South Dakota Code — 55
Browse 552 sections in division 55 of the South Dakota code. Each section page includes the full statutory text, official source links, and citation guidance.
Sections (showing up to 300)
- § 55-1-1. Purposes for which trust may be created.
- § 55-1-2. Trusts classified.
- § 55-1-3. Express trust defined.
- § 55-1-4. Creation of express trust--Words or acts of trustor.
- § 55-1-5. Express trust created as to trustee--Words and acts of trustee.
- § 55-1-5.1. Express trust need not be for exclusive benefit of beneficiaries.
- § 55-1-6. Implied trust--Definition--Creation.
- § 55-1-6.1. Implied trust may not prejudice rights of real property purchaser or encumbrancer.
- § 55-1-7. Wrongful detention creates implied trust.
- § 55-1-8. Implied trust resulting from fraud, accident or wrongful act.
- § 55-1-9. Implied trust created by transfer of property in violation of trust.
- § 55-1-10. Transfer of real property to one for money paid by another--Trust presumed.
- § 55-1-11. Implied trust--Declaration by court of equity.
- § 55-1-12. Trustor, trustee, beneficiary, power of appointment, and person defined.
- § 55-1-13. Voluntary trustee--Assumption of relationship.
- § 55-1-14. Interest in existing trust--Transfer by operation of law or written instrument.
- § 55-1-15. Certain trusts not terminated upon trustor's death.
- § 55-1-20. Trusts for noncharitable purposes.
- § 55-1-21. Trust for care of animal, care of other property, or other lawful noncharitable purpose.
- § 55-1-21.1. Termination of trust for care of animal.
- § 55-1-21.2. Judicial reduction of property transferred to trustee if trust corpus exceeds amount required for intended purposes.
- § 55-1-21.3. Court order where fulfillment of purposes are impossible, inexpedient, or unlawful.
- § 55-1-21.4. Enforcement of purpose of trust by enforcer.
- § 55-1-21.5. Removal of enforcer.
- § 55-1-21.6. Discretion of trustee of purpose trust.
- § 55-1-21.7. Judicial designation of trustee--Order to carry out intent of trustor and purpose of trust.
- § 55-1-21.8. Distribution of property upon termination of purpose of trust.
- § 55-1-21.9. Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required--Exceptions.
- § 55-1-21.10. Trustee may not use principal and income other than for trust's purposes.
- § 55-1-21.11. Co-enforcer appointment--Powers.
- § 55-1-22. Hybrid purpose trusts valid.
- § 55-1-22.1. Separate shares for beneficiaries and purposes to be maintained in hybrid purpose trust.
- § 55-1-22.2. Beneficiaries' share of a hybrid purpose trust.
- § 55-1-22.3. Spendthrift provision in hybrid purpose trust--Qualified dispositions in trust.
- § 55-1-22.4. Application of §§ 55-1-21 to 55-1-21.9 to hybrid purpose trust--Exceptions.
- § 55-1-22.5. Discretion of trustee of hybrid purpose trust.
- § 55-1-22.6. Enforcer of hybrid purpose trust.
- § 55-1-24. Definitions applicable to §§ 55-1-24 to 55-1-45.
- § 55-1-24.1. Improper motive.
- § 55-1-24.2. Withdrawal power.
- § 55-1-25. Distinction between discretionary trust and support trust--Creditor rights--Judicial review.
- § 55-1-26. Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests.
- § 55-1-27. Certain remainder interests not property interests.
- § 55-1-28. Interest of beneficiary or others not reachable by creditors.
- § 55-1-29. Trust property not subject to personal obligations of trustee.
- § 55-1-30. Distribution and remainder interests not relevant to division of marital property.
- § 55-1-31. Resources of settlor's spouse to be considered in making distribution from support trust--Other beneficiary's resources need not be considered.
- § 55-1-32. Alter ego--Pierce the veil, dominion and control claims.
- § 55-1-33. Repealed.
- § 55-1-34. Provision that beneficial interest in trust income or principal may not be transferred before payment to beneficiary permissible.
- § 55-1-35. Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.
- § 55-1-36. Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary.
- § 55-1-36.1. Effect on creditor claims of trustee discretionary powers to pay taxes or make reimbursements for taxes.
- § 55-1-36.2. Income tax reimbursement or payment--Excluded source--Effect--Liability--Fiduciary duty--Applicability.
