reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-38 - Limitation on trustee's power to make distributions to his or her benefit.

55-4-38. Limitation on trustee's power to make distributions to his or her benefit.
Unless the terms of the trust refer to this section and provide otherwise, a power, including the power to make a distribution to another trust under §55-2-15, that is exercisable by or attributable to a person, other than the settlor, in such person's capacity as a trustee to make discretionary distribution of either principal or income:
(1)To or for the benefit of himself or herself is exercisable by the person only for the person's health, education, maintenance, and support in the person's accustomed manner of living; or
(2)To or for the benefit of others, is not exercisable to discharge any of the person's own legal obligations.
Source:
SL 2000, ch 229, §4; SL 2007, ch 281, §8.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-39 - "Trustee" construed broadly.

55-4-39."Trustee" construed broadly.
The reference to trustee in §55-4-38 includes any person who is deemed to have any power of a trustee, whether because such person has the right to remove or replace any trustee, or because a reciprocal trust or power doctrine applies, or otherwise.
Source:
SL 2000, ch 229, §5.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-40 - Applicability of §§ 55-4-38 and 55-4-39.

55-4-40. Applicability of §§55-4-38 and 55-4-39.
The provisions of §§55-4-38 and 55-4-39 apply to any trust established before or after July 1, 2000.
Source:
SL 2000, ch 229, §6.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-41 - Certain trustees exempted from §§ 55-4-38 to 55-4-40, inclusive.

55-4-41. Certain trustees exempted from §§55-4-38 to 55-4-40, inclusive.
The provisions of §§55-4-38 to 55-4-40, inclusive, do not apply to a decedent's or settlor's spouse who is the trustee of a testamentary trust or an inter vivos trust for which a marital deduction is allowable.
Source:
SL 2000, ch 229, §7.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-50 - Co-trustee's inability or failure to perform.

55-4-50. Co-trustee's inability or failure to perform.
If a co-trustee is unable to perform duties because of absence, illness, disqualification under other law, or other incapacity, or fails to perform duties due to inaction or neglect, and action is necessary or appropriate under the circumstances to achieve the purposes of the trust or to avoid injury to the trust property, the remaining co-trustee or a majority of the remaining co-trustees may act for the trust.
Source:
SL 2008, ch 257, §12.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-51 - Certificate of trust furnished in lieu of copy of trust instrument or will that creates testamentary trust--Contents.

55-4-51. Certificate of trust furnished in lieu of copy of trust instrument or will that creates testamentary trust--Contents.
Instead of furnishing a copy of the trust instrument or a copy of a will that creates a testamentary trust to a person other than a beneficiary, one or more trustees may furnish to the person a certificate of trust signed by a trustee, settlor, grantor, or trustor containing the following:
(1)A statement that the trust exists, the current name of the trust if one has been given, any previous name of the trust if the name of the trust was changed, and the date the trust instrument or will was executed;
(2)The name of the settlor, grantor, trustor, testator, or testatrix;
(3)The name of each original trustee and the name and address of each trustee currently empowered to act under the trust instrument or will on the date of the execution of the certificate of trust;
(4)The applicable powers of the trustee and other provisions set forth in the trust instrument or will as are selected by the person signing the certificate of trust, including those powers authorizing the trustee to sell, convey, pledge, mortgage, lease, or transfer title to any interest in property held in the trust, together with a statement setting forth the number of trustees required by the provisions of the trust instrument or will to act;
(5)A statement that the trust is irrevocable or, if the trust is revocable, a statement to that effect and that the trust has not been revoked;
(6)A statement that the trust is not supervised by a court, or, if applicable, a statement that the trust is supervised by a court, and which statement also sets forth any restrictions imposed by the court on the trustee's ability to act as otherwise permitted by statute or the terms of the trust instrument or will;
(7)If applicable, a description of any property to be conveyed by the trustee;
(8)A statement that the trust has not been modified or amended in any manner that would cause the representations contained in the certificate of trust to be incorrect.
The person signing the certificate shall certify that the statements contained in the certificate are true and correct. The signature of the person signing the certificate shall be acknowledged or verified under oath before a notary public or other official authorized to administer oaths. A certificate of trust need not contain the dispositive terms of a trust.
Source:
SL 2009, ch 252, §24; SL 2010, ch 232, §7; SL 2011, ch 212, §15.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-51.1 - Recording of certificate of trust--Reliance upon content.

55-4-51.1. Recording of certificate of trust--Reliance upon content.
A certificate of trust executed under §55-4-51 may be recorded in the office of the register of deeds with respect to land described in the certificate of trust or any attachment to it. If it is recorded or filed in any county where real property is situated, or in the case of personal property, if it is presented to a third party, the certificate of trust serves to document the existence of the trust, the identity of the trustees, the powers of the trustees, and any limitations on those powers, and other matters the certificate of trust sets out, as though the full trust instrument had been recorded, filed, or presented. Until amended or revoked, or until the full trust instrument or will is recorded, filed, or presented, a certificate of trust is conclusive proof as to the matters contained in it and any party may rely upon the certificate, except a party who has actual knowledge of the facts to the contrary.
Source:
SL 2010, ch 232, §8; SL 2019, ch 209, §7.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-51.2 - Applicability of §§ 55-4-51 and 55-4-51.1.

55-4-51.2. Applicability of §§55-4-51 and 55-4-51.1.
Sections 55-4-51 and 55-4-51.1 are effective July 1, 2010, but apply to trust instruments and wills whenever created or executed.
Source:
SL 2010, ch 232, §9.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-52 - Request for excerpts from trust instrument.

55-4-52. Request for excerpts from trust instrument.
A recipient of a certificate of trust may require the trustee to furnish copies of those excerpts from the original trust instrument and later amendments that designate the trustee and confer on the trustee the power to act in the pending transaction.
Source:
SL 2009, ch 252, §25.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-53 - Limitation of liability for acting in reliance on certificate of trust.

55-4-53. Limitation of liability for acting in reliance on certificate of trust.
Any person who acts in reliance on a certificate of trust without knowledge that the representations contained in the certification are incorrect is not liable to any person for so acting and may assume without inquiry the existence of the facts contained in the certification. Knowledge of the terms of the trust may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying on the certification.
Source:
SL 2009, ch 252, §26.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-54 - Enforcement of transaction entered into in reliance on certificate of trust.

55-4-54. Enforcement of transaction entered into in reliance on certificate of trust.
Any person who in good faith enters into a transaction in reliance on a certificate of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct.
Source:
SL 2009, ch 252, §27.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-55 - Liability for bad faith demand for trust instrument.

55-4-55. Liability for bad faith demand for trust instrument.
Any person making a demand for the trust instrument in addition to a certificate of trust or excerpts is liable for damages if the court determines that the person did not act in good faith in demanding the trust instrument.
Source:
SL 2009, ch 252, §28.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 04 - Uniform Trusts Act › Section 55-4-56 - Right to obtain copy of trust instrument in judicial proceeding.

55-4-56. Right to obtain copy of trust instrument in judicial proceeding.
The provisions of §§55-4-51 to 55-4-55, inclusive, do not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust.
Source:
SL 2009, ch 252, §29.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-6 - Standards for investing and managing assets.

55-5-6. Standards for investing and managing assets.
The trustee shall invest and manage trust assets as a prudent investor would considering the purposes, terms, distribution requirements, and other circumstances of the trust. This standard requires the exercise of reasonable care, skill, and caution and shall be applied to investments not in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy that should incorporate risk and return objectives reasonably suitable to the trust.
Source:
SL 1995, ch 271, §6.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-7 - Prudent investor rule.

55-5-7. Prudent investor rule.
No specific investment or course of action is, taken alone, prudent or imprudent. The trustee may invest in every kind of property and type of investment, subject to this chapter. The prudent investor rule is a test of conduct and not of resulting performance. The prudent investor rule may be expanded, restricted, eliminated, or otherwise altered by the terms of the trust instrument or court order. Unless expanded, restricted, eliminated, or otherwise altered by the terms of the trust instrument or a court order, the trustee's investment decisions and actions shall be judged in terms of the trustee's reasonable judgment regarding the anticipated effect on the trust portfolio as a whole under the facts and circumstances prevailing at the time of the decision or action. No trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust instrument or court order.
Source:
SL 1995, ch 271, §7; SL 2009, ch 252, §30; SL 2010, ch 232, §13.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-8 - Diversification of investments.

55-5-8. Diversification of investments.
The trustee shall diversify the investments of the trust unless, under the circumstances, the trustee reasonably believes it is in the interests of the beneficiaries and furthers the purposes of the trust not to diversify. Regardless of concentration or lack of diversification, the trustee need not diversify if the trust instrument or court order allows or directs retention of assets forming part of the trust corpus and no trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust instrument or court order. If a trust instrument or court order allows or directs a fiduciary to invest in a specific investment, type of investment, or investment concentration, no trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust instrument or court order.
Source:
SL 1995, ch 271, §8; SL 2006, ch 243, §9; SL 2009, ch 252, §31; SL 2010, ch 232, §14.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-9 - Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity.

55-5-9. Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity.
The trustee shall, within a reasonable time after the acceptance of the trusteeship, review trust assets and make and implement decisions concerning the retention and disposition of original pre-existing investments in order to conform to the provisions of this section. The trustee's decision to retain or dispose of an asset may properly be influenced by the asset's special relationship or value to the purposes of the trust or to some or all of the beneficiaries, consistent with the trustee's duty of impartiality.
If a trust owns an interest in a closely held entity, and the trust agreement, or other document signed by the settlor, trust protector, or signed by a majority of the current income or principal beneficiaries, if the settlor is deceased, provides that the trustee has no duty to inquire or review the activities of the closely held entity, no trustee is liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust or court order.
For purposes of this section, the term, closely held entity, means any entity in which the following persons in aggregate own at least twenty percent of the entity:
(1)The settlor;
(2)The settlor's grandparents or their descendants;
(3)The settlor's spouse; or
(4)Any trust created by anyone of the aforementioned persons.
If a trust was in existence on or before July 1, 2012, and a collateral document relieved the trustee of the duty to inquire or review the activities of a closely held entity as provided in this section, then the trustee may elect to have this section apply upon providing sixty days written notice of the election to the settlor or to the current income or principal beneficiaries if the settlor is deceased.
Source:
SL 1995, ch 271, §9; SL 2009, ch 252, §32; SL 2012, ch 233, §22; SL 2021, ch 207, § 13.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-10 - Investment strategy--Productivity judged by whole portfolio.

55-5-10. Investment strategy--Productivity judged by whole portfolio.
The trustee shall pursue an investment strategy that considers both the reasonable production of income and safety of capital, consistent with the trustee's duty of impartiality and the purpose of the trust. Whether investments are underproductive or overproductive of income shall be judged by the portfolio as a whole and not as to any particular asset.
Source:
SL 1995, ch 271, §10.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-11 - Circumstances considered in investment decisions.

55-5-11. Circumstances considered in investment decisions.
The circumstances that the trustee may consider in making investment decisions include, without limitation, the general economic conditions, the possible effect of inflation, the expected tax consequences of investment decisions or strategies, the role each investment or course of action plays within the overall portfolio, the expected total return, including both income yield and appreciation of capital, and the duty to incur only reasonable and appropriate costs. The trustee may consider related trusts and the assets of beneficiaries when making investment decisions.
Source:
SL 1995, ch 271, §11.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-12 - Precedence of express provisions of trust instrument.

55-5-12. Precedence of express provisions of trust instrument.
The provisions of this chapter may be expanded, restricted, eliminated, or otherwise altered by express provisions of the trust instrument. The trustee is not liable to a beneficiary for the trustee's reasonable and good faith reliance on those express provisions.
Source:
SL 1995, ch 271, §12.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-13 - Court authority over trustee.

55-5-13. Court authority over trustee.
Nothing in this chapter abrogates or restricts the power of an appropriate court in proper cases to direct or permit the trustee to deviate from the terms of the trust instrument or to direct or permit the trustee to take, or to restrain the trustee from taking, any action regarding the making or retention of investments.
Source:
SL 1995, ch 271, §13.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-14 - Authorization language.

55-5-14. Authorization language.
The following terms or comparable language in the investment powers and related provisions of a trust instrument, unless otherwise limited or modified by that instrument, authorize any investment or strategy permitted under this chapter: "investments permissible by law for investment of trust funds," "legal investment," "authorized investments," "using the judgment and care under the circumstances then prevailing that men of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to the speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent person rule."
Source:
SL 1995, ch 271, §14.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-15 - Applicability of chapter.

55-5-15. Applicability of chapter.
This chapter applies to all existing and future trusts, but only as to actions or inactions occurring after July 1, 1995.
Source:
SL 1995, ch 271, §15.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-16 - Delegation of responsibilities to others.

55-5-16. Delegation of responsibilities to others.
A trustee has a duty to personally perform the responsibilities of the trusteeship except as a prudent person might delegate those responsibilities to others. In deciding whether, to whom, and in what manner to delegate fiduciary authority in the administration of a trust, and thereafter in monitoring agents, the trustee may seek the prior approval for the delegation from the settlor, a trust protector, or if the settlor is deceased, the majority of the current income or principal beneficiaries, or from the court. If such approval is given in writing by either the settlor, a trust protector, or if the settlor is deceased, the majority of the current income or principal beneficiaries, or by the court, the trustee is not liable for the acts of the person to whom the authority is delegated except in the cases of willful misconduct or gross negligence by the delegating trustee in the selection or monitoring of the agent.
Source:
SL 1996, ch 284, §3; SL 1998, ch 282, §42; SL 2011, ch 212, §2; SL 2018, ch 275, §27; SL 2021, ch 207, § 14.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05 - Investment And Management Powers Of Fiduciaries › Section 55-5-17 - Duties of trustee with respect to life insurance--Notice to settlor.

55-5-17. Duties of trustee with respect to life insurance--Notice to settlor.
(a) Unless otherwise required by the terms of the trust instrument or court order, no trustee of a trust, with respect to acquiring, retaining, or disposing of a contract of insurance or holding one or more insurance contracts upon the life of the settlor, or the lives of the settlor and the settlor's spouse, has the following duties:
(1)To determine whether any such contract is or remains a proper investment;
(2)To investigate the financial strength or changes in the financial strength of the life insurance company;
(3)To make a determination of whether to exercise any policy options available under any such contract;
(4)To make a determination of whether to diversify any such contract relative to one another or to other assets, if any, administered by the trustee;
(5)To inquire about changes in the health or financial condition of the insured or insured's relative to any such contract; or
(6)To vote, or give proxies to vote, on corporate matters.
A trustee of a revocable or an irrevocable trust, or of either a directed trust pursuant to chapter 55-1B or a delegated trust pursuant to §55-5-16, is not liable to the beneficiaries of the trust or to any other party for any loss arising from the absence of those duties upon the trustee.
(b) The trustee of a trust described under subsection (a) of this section which was established prior to the effective date of this section, shall notify the settlor in writing that, unless the settlor provides written notice to the contrary to the trustee within sixty days of the trustee's notice, the provisions of subsection (a) of this section shall apply to the trust. Subsection (a) of this section does not apply if, within sixty days of the trustee's notice, the settlor notifies the trustee that subsection (a) does not apply.
Source:
SL 2010, ch 232, §15; SL 2012, ch 233, §27; SL 2014, ch 226, §5.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05A - Powers Of Foreign Fiduciaries › Section 55-5A-1 - Release of judgments or mortgages by foreign fiduciaries--Deeds to carry out real estate contracts--Court approval not required.

55-5A-1. Release of judgments or mortgages by foreign fiduciaries--Deeds to carry out real estate contracts--Court approval not required.
Judgments rendered by any court in the State of South Dakota, and mortgages belonging to an estate, trust, or person under conservatorship, may, without prior order of court, be released, discharged or assigned, in whole or in part as to any particular property, and deeds may be executed in performance of real estate contracts entered into before the creation of the estate, trust, or conservatorship, by any foreign fiduciary, receiver, referee, or by any other person acting in a fiduciary capacity appointed by a court of record of any foreign state or country, if no fiduciary, receiver or referee has been appointed and qualified in this state. Such release, satisfaction, discharge, assignment or deed may be made without any order of court in any manner, and by any instrument which would be valid and effective if made by a like officer qualified under the laws of this state.
Source:
SL 1976, ch 179, §1; SL 1993, ch 213, §255.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 05A - Powers Of Foreign Fiduciaries › Section 55-5A-2 - Certificate of appointing court or clerk attached--Contents.

55-5A-2. Certificate of appointing court or clerk attached--Contents.
Before any instrument executed by any fiduciary or officer as authorized in §55-5A-1 shall be effective, there shall be attached thereto a certificate executed by the court or clerk making the appointment, with seal attached, if such officer has a seal. Such certificate shall state the name of the court making such appointment, the date of appointment, and that the authority of such fiduciary or officer is still in full force and effect.
Source:
SL 1976, ch 179, §1.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 06 - Common Trust Funds And Collective Investment Funds › Section 55-6-1 - Establishment and maintenance of common trust funds and collective investment funds--Purpose.

55-6-1. Establishment and maintenance of common trust funds and collective investment funds--Purpose.
Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds or collective investment funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as cofiduciaries.
Any common trust fund or collective investment fund authorized by this chapter shall be established and maintained in accordance with 12 C.F.R. 9.18 as of January 1, 2011.
Source:
SL 1941, ch 20, §1; SDC Supp 1960, §6.0901; SL 2011, ch 212, §23.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 06 - Common Trust Funds And Collective Investment Funds › Section 55-6-1.1 - Common trust fund defined.

55-6-1.1.Common trust fund defined.
For purposes of this chapter, the term, common trust fund, is a fund as defined in 12 C.F.R. 9.18(a)(1) as of January 1, 2011, and is provided exemption from taxation according to 26 U.S. C. 584 as of January 1, 2011.
Source:
SL 2011, ch 212, §28.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 06 - Common Trust Funds And Collective Investment Funds › Section 55-6-1.2 - Collective investment fund defined.

55-6-1.2.Collective investment fund defined.
For purposes of this chapter, the term, collective investment fund, is a fund as defined in 12 C.F. R. 9.18(a)(2) as of January 1, 2011, and is provided exemption from taxation according to Internal Revenue Service, Revenue Ruling 81-100, published March 30, 1981.
Source:
SL 2011, ch 212, §29.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 06 - Common Trust Funds And Collective Investment Funds › Section 55-6-2 - Bank or trust company investment in funds.

55-6-2. Bank or trust company investment in funds.
Any bank or trust company qualified to act as fiduciary in this state may, as such fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in common trust funds or collective investment funds established pursuant to §55-6-1, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciary or cofiduciaries to such investment.
Source:
SL 1941, ch 20, §1; SDC Supp 1960, §6.0901; SL 2011, ch 212, §24.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 06 - Common Trust Funds And Collective Investment Funds › Section 55-6-2.1 - Powers of bank or trust company qualified to act as fiduciary.

55-6-2.1. Powers of bank or trust company qualified to act as fiduciary.
A bank or trust company qualified to act as a fiduciary in this state may:
(1)Establish and maintain common trust funds or collective investment funds for the collective investment of funds held in any fiduciary capacity by it or by another bank or trust company which is owned or controlled by a corporation which owns or controls such bank or trust company;
(2)Invest funds which it holds in common trust funds or collective investment funds established and maintained pursuant to subdivision (1).
The provisions of §§55-6-1 to 55-6-7, inclusive, relating to common trust funds or collective investment funds shall apply to the establishment and maintenance of common trust funds or collective investment funds under this section.
This section shall apply to all fiduciary relationships.
Source:
SL 1978, ch 356, §§1 to 3; SL 2011, ch 212, §25.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 06 - Common Trust Funds And Collective Investment Funds › Section 55-6-3 - Compliance with law governing administration of trust estates.

55-6-3. Compliance with law governing administration of trust estates.
The bank or trust company operating such common trust funds or collective investment funds shall comply with the provisions of chapter 21-22 in the administration of the trust estate.
Source:
SL 1941, ch 20, §2; SDC Supp 1960, §6.0902; SL 2011, ch 212, §26.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 06 - Common Trust Funds And Collective Investment Funds › Section 55-6-4 - Application of chapter.

55-6-4. Application of chapter.
This chapter shall apply to fiduciary relationships in existence at the time this chapter takes effect or thereafter established.
Source:
SL 1941, ch 20, §7; SDC Supp 1960, §6.0904.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 06 - Common Trust Funds And Collective Investment Funds › Section 55-6-5 - Uniformity of interpretation.

55-6-5. 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 1941, ch 20, §3; SDC Supp 1960, §6.0903.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 06 - Common Trust Funds And Collective Investment Funds › Section 55-6-7 - Citation of chapter.

55-6-7. Citation of chapter.
This chapter may be cited as the Uniform Common Trust Fund Act.
Source:
SL 1941, ch 20, §4; SDC Supp 1960, §6.0906.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-1 - Liability of third persons dealing with trustees.

55-7-1. Liability of third persons dealing with trustees.
One who actually and in good faith transfers any money or other property to a trustee as such is not bound to see to the application thereof; and his rights can in no way be prejudiced by a misapplication thereof by the trustee. Other persons must at their peril see to the proper application of money or other property paid or delivered by them.
Source:
SDC 1939, §59.0117.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-2 - Definition of terms.

55-7-2. Definition of terms.
Terms used in §§55-7-2 to 55-7-15, inclusive, mean:
(1)"Bank," any person or association of persons, whether incorporated or not, carrying on the business of banking;
(2)"Fiduciary," any trustee under any trust, express, implied, resulting or constructive, personal representative, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate;
(3)"Person," any corporation, limited liability company, partnership, or other association, or two or more persons having a joint or common interest; and
(4)"Principal," any person to whom a fiduciary as such owes an obligation.
Source:
SL 1943, ch 19, §1; SDC Supp 1960, §6.0701 (1); SL 1994, ch 351, §154.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-3 - A thing done "in good faith" defined.

55-7-3. A thing done "in good faith" defined.
A thing is done "in good faith" within the meaning of §§55-7-2 to 55-7-15, inclusive, when it is in fact done honestly, whether it be done negligently or not.
Source:
SL 1943, ch 19, §1; SDC Supp 1960, §6.0701 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-4 - Payment or transfer to fiduciary--Nonliability of transferor for improper application.

55-7-4. Payment or transfer to fiduciary--Nonliability of transferor for improper application.
A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.
Source:
SL 1943, ch 19, §2; SDC Supp 1960, §6.0702.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-5 - Check or bill of exchange drawn by fiduciary payable to third person--Liability of payee.

55-7-5. Check or bill of exchange drawn by fiduciary payable to third person--Liability of payee.
If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in drawing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith. If, however, such instrument is payable to a personal creditor of the fiduciary and delivered to the creditor in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is drawn and delivered in any transaction known by the payee to be for the personal benefit of the fiduciary, the creditor or other payee is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the instrument.
Source:
SL 1943, ch 19, §5; SDC Supp 1960, §6.0705.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-6 - Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or transferee.

55-7-6. Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or transferee.
If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally, or payable to a third person and by him transferred to the fiduciary, and is thereafter transferred by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise, the transferee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in transferring the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith.
Source:
SL 1943, ch 19, §6; SDC Supp 1960, §6.0706.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-7 - Bank account in name of fiduciary--Check drawn by fiduciary--Bank's liability to principal.

55-7-7. Bank account in name of fiduciary--Check drawn by fiduciary--Bank's liability to principal.
If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.
Source:
SL 1943, ch 19, §7; SDC Supp 1960, §6.0707.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-8 - Bank account in name of principal--Check drawn by fiduciary--Bank's liability to principal.

55-7-8. Bank account in name of principal--Check drawn by fiduciary--Bank's liability to principal.
If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing such check, or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of its obligation as fiduciary in drawing or delivering the check.
Source:
SL 1943, ch 19, §8; SDC Supp 1960, §6.0708.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-9 - Deposit in bank to fiduciary's personal account--Bank's liability to principal.

55-7-9. Deposit in bank to fiduciary's personal account--Bank's liability to principal.
If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks thereon, or of checks payable to his principal and endorsed by him, if he is empowered to endorse such checks, or if he otherwise makes a deposit of funds held by him as fiduciary, the bank receiving such deposit is not bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary; and the bank is authorized to pay the amount of the deposit or any part thereof upon the personal check of the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in making such deposit or in drawing such check, or with knowledge of such facts that its action in receiving the deposit or paying the check amounts to bad faith.
Source:
SL 1943, ch 19, §9; SDC Supp 1960, §6.0709.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-10 - Deposit in bank in names of two or more trustees--Check drawn by one.

55-7-10. Deposit in bank in names of two or more trustees--Check drawn by one.
When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.
Source:
SL 1943, ch 19, §10; SDC Supp 1960, §6.0710.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-12 - Law governing transactions not within Uniform Fiduciaries Act.

55-7-12. Law governing transactions not within Uniform Fiduciaries Act.
In any case not provided for in §§55-7-2 to 55-7-15, inclusive, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply.
Source:
SL 1943, ch 19, §12; SDC Supp 1960, §6.0712.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-13 - Act not retroactive.

55-7-13. Act not retroactive.
The provisions of §§55-7-2 to 55-7-15, inclusive, shall not apply to transactions taking place prior to July 1, 1943.
Source:
SL 1943, ch 19, §11; SDC Supp 1960, §6.0711.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-14 - Uniformity of interpretation.

55-7-14. Uniformity of interpretation.
Sections 55-7-2 to 55-7-15, inclusive, shall be so interpreted and construed as to effectuate their general purpose to make uniform the law of those states which enact them.
Source:
SL 1943, ch 19, §13; SDC Supp 1960, §6.0713.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 07 - Third Party Responsibility For Fiduciary Acts › Section 55-7-15 - Citation of uniform act.

55-7-15. Citation of uniform act.
Sections 55-7-2 to 55-7-15, inclusive, may be cited as the Uniform Fiduciaries Act.
Source:
SL 1943, ch 19, §14; SDC Supp 1960, §6.0714.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-1 - Definition of terms.

55-8-1. Definition of terms.
In this chapter, unless the context otherwise requires:
(1)"Assignment" includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer.
(2)"Claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir, or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties.
(3)"Corporation" means a private or public corporation, association or trust issuing a security.
(4)"Fiduciary" means a personal representative, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee.
(5)"Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(6)"Security" includes any share of stock, bond, debenture, note, or other security issued by a corporation which is registered as to ownership on the books of the corporation.
(7)"Transfer" means a change on the books of a corporation in the registered ownership of a security.
(8)"Transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation.
Source:
SL 1961, ch 22, §1.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-2 - Rights and duties of corporation and transfer agent--Law governing.

55-8-2. Rights and duties of corporation and transfer agent--Law governing.
The rights and duties of a corporation and its transfer agent in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized.
Source:
SL 1961, ch 22, §8 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-3 - Application of chapter.

55-8-3. Application of chapter.
This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment, or transfer of a security by or to a fiduciary and of a person who guarantees in this state the signature of a fiduciary in connection with such a transaction.
Source:
SL 1961, ch 22, §8 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-4 - Registration of security in name of fiduciary.

55-8-4. Registration of security in name of fiduciary.
A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.
Source:
SL 1961, ch 22, §2.
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-5 - Assignment of security by fiduciary--Assumption as to authority and capacity.

55-8-5. Assignment of security by fiduciary--Assumption as to authority and capacity.
Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties.
Source:
SL 1961, ch 22, §3 (1).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-6 - Assignment of security by fiduciary--Compliance with controlling instrument and law governing fiduciary relationship assumed.

55-8-6. Assignment of security by fiduciary--Compliance with controlling instrument and law governing fiduciary relationship assumed.
Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary may assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer.
Source:
SL 1961, ch 22, §3 (2).
2023 South Dakota Codified Laws › Title 55 - Fiduciaries and Trusts › Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries › Section 55-8-7 - Assignment of security by fiduciary--Corporation or transfer agent not charged with notice of records or documents.

55-8-7. Assignment of security by fiduciary--Corporation or transfer agent not charged with notice of records or documents.
Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.
Source:
SL 1961, ch 22, §3 (3).