust ownership, shall endorse the stock certificate or other said instrument in blank, and shall not have possession of the stock certificate or other said instrument or access thereto except under the immediate supervision of the trustee.
The trustee shall be personally liable for any loss to the trust resulting from any act of such nominee in connection with stocks, bonds, notes, debentures, or other written obligations of any public or private corporation so held.
Source:
SL 1943, ch 308, §9; SDC Supp 1960, §59.0509; SL 1967, ch 338.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-10 - Loan of trust funds.

55-4-10. Loan of trust funds.
Except as provided in §§55-4-11 and 55-4-12, or except as may be expressly authorized by a court order, by the written consent of all qualified beneficiaries which may be given notwithstanding the provisions of §55-4-31, by the written authorization from or direction by a trust protector, or by the terms of the governing instrument, which may be given by the settlor notwithstanding the provisions of §55-4-30:
(1)No corporate trustee may lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate;
(2)No noncorporate trustee may lend trust funds to himself or herself, or to any relative, employer, employee, partner, or other business associate.
Source:
SL 1943, ch 308, §3; SDC Supp 1960, §59.0503; SL 2017, ch 204, §20.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-11 - Corporate trustee depositing trust funds with self--Interest.

55-4-11. Corporate trustee depositing trust funds with self--Interest.
A corporate trustee which is subject to regulation and supervision by state or federal authorities may deposit with itself trust funds which are being held necessarily pending investment, distribution, or the payment of debts, provided it pays into the trust for such deposit such interest as it is required by statute to pay on uninvested trust funds, or, if there be no such statute, the same rate of interest it pays upon similar nontrust deposits, and maintains in its trust department as security for all such deposits a separate fund consisting of securities legal for trust investments and at all times equal in total market value to the amount of the deposits. But no such security shall be required to the extent that the deposit is insured or given a preference by any state or federal law.
Source:
SL 1943, ch 308, §4; SDC Supp 1960, §59.0504 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-12 - Corporate trustee depositing trust funds with self--Maintenance of required value--Ownership of income--Items specified in statements of financial condition to Division of Banking.

55-4-12. Corporate trustee depositing trust funds with self--Maintenance of required value--Ownership of income--Items specified in statements of financial condition to Division of Banking.
The separate fund of securities required by §55-4-11 shall be marked as such. Withdrawals from or additions to it may be made from time to time, as long as the required value is maintained. The income of such securities shall belong to the corporate trustee. In all statements of its financial condition published, or delivered to the Division of Banking, such corporate trustee shall show as separate items the amount of trust funds which it has deposited with itself and the amount of securities which it holds as security for the payment of such deposits.
Source:
SL 1943, ch 308, §4; SDC Supp 1960, §59.0504 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-13 - Trustee not to buy from or sell to self--Exception.

55-4-13. Trustee not to buy from or sell to self--Exception.
No trustee, unless expressly authorized by the trust instrument, shall directly or indirectly lease, buy or sell any property for the trust from or to itself or an affiliate; or from or to a director, officer, or employee of such trustee or of an affiliate; or from or to a relative, employer, partner, or other business associate. Notwithstanding this provision or any statute to the contrary, a trustee may lease, purchase or sell property from or to the trust he represents as trustee if specifically authorized to do so in a decedent's will or the instrument creating the trustee relationship, including the establishment of a trust service office as provided by chapter 51A-5.
Source:
SL 1943, ch 308, §5; SDC Supp 1960, §59.0505; SL 1980, ch 343; SL 1981, ch 354, §2; SL 1984, ch 314, §7.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-14 - Permitted sales between trusts held by same corporate trustee.

55-4-14.Permitted sales between trusts held by same corporate trustee.
A corporate trustee may sell stocks, bonds and other securities listed on all exchange supervised by the securities and exchange commission as well as obligations of the U.S. treasury and obligations of U. S. government agencies held by it in one account to itself as trustee of another account if the transaction is fair to both accounts and if such transaction is not prohibited by the instruments creating the trustee relationships.
Source:
SL 1943, ch 308, §6; SDC Supp 1960, §59.0506; SL 1979, ch 337.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-15 - Corporate trustee buying its own stock.

55-4-15. Corporate trustee buying its own stock.
No corporate trustee, unless expressly authorized by the trust instrument, may purchase for a trust shares of its own stock, or its bonds, or other securities, or the stock, bonds, or other securities of an affiliate.
Source:
SL 1943, ch 308, §7; SDC Supp 1960, §59.0507; SL 2006, ch 243, §4.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-16 - Withdrawals from mingled trust funds.