- § 55-1-37. Application of spendthrift provision.
- § 55-1-38. Classification of distribution interest.
- § 55-1-38.1. Classification of interest as support interest.
- § 55-1-39. Bifurcation of trust.
- § 55-1-40. Language resulting in classification of distribution interest.
- § 55-1-41. Effect of spendthrift provision.
- § 55-1-42. Mandatory or support interests.
- § 55-1-43. Discretionary interests.
- § 55-1-44. Action for fraudulent transfer of settlor's assets--Jurisdiction--Attorneys' fees and costs--Burden of proof.
- § 55-1-45. Limitation of action for fraudulent transfer of settlor's assets.
- § 55-1-46. No contest clause defined--Enforceability.
- § 55-1-47. Extrinsic evidence not admissible to establish settlor's intent concerning no contest clause.
- § 55-1-48. Circumstances under which no contest clause unenforceable.
- § 55-1-49. Contest regarding settlor's signature.
- § 55-1-50. Attorneys fees and costs.
- § 55-1-51. Applicability of §§ 55-1-46 to 55-1-50.
- § 55-1-52. Interest on general pecuniary devises.
- § 55-1-53. Expansion, restriction, elimination, or variance of provisions of general application.
- § 55-1-54. Arbitration.
- § 55-1-55. Trust enforceable although not funded or without res, corpus, or assets.
- § 55-1-56. Registration of trust in court at principal place of administration.
- § 55-1-57. Contents of registration statement.
- § 55-1-58. Confidentiality of registration.
- § 55-1-59. Trust registration form.
- § 55-1A-1. Powers enumerated in chapter apply to any trust unless specifically excluded--Powers as additional to common law powers.
- § 55-1A-2. Trustee defined.
- § 55-1A-5. Retention of trust property by trustee.
- § 55-1A-6. Additions to trust assets.
- § 55-1A-7. Operation of business by trustee.
- § 55-1A-8. Acquisition of undivided interest in trust asset.
- § 55-1A-9. Investment of trust assets.
- § 55-1A-9.1. Affiliated investments.
- § 55-1A-10. Deposit of trust funds in bank.
- § 55-1A-11. Disposal of trust assets.
- § 55-1A-12. Grant or taking of option for disposition of assets.
- § 55-1A-13. Leases by trustees.
- § 55-1A-14. Repairs by trustee--Removal or demolition.
- § 55-1A-15. Razing or erection of party walls or buildings.
- § 55-1A-16. Land development or dedication--Valuation adjustments.
- § 55-1A-17. Mineral and natural resource leases and explorations.
- § 55-1A-18. Insurance.
- § 55-1A-19. Voting stock or securities--Voting trust agreements.
- § 55-1A-20. Payment of calls, assessments, and other sums charged against corporate securities.
- § 55-1A-21. Corporate powers--Stocks--Reorganizations and mergers--Sales and leases.
- § 55-1A-22. Holding stock in nominee's name without disclosing fiduciary relationship.
- § 55-1A-23. Borrowing money against trust assets.
- § 55-1A-24. Contracts binding upon trust.
- § 55-1A-25. Claims in favor of or against trust or trustee.
- § 55-1A-26. Release of claim or lien.
- § 55-1A-27. Payment of trust administration expenses.
- § 55-1A-28. Creation of reserves.
- § 55-1A-29. Payment of sum distributable to minor or other beneficiary under legal disability--Methods.
- § 55-1A-30. Distribution of property and money.
- § 55-1A-31. Employment of agents and assistants.
- § 55-1A-32. Prosecution or defense of actions and proceedings.
- § 55-1A-32.1. Trustee immunity from liability for failure to prosecute, defend, or continue to defend.
- § 55-1A-33. Advance of income or loan to beneficiary--Lien.
- § 55-1A-34. Advance of money for protection of trust--Lien.
- § 55-1A-35. Execution and delivery of instruments.
- § 55-1A-35.1. Electronic execution of documents.
- § 55-1A-36. Holding of two or more trusts with undivided interests.
- § 55-1A-37. Citation of chapter.
- § 55-1A-38. Trustee may perform necessary and appropriate acts.
- § 55-1A-39. Disclaimer of powers by trustee--Time limit.
- § 55-1A-40. Trust name change.
- § 55-1A-41. Co-trustee appