reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-8 - Assignment of security by fiduciary not the registered owner--Evidence of appointment or incumbency.

55-8-8. Assignment of security by fiduciary not the registered owner--Evidence of appointment or incumbency.
A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:
(1)In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within sixty days before the transfer; or
(2)In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of such a document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate. Corporations and transfer agents may adopt standards with respect to evidence of appointment or incumbency under this subdivision provided such standards are not manifestly unreasonable. Neither the corporation nor transfer agent is charged with notice of the contents of any document obtained pursuant to this subdivision (2) except to the extent that the contents relate directly to the appointment or incumbency.
Source:
SL 1961, ch 22, §4.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-9 - Claim of beneficial interest adverse to transfer of security--Written notice to corporation or transfer agent, contents.

55-8-9. Claim of beneficial interest adverse to transfer of security--Written notice to corporation or transfer agent, contents.
A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer.
Source:
SL 1961, ch 22, §5 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-10 - Claim of beneficial interest adverse to transfer of security--Notice of presentment to claimant--Restraining order.

55-8-10. Claim of beneficial interest adverse to transfer of security--Notice of presentment to claimant--Restraining order.
As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him. If the corporation or transfer agent so mails such a notice it shall withhold the transfer for thirty days after the mailing and shall then make the transfer unless restrained by a court order.
Source:
SL 1961, ch 22, §5 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-11 - Liability of corporation or transfer agent for making or refusing transfer.

55-8-11. Liability of corporation or transfer agent for making or refusing transfer.
Nothing in this chapter relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is put on notice pursuant to §55-8-9, unless it proceeds in the manner authorized in §55-8-10.
Source:
SL 1961, ch 22, §5 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-12 - Nonliability of corporation or transfer agent for authorized acts.

55-8-12. Nonliability of corporation or transfer agent for authorized acts.
A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this chapter.
Source:
SL 1961, ch 22, §6.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-13 - Participation in breach of fiduciary duty--Nonliability of third persons.

55-8-13. Participation in breach of fiduciary duty--Nonliability of third persons.
No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty.
Source:
SL 1961, ch 22, §7 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-14 - Liability of guarantor of signature of fiduciary.

55-8-14. Liability of guarantor of signature of fiduciary.
If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of this chapter incurs no liability.
Source:
SL 1961, ch 22, §7 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-15 - Corporation and transfer agent not liable for breach of fiduciary duty or on guarantee of fiduciary's signature.

55-8-15. Corporation and transfer agent not liable for breach of fiduciary duty or on guarantee of fiduciary's signature.
Sections 55-8-13 and 55-8-14 do not impose any liability upon the corporation or its transfer agent.
Source:
SL 1961, ch 22, §7 (3).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-16 - Tax obligations of corporation or transfer agent not affected by chapter.

55-8-16. Tax obligations of corporation or transfer agent not affected by chapter.
This chapter does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state.
Source:
SL 1961, ch 22, §9.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-17 - Uniformity of interpretation.

55-8-17. Uniformity of interpretation.
This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
Source:
SL 1961, ch 22, §10.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-18 - Citation of chapter.

55-8-18. Citation of chapter.
This chapter may be cited as the Uniform Act for the Simplification of Fiduciary Security Transfers.
Source:
SL 1961, ch 22, §11.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-1 - Express trusts--Creation for charitable, educational, religious, or other public use.

55-9-1. Express trusts--Creation for charitable, educational, religious, or other public use.
Express trusts of real or personal property, or both, may be created to receive by grant, devise, gift, or bequest, and to take charge of, invest and administer in accordance with the terms of the trust, upon and for any charitable, benevolent, educational, religious or other public use or trust.
Source:
SL 1955, ch 429, §1; SDC Supp 1960, §59.0601.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-2 - Validity of trust not affected by uncertainty or violation of rule against perpetuities--Disposal of property by trustee.

55-9-2. Validity of trust not affected by uncertainty or violation of rule against perpetuities--Disposal of property by trustee.
No such trust shall be invalid because of indefiniteness or uncertainty of the object of such trust or of the beneficiaries thereof designated in the instrument creating the same nor by reason of the same contravening any statute or rule against perpetuities, but no such trust shall be construed so as to prevent or limit the free alienation of the title to any of the trust estate by the trustee in the administration of said trust, except as may be permitted under existing or subsequent statutes.
Source:
SL 1955, ch 429, §2; SDC Supp 1960, §59.0602.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-3 - Action to enforce charitable trust--Liberal construction to carry out intent--Notice of action to attorney general.