55-4-16. Withdrawals from mingled trust funds.
Where a person who is a trustee of two or more trusts has mingled the funds of two or more trusts in the same aggregate of cash, or in the same bank or brokerage account or other investment, and a withdrawal is made therefrom by the trustee for his own benefit, or for the benefit of a third person not a beneficiary or creditor of one or more of the trusts, or for an unknown purpose, such a withdrawal shall be charged first to the amount of cash, credit, or other property of the trustee in the mingled fund, if any, and after the exhaustion of the trustee's cash, credit, or other property, then to the several trusts in proportion to their several interests in the cash, credit, or other property at the time of the withdrawal.
Source:
SL 1943, ch 308, §15; SDC Supp 1960, §59.0515.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-17 - Unenforceable oral trust created by deed--Duties of intended trustee--Conveyance of real property interest under oral trust.

55-4-17. Unenforceable oral trust created by deed--Duties of intended trustee--Conveyance of real property interest under oral trust.
When an interest in real property is conveyed by deed to a person on a trust which is unenforceable on account of the statute of frauds and the intended trustee or his successor in interest still holds title but refuses to carry out the trust on account of the statute of frauds, the intended trustee or his successor in interest, except to the extent that the successor in interest is a bona fide purchaser of a legal interest in the real property in question, shall be under a duty to convey the interest in real property to the settlor or his successor in interest. A court having jurisdiction may prescribe the conditions upon which the interest shall be conveyed to the settlor or his successor in interest.
Source:
SL 1943, ch 308, §16; SDC Supp 1960, §59.0516 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-18 - Unenforceable oral trust created by deed--Liability of trustee to settlor for transfer of real property.

55-4-18. Unenforceable oral trust created by deed--Liability of trustee to settlor for transfer of real property.
Where the intended trustee has transferred part or all of his interest and it has come into the hands of a bona fide purchaser, the intended trustee shall be liable to the settlor or his successor in interest for the value of the interest thus transferred at the time of its transfer, less such offsets as the court may deem equitable.
Source:
SL 1943, ch 308, §16; SDC Supp 1960, §59.0516 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-19 - Action on contract against trustee in representative capacity--Execution against trust property--Intervention by beneficiary.

55-4-19. Action on contract against trustee in representative capacity--Execution against trust property--Intervention by beneficiary.
Whenever a trustee shall make a contract which is within his powers as trustee, or a predecessor trustee shall have made such a contract, and a cause of action shall arise thereon, the party in whose favor the cause of action has accrued may sue the trustee in his representative capacity, and any judgment rendered in such action in favor of the plaintiff shall be collectible by execution out of the trust property. In such an action the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if he had paid the plaintiff's claim. Any beneficiary, or in the case of charitable trusts the attorney general and any corporation which is a beneficiary or agency in the performance of such charitable trust, may intervene in such action and contest the right of the plaintiff to recover.
Source:
SL 1943, ch 308, §12; SDC Supp 1960, §59.0512 (1), (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-20 - Action on contract against trustee--Notice to beneficiaries.

55-4-20. Action on contract against trustee--Notice to beneficiaries.
No judgment shall be rendered in favor of the plaintiff in an action pursuant to §55-4-19 unless he proves that within thirty days after the beginning of such action, or within such other time as the court may fix, and more than thirty days prior to obtaining the judgment, he notified each of the beneficiaries known to the trustee who then had a present interest, or in the case of a charitable trust the attorney general and any corporation which is a beneficiary or agency in the performance of such charitable trust, of the existence and nature of the action. Such notice shall be given by mailing copies thereof in postpaid envelopes addressed to the parties to be notified at their last known addresses. The trustee shall furnish the plaintiff a list of the parties to be notified, and their addresses, within ten days after written demand therefor, and notification of the persons on such list shall constitute compliance with the duty placed on the plaintiff by this section.
Source:
SL 1943, ch 308, §12; SDC Supp 1960, §59.0512 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-21 - Action on contract against trustee--Personal liability of trustee.

55-4-21. Action on contract against trustee--Personal liability of trustee.
The plaintiff in an action pursuant to §55-4-19 may also hold the trustee who made the contract personally liable on such contract, if the contract does not exclude such personal liability. The addition of the word "trustee" or the words "as trustee" after the signature of a trustee to a contract shall be deemed prima facie evidence of an intent to exclude the trustee from personal liability.
Source:
SL 1943, ch 308, §12; SDC Supp 1960, §59.0512 (3).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-22 - Exoneration or reimbursement of trustee for tort committed in administration of trust.

55-4-22. Exoneration or reimbursement of trustee for tort committed in administration of trust.
A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration therefor from the trust property if he has not discharged the claim, or to be reimbursed therefor out of trust funds if he has paid the claim, if:
(1)the tort was a common incident of the kind of business activity in which the trustee was properly engaged for the trust, or
(2)although the tort was not a common incident of such activity, neither the trustee nor any officer or employee of the trustee was guilty of personal fault in incurring the liability.
Source:
SL 1943, ch 308, §13; SDC Supp 1960, §59.0513 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-23 - Exoneration or reimbursement of trustee for tort--Increase in value of trust property.

55-4-23. Exoneration or reimbursement of trustee for tort--Increase in value of trust property.
If a trustee commits a tort which increases the value of the trust property, he shall be entitled to exoneration or reimbursement with respect thereto to the extent of such increase in value, even though he would not otherwise be entitled to exoneration or reimbursement.
Source:
SL 1943, ch 308, §13; SDC Supp 1960, §59.0513 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-24 - Liability of trustees of charitable trust for torts not changed by provisions of law as to exoneration or reimbursement of trustee for tort.

55-4-24. Liability of trustees of charitable trust for torts not changed by provisions of law as to exoneration or reimbursement of trustee for tort.
Nothing in §55-4-22 or 55-4-23 shall be construed to change the existing law with regard to the liability of trustees of charitable trusts for torts of themselves or their employees.
Source:
SL 1943, ch 308, §13; SDC Supp 1960, §59.0513 (3).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-25 - Tort liability of trust estate--Action against trustee, amount of recovery, intervention by beneficiary.

55-4-25. Tort liability of trust estate--Action against trustee, amount of recovery, intervention by beneficiary.
Where a trustee or his predecessor has incurred personal liability for a tort committed in the course of his administration, the trustee in his representative capacity may be sued and collection had from the trust property, if the court shall determine in such action:
(1)that the tort was a common incident of the kind of business activity in which the trustee or his predecessor was properly engaged for the trust; or
(2)that, although the tort was not a common incident of such activity, neither the trustee nor his predecessor, nor any officer or employee of the trustee or his predecessor, was guilty of personal fault in incurring the liability; or
(3)that, although the tort did not fall within classes (1) or (2) above, it increased the value of the trust property.
If the tort is within classes (1) or (2) above, collection may be had of the full amount of damage proved; and if the tort is within class (3) above, collection may be had only to the extent of the increase in the value of the trust property.
Any beneficiary may intervene in such action and contest the right of the plaintiff to recover.
Source:
SL 1943, ch 308, §14; SDC Supp 1960, §59.0514 (1), (3).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-26 - Tort liability of trust estate--Action against trustee, proof as to reimbursement unnecessary.

55-4-26. Tort liability of trust estate--Action against trustee, proof as to reimbursement unnecessary.
In an action against the trustee in his representative capacity under §55-4-25 the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if he had paid the plaintiff's claim.
Source:
SL 1943, ch 308, §14; SDC Supp 1960, §59.0514 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-27 - Tort liability of trust estate--Action against trustee, notice to beneficiaries.

55-4-27. Tort liability of trust estate--Action against trustee, notice to beneficiaries.
No judgment shall be rendered in favor of the plaintiff in an action pursuant to §55-4-25 unless he proves that within thirty days after the beginning of the action, or within such other period as the court may fix and more than thirty days prior to obtaining the judgment, he notified each of the beneficiaries known to the trustee who then had a present interest of the existence and nature of the action. Such notice shall be given by mailing copies thereof in postpaid envelopes addressed to such beneficiaries at their last known addresses. The trustee shall furnish the plaintiff a list of such beneficiaries and their addresses, within ten days after written demand therefor, and notification of the persons on such list shall constitute compliance with the duty placed on the plaintiff by this section.
Source:
SL 1943, ch 308, §14; SDC Supp 1960, §59.0514 (3).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-28 - Personal liability for tort committed by trustee.

55-4-28. Personal liability for tort committed by trustee.
The trustee may also be held personally liable for any tort committed by him, or by his agents or employees in the course of their employments, subject to the rights of exoneration or reimbursement provided in §§55-4-22 and 55-4-23.
Source:
SL 1943, ch 308, §14; SDC Supp 1960, §59.0514 (4).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-29 - Existing law as to charitable immunity not changed by law as to tort liability of trust estate.

55-4-29. Existing law as to charitable immunity not changed by law as to tort liability of trust estate.
Nothing in §§55-4-25 to 55-4-28, inclusive, shall be construed to change the existing law with regard to the liability of trustees of charitable trusts for torts of themselves or their employees.
Source:
SL 1943, ch 308, §14; SDC Supp 1960, §59.0514.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-30 - Power of settlor of trust.

55-4-30. Power of settlor of trust.
Subject to the final paragraph below, the settlor of any trust affected by this chapter may:
(1)By provision in the instrument creating the trust if the trust was created by a writing;
(2)By oral statement to the trustee at the time of the creation of the trust if the trust was created orally; or
(3)By an amendment of the trust, if the settlor reserved the power to amend the trust, relieve the trustee from any or all of the duties, restrictions, and liabilities which would otherwise be imposed upon the trustee by this chapter; or alter or deny to the trustee any or all of the privileges and powers conferred upon the trustee by this chapter; or add duties, restrictions, liabilities, privileges, or powers, to those imposed or granted by this chapter. However, no act of the settlor relieves a trustee from the duties, restrictions, and liabilities imposed upon the trustee by §§55-4-10 to 55-4-12, inclusive.
A provision of a trust instrument relieving a trustee of liability for breach of trust is unenforceable to the extent that it relieves the trustee of liability for breach of trust committed in bad faith or as a result of gross negligence.
Source:
SL 1943, ch 308, §17; SDC Supp 1960, §59.0517; SL 2000, ch 229, §1; SL 2007, ch 247, §10.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-31 - Trustee not liable if beneficiary consents to conduct or releases trustee from liability or ratifies transaction.

55-4-31. Trustee not liable if beneficiary consents to conduct or releases trustee from liability or ratifies transaction.
A trustee is not liable to a beneficiary, as defined under this title or Title 29A, for breach of trust from any or all of the duties, restrictions, and liabilities which would otherwise be imposed on the trustee, except as to the duties, restrictions, and liabilities imposed by §§55-4-10 to 55-4-12, inclusive, if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:
(1)The consent, release, or ratifications of the beneficiary were induced by improper conduct of the trustee; or
(2)At the time of the consent, release, or ratification, the beneficiary did not have knowledge of the beneficiary's rights or of the material facts relating to the breach.
Any such beneficiary may release the trustee from liability to such beneficiary for past violations of any of the provisions of this chapter. No consideration is required for the consent, release, or ratification to be valid.
Source:
SL 1943, ch 308, §18; SDC Supp 1960, §59.0518; SL 2000, ch 229, §2; SL 2012, ch 233, §14; SL 2014, ch 226, §4.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-32 - Relieving trustee of duties--Power of the court.

55-4-32. Relieving trustee of duties--Power of the court.
A court of competent jurisdiction may, for cause shown and upon notice to the beneficiaries, relieve a trustee from any or all of the duties and restrictions which would otherwise be placed upon him by this chapter, or wholly or partly excuse a trustee who has acted honestly and reasonably from liability for violations of the provisions of this chapter.
Source:
SL 1943, ch 308, §19; SDC Supp 1960, §59.0519.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-33 - Liabilities for violations of chapter.

55-4-33. Liabilities for violations of chapter.
If a trustee violates any of the provisions of this chapter, he may be removed and denied compensation in whole or in part; and any beneficiary, cotrustee, or successor trustee may treat the violation as a breach of trust.
Source:
SL 1943, ch 308, §20; SDC Supp 1960, §59.0520.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-34 - Application of chapter to testamentary trust.

55-4-34. Application of chapter to testamentary trust.
This chapter shall apply only to testamentary trusts created by wills or codicils executed after July 1, 1943 and to nontestamentary trusts created after July 1, 1943.
Source:
SL 1943, ch 308, §25; SDC Supp 1960, §59.0523.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-35 - Uniformity of interpretation.

55-4-35. Uniformity of interpretation.
This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
Source:
SL 1943, ch 308, §21; SDC Supp 1960, §59.0521.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-36 - Citation of chapter.

55-4-36. Citation of chapter.
This chapter may be cited as the Uniform Trusts Act.
Source:
SL 1943, ch 308, §22; SDC Supp 1960, §59.0522.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-37 - Liability for fiduciary's partnership interest limited.

55-4-37. Liability for fiduciary's partnership interest limited.
If permitted by the trust instrument or will under which a fiduciary serves, or by order of a court having jurisdiction of the estate or trust, a fiduciary may enter into a partnership agreement or arrangement with others or accept the assignment of, or otherwise acquire, hold, and dispose, of an interest in a partnership, and in so doing may become either a general or a limited partner. If the fiduciary becomes a partner, as to creditors of, or claimants against, the partnership and as to the other members of the partnership, the liability, if any, of the fiduciary for the debts and other liabilities of the partnership, whether arising under contract, tort, or otherwise, are limited to the assets of the trust or estate, or so much thereof as may be necessary to discharge such debts and liabilities.
Source:
SL 1996, ch 285.