55-9-3. Action to enforce charitable trust--Liberal construction to carry out intent--Notice of action to attorney general.
Such trust shall be liberally construed by the courts so that the intentions of the donor thereof shall be carried out whenever possible, and no such trust shall fail solely because the donor has imperfectly outlined the purpose and object of such charity or the method of administration.
A grantor may maintain an action to enforce a charitable trust under this section and may designate in writing a person or persons, whether or not born at the time of such designation, to enforce a charitable trust under this section. In any such action, the attorney general shall be provided notice as provided in §21-22-18.
Source:
SL 1955, ch 429, §3; SDC Supp 1960, §59.0603; SL 2012, ch 233, §23.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-4 - Incomplete or imperfect trust--Purposes impracticable or impossible of performance--Administration to accomplish general purpose--Order of court with consent of donor, if alive and competent.

55-9-4. Incomplete or imperfect trust--Purposes impracticable or impossible of performance--Administration to accomplish general purpose--Order of court with consent of donor, if alive and competent.
Whenever it shall appear to the circuit court for the proper county that the purpose and object of such charity is imperfectly expressed, or the method of administration is not indicated or is incomplete or imperfect, or that the fulfillment of the special purpose expressed in a trust for charitable or public purpose is or becomes impracticable, impossible, inexpedient or unlawful, such court shall upon the application of any trustee of the trust, or any interested party or the attorney general of this state, and upon such notice as said court may direct, make an order directing that such trust shall be administered or expended in such manner as in the judgment of said court will, as nearly as can be, accomplish the general purposes of the instrument and the object and intention of the donor without regard to, and free from any, specific restriction, limitation or direction contained therein, provided, however, that no such order shall be made without the consent of the donor of said trust if he is then living and mentally competent.
Source:
SL 1955, ch 429, §3; SDC Supp 1960, §59.0603.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-5 - Enforcement by attorney general as representative of beneficiaries--Exception.

55-9-5. Enforcement by attorney general as representative of beneficiaries--Exception.
Except as otherwise set forth in §55-9-3, the attorney general shall represent the beneficiaries in all cases arising under this chapter, and the attorney general shall enforce such trusts by proper proceedings in the courts.
Source:
SL 1955, ch 429, §3; SDC Supp 1960, §59.0603; SL 2012, ch 233, §24.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-6 - Restrictions to avoid taxability of income--Definition of terms.

55-9-6. Restrictions to avoid taxability of income--Definition of terms.
Terms as used in §§55-9-6 to 55-9-14, inclusive shall have the following meaning:
(1)"Charitable trust," as defined in section 4947 (a)(1) of the Internal Revenue Code;
(2)"Excess business holdings," as defined in section 4943 (c) of the Internal Revenue Code;
(3)"Internal Revenue Code," the United States Internal Revenue Code of 1954, as amended;
(4)"Private foundation," as defined in section 509 (a) of the Internal Revenue Code;
(5)"Self-dealing," as defined in section 4941 (d) of the Internal Revenue Code;
(6)"Split-interest," as defined in section 4947 (a)(2) of the Internal Revenue Code;
(7)"Taxable expenditure," as defined in section 4945 (d) of the Internal Revenue Code;
(8)"Trustee," a corporation, individual, or other legal entity acting as an original, added, or successor trustee of a testamentary or inter vivos trust estate, whichever in a particular case shall be appropriate.
Source:
SL 1972, ch 259, §1.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-7 - Restrictions deemed incorporated in instrument creating charitable trust or foundation.

55-9-7. Restrictions deemed incorporated in instrument creating charitable trust or foundation.
Any will or trust instrument creating a trust which is a private foundation, charitable trust, or a split-interest trust and any other instrument governing the trustee of any such trust or the use, retention, or disposition of any of the income or property of such trust, shall be deemed to have incorporated within such will, trust instrument, or other governing instrument with the same effect as though such language were set forth verbatim in such will, trust instrument, or other governing instrument, the provisions set forth in §§55-9-8 to 55-9-12, inclusive, with respect to such trust and the trustee thereof, and, except as the contrary is provided in §§55-9-13 and 55-9-14, such provisions shall govern the administration and distribution of any such trust irrespective of any provisions of any applicable will, trust instrument, or other governing instrument, statute or law of this state to the contrary.
Source:
SL 1972, ch 259, §2.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-8 - Self-dealing by trustee prohibited.

55-9-8. Self-dealing by trustee prohibited.
The trustee of a trust described in §55-9-7 shall not engage in any act of self-dealing which would give rise to any liability for the tax imposed by section 4941 (a) of the Internal Revenue Code.
Source:
SL 1972, ch 259, §2 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-9 - Distributions required to avoid taxes.

55-9-9. Distributions required to avoid taxes.
The trustee of a trust described in §55-9-7 shall distribute for each taxable year of the trust, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the Internal Revenue Code.
Source:
SL 1972, ch 259, §2 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-10 - Retention of excess business holdings prohibited.

55-9-10. Retention of excess business holdings prohibited.
The trustee of a trust described in §55-9-7 shall not retain any excess business holdings which would give rise to any liability for the tax imposed by section 4943 (a) of the Internal Revenue Code.
Source:
SL 1972, ch 259, §2 (3).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-11 - Investments to jeopardize exempt purposes prohibited.

55-9-11. Investments to jeopardize exempt purposes prohibited.
The trustee of a trust described in §55-9-7 shall not make any investments which would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of section 4944 of the Internal Revenue Code, so as to give rise to any liability for the tax imposed by section 4944 (a) of the Internal Revenue Code.
Source:
SL 1972, ch 259, §2 (4).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-12 - Taxable expenditures prohibited.

55-9-12. Taxable expenditures prohibited.
The trustee of a trust described in §55-9-7 shall not make any taxable expenditure which would give rise to any liability for the tax imposed by section 4945 (a) of the Internal Revenue Code.
Source:
SL 1972, ch 259, §2 (5).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-13 - Judicial determination that restrictive provisions are contrary to instrument creating trust.

55-9-13. Judicial determination that restrictive provisions are contrary to instrument creating trust.
Sections 55-9-7 to 55-9-12, inclusive, shall not apply to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the will, trust instrument, or other governing instrument described in §55-9-7 and that such will, trust instrument or other governing instrument may not be changed to conform to §§55-9-8 to 55-9-12, inclusive.
Source:
SL 1972, ch 259, §3.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 09 - Charitable Trusts › Section 55-9-14 - State supervisory powers unimpaired by restrictions to avoid taxability of income.

55-9-14. State supervisory powers unimpaired by restrictions to avoid taxability of income.
Nothing in §§55-9-6 to 55-9-13, inclusive, shall impair the rights and powers of the attorney general or the courts of this state with respect to any trust.
Source:
SL 1972, ch 259, §4.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-1 - Definitions.

55-10A-1. Definitions.
Terms used in this chapter mean:
(1)"Adult," a person who has attained the age of eighteen years;
(2)"Benefit plan," an employer's plan for the benefit of an employee or partner;
(3)"Broker," a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others;
(4)"Conservator," a person appointed or qualified by a court to act as general, limited or temporary conservator of a minor's property or a person legally authorized to perform substantially the same functions;
(5)"Custodial property," any interest in property transferred to a custodian under this chapter and the income from and proceeds of that interest in property;
(6)"Custodian," a person so designated under §55-10A-9 or a successor or substitute custodian designated under §55-10A-18;
(7)"Financial institution," a bank, trust company, savings institution or credit union, chartered and supervised under state or federal law;
(8)"Legal representative," an individual's personal representative or conservator;
(9)"Member of the minor's family," the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption;
(10)"Minor," a person who has not attained the age of eighteen years;
(11)"Personal representative," an executor, administrator, successor personal representative or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions;
(11A)"Qualified minor's trust," a trust, including a trust created by a custodian, of which a minor is the sole income beneficiary and that satisfies the requirements of Section 2503(c) of the Federal Internal Revenue Code of 1986 and the regulations implementing that section;
(12)"State," includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States;
(13)"Transfer," a transaction that creates custodial property under §55-10A-9;
(14)"Transferor," a person who makes a transfer under this chapter; and
(15)"Trust company," a financial institution, corporation or other legal entity, authorized to exercise general trust powers.
Source:
SL 1986, ch 409, §1; SL 1993, ch 213, §256; SL 2008, ch 257, §13.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-2 - Scope and jurisdiction.

55-10A-2. Scope and jurisdiction.
This chapter applies to any transfer that refers to this chapter in the designation under §55-10A-9 by which the transfer is made if at the time of the transfer, the transferor, the minor or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to this chapter despite a subsequent change in residence of a transferor, the minor, or the custodian or the removal of custodial property from this state. A person designated as custodian under this chapter is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship. A transfer that purports to be made and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act or a substantially similar act, of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer, the transferor, the minor or the custodian is a resident of the designated state or the custodial property is located in the designated state.
Source:
SL 1986, ch 409, §2.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-3 - Nomination of custodian.

55-10A-3. Nomination of custodian.
Any person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: "as custodian for __________________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act." The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer or other obligor of the contractual rights. A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under §55-10A-9. The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under §55-10A-9. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to §55-10A-9.
Source:
SL 1986, ch 409, §3.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-4 - Transfer by gift or exercise of power of appointment.

55-10A-4. Transfer by gift or exercise of power of appointment.
Any person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to §55-10A-9.
Source:
SL 1986, ch 409, §4.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-5 - Transfer authorized by will or trust.

55-10A-5. Transfer authorized by will or trust.
Any personal representative or trustee may make an irrevocable transfer pursuant to §55-10A-9, to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or settlor has nominated a custodian under §55-10A-3, to receive the custodial property, the transfer must be made to that person. If the testator or settlor has not nominated a custodian under §55-10A-3, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under §55-10A-9.
Source:
SL 1986, ch 409, §5.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-6 - Other transfer by fiduciary.

55-10A-6. Other transfer by fiduciary.
A transfer under subdivisions (1) or (2) may be made only if the personal representative, trustee or conservator considers the transfer to be in the best interest of the minor, the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument and the transfer is authorized by the court if it exceeds ten thousand dollars in value; and:
(1)A personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to §55-10A-9, in the absence of a will or under a will or trust that does not contain an authorization to do so; or
(2)A conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to §55-10A-9.
Source:
SL 1986, ch 409, §6.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-7 - Transfer by obligor.

55-10A-7. Transfer by obligor.
Subject to subdivisions (1) and (2), any person not subject to §55-10A-5 or 55-10A-6, who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to §55-10A-9:
(1)If a person having the right to do so under §55-10A-3, has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person; or
(2)If no custodian has been nominated under §55-10A-3, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds ten thousand dollars in value.
Source:
SL 1986, ch 409, §7.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-8 - Receipt for custodial property.

55-10A-8. Receipt for custodial property.
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.
Source:
SL 1986, ch 409, §8.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-10 - Designation of initial custodian.

55-10A-10. Designation of initial custodian.
An instrument in the following form satisfies the requirements of subdivisions 55-10A-9(1)(a) and (7):
TRANSFER UNDER THE SOUTH DAKOTA UNIFORM TRANSFERS TO
MINORS ACT
I, ______________ (name of transferor or name and representative capacity if a fiduciary) hereby transfer to ______________ (name of custodian), as custodian for ______________ (name of minor) under the South Dakota Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it).
Dated: __________________
________________________
(Signature)
______________ (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the (Name of Enacting State) Uniform Transfers to Minors Act.
Dated: __________________
________________________
(Signature of Custodian)
Source:
SL 1986, ch 409, §10.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-11 - Control.

55-10A-11. Control.
A transferor shall place the custodian in control of the custodial property as soon as practicable.
Source:
SL 1986, ch 409, §11.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-12 - Single custodianship.

55-10A-12. Single custodianship.
A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.
Source:
SL 1986, ch 409, §12.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-13 - Validity and effect of transfer.

55-10A-13. Validity and effect of transfer.
The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(1)Failure of the transferor to comply with §55-10A-11 concerning possession and control;
(2)Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under §55-10A-9; or
(3)Death or incapacity of a person nominated under §55-10A-3, or designated under §55-10A-9, as custodian or the disclaimer of the office by that person.
A transfer made pursuant to §55-10A-9, is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties and authority provided in this chapter and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as provided in this chapter.
By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided in this chapter.
Source:
SL 1986, ch 409, §13.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-14 - Care of custodial property.

55-10A-14. Care of custodial property.
A custodian shall take control of custodial property, register or record title to custodial property if appropriate, and collect, hold, manage, invest and reinvest custodial property.
In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.
A custodian may invest in or pay premiums on life insurance or endowment policies on the life of the minor only if the minor or the minor's estate is the sole beneficiary, or the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian, is the irrevocable beneficiary.
A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: "as a custodian for ___________________ (name of minor) under the South Dakota Uniform Transfers to Minors Act."
A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of fourteen years.
Source:
SL 1986, ch 409, §14.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-15 - Powers of custodian.

55-10A-15. Powers of custodian.
A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. This section does not relieve a custodian from liability for breach of §55-10A-14.
At any time, a custodian may transfer part or all of a custodial property to a qualified minor's trust without a court order. Such transfer terminates the custodianship to the extent of the transfer.
Source:
SL 1986, ch 409, §15; SL 2008, ch 257, §14.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-16 - Use of custodial property.

55-10A-16. Use of custodial property.
A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to the duty or ability of the custodian personally or of any other person to support the minor, or any other income or property of the minor which may be applicable or available for that purpose. On petition of an interested person or the minor if the minor has attained the age of fourteen years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor. A delivery, payment or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.
Source:
SL 1986, ch 409, §16.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-17 - Custodian's expenses, compensation, and bond.

55-10A-17. Custodian's expenses, compensation, and bond.
A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. Except for one who is a transferor under §55-10A-4, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. Except as provided in §55-10A-20, a custodian need not give a bond.
Source:
SL 1986, ch 409, §17.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-18 - Exemption of third person from liability.

55-10A-18. Exemption of third person from liability.
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:
(1)The validity of the purported custodian's designation;
(2)The propriety of, or the authority under this chapter for, any act of the purported custodian;
(3)The validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or
(4)The propriety of the application of any property of the minor delivered to the purported custodian.
Source:
SL 1986, ch 409, §18.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-19 - Liability to third persons.

55-10A-19. Liability to third persons.
A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor.
No custodian is personally liable:
(1)On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or
(2)For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.
No minor is personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.
Source:
SL 1986, ch 409, §19.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-21 - Accounting by and determination of liability of custodian.

55-10A-21. Accounting by and determination of liability of custodian.
A minor who has attained the age of fourteen years, the minor's guardian conservator, or other legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court for an accounting by the custodian or the custodian's legal representative; or for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under §55-10A-18, to which the minor or the minor's legal representative was a party.
A successor custodian may petition the court for an accounting by the predecessor custodian.
The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.
If a custodian is removed under §55-10A-20, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
Source:
SL 1986, ch 409, §21; SL 1993, ch 213, §257.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-22 - Termination of custodianship.

55-10A-22. Termination of custodianship.
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
(1)The minor's attainment of eighteen years of age with respect to custodial property transferred under §55-10A-4, 55-10A-5, 55-10A-6 or 55-10A-7; or
(2)The minor's death.
Source:
SL 1986, ch 409, §22.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-23 - Applicability.

55-10A-23. Applicability.
This chapter applies to a transfer within the scope of §55-10A-2 made after July 1, 1986 if:
(1)The transfer purports to have been made under the Uniform Gifts to Minors Act of South Dakota; or
(2)The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of this chapter is necessary to validate the transfer.
Source:
SL 1986, ch 409, §23.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-24 - Effect on existing custodianships.

55-10A-24. Effect on existing custodianships.
Any transfer of custodial property as now defined in this chapter made before July 1, 1986 is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of South Dakota for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
This chapter applies to all transfers made before July 1, 1986 in a manner and form prescribed in the Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 1, 1986.
Sections 55-10A-1 and 55-10A-22, with respect to the age of a minor for whom custodial property is held under this chapter do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of eighteen after July 1, 1968, and before July 1, 1986.
Source:
SL 1986, ch 409, §24.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-25 - Short title.

55-10A-25. Short title.
This chapter may be cited as the "South Dakota Uniform Transfers to Minors Act."
Source:
SL 1986, ch 409, §25.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 10A - Uniform Transfers To Minors Act › Section 55-10A-26 - Repeal of the Gifts to Minors Act.

55-10A-26. Repeal of the Gifts to Minors Act.
Chapter 55-10 is hereby repealed. To the extent that this chapter, by virtue of §55-10A-24, does not apply to transfers made in a manner prescribed in the Gifts to Minors Act of South Dakota or to the powers, duties and immunities conferred by transfers in that manner upon custodians and person dealing with custodians, the repeal of the Gifts to Minors Act of South Dakota does not affect those transfers or those powers, duties and immunities.
Source:
SL 1986, ch 409, §26.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-1 - End-of-life directives--Prearranged funeral contract--Portion of money paid under contract held in trust.

55-11-1. End-of-life directives--Prearranged funeral contract--Portion of money paid under contract held in trust.
Before a person's death, the person or someone on the person's behalf may direct the location, manner, and conditions of disposition of the person's remains, and the arrangements for funeral goods and services to be provided upon the person's death, and contract with another person for the purchase or rental of personal property or professional services for the final disposition of the person's body. At least eighty-five percent of all money paid under the contract must be held in a revocable or an irrevocable trust, at the purchaser's option. The money must be held in trust until the obligation of the contract is fulfilled according to its terms or, if a revocable trust, the money is refunded to the person who made the payments.
Source: SL 1953, ch 496, §1; SDC Supp 1960, §27.1409; SL 1967, ch 104, §1; SL 1975, ch 302, §1; SL 1981, ch 355, §1; SL 1986, ch 408, §1; SL 2022, ch 113, §11.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-1.1 - Personal property and professional services to be provided under prearranged funeral trust contract.

55-11-1.1. Personal property and professional services to be provided under prearranged funeral trust contract.
The personal property to be delivered according to the terms of a prearranged funeral trust contract includes such things as: grave liners, vaults, transportation containers, grave markers, cremation urns or vaults, grave ornamentation, flowers, statuary, floral arrangements, caskets, clothing, memorial items, guest books and other personal property incidental to a funeral or burial service. Professional services to be provided according to the terms of a prearranged funeral trust contract are the embalming of the deceased person's body or the conduct of a funeral service for hire and any other professional services associated with the disposition, storage, preparation or burial of a deceased person's body.
Source:
SL 1986, ch 408, §7.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-2 - Deposit of trust fund in banking institution or association--Violation as misdemeanor.

55-11-2. Deposit of trust fund in banking institution or association--Violation as misdemeanor.
Within ten days after receipt, the person holding money in trust under §55-11-1 shall deposit it in a banking institution, or place the money in an account in a savings and loan association, or a federal credit union organized under the laws of this state or of the United States of America, provided, however, such institutions are domiciled in the state of South Dakota, and the deposits or accounts of which banking institution, federal credit union or association are guaranteed by the federal government or insured by an instrumentality of the federal government. The money shall be carried in a trust account in the name of the depositor as trustee for the person who will receive the benefit of the property and services upon his death. Any person intentionally violating the provisions of this section is guilty of a Class 1 misdemeanor.
Source:
SL 1953, ch 496, §§2, 4; SDC Supp 1960, §§27.1410, 27.9954; SL 1967, ch 104, §2; SL 1980, ch 24, §109; SL 1986, ch 408, §2.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 11 - Prearranged Funeral Trusts › Section 55-11-3 - Contract to be in writing--Copies furnished depository and personal representative of contracting party--Clause concerning trust fund required.

55-11-3. Contract to be in writing--Copies furnished depository and personal representative of contracting party--Clause concerning trust fund required.
A contract pursuant to §55-11-1 shall be in writing and sufficient copies thereof shall be left with the depository pursuant to §55-11-2 to comply with the provisions of this chapter, and a copy thereof shall also be furnished, upon request, to any personal representative of the estate of the decedent who contracted for his burial during his lifetime. The contract shall contain the following in twelve point bold type:
IF THIS CONTRACT IS PURCHASED FOR A GUARANTEED PRICE, NO LESS THAN EIGHTY-FIVE PERCENT OF ANY FUNDS RECEIVED UNDER THIS CONTRACT ARE REQUIRED BY LAW TO BE PLACED IN A FUNERAL TRUST FUND IN A DEPOSITORY DESCRIBED IN SDCL 55-11-2, IN EITHER A REVOCABLE OR IRREVOCABLE TRUST. IF THIS CONTRACT IS NOT FOR A GUARANTEED PRICE, ONE HUNDRED PERCENT OF ANY FUNDS RECEIVED UNDER THIS CONTRACT ARE REQUIRED BY LAW TO BE PLACED IN A FUNERAL TRUST FUND IN A DEPOSITORY DESCRIBED IN SDCL 55-11-2 IN EITHER A REVOCABLE OR IRREVOCABLE TRUST. THIS CONTRACT, IF A REVOCABLE TRUST, MAY BE CANCELED AT ANY TIME UPON THIRTY DAYS WRITTEN NOTICE AND ONE HUNDRED PERCENT OF THE MONEY PAID INTO TRUST TOGETHER WITH ONE HUNDRED PERCENT OF ACCRUED TRUST INTEREST SHALL BE RETURNED TO THE CONTRACT PURCHASER.
Source:
SL 1953, ch 496, §1; SDC Supp 1960, §27.1409; SL 1967, ch 104, §1; SL 1981, ch 355, §2; SL 1986, ch 408, §3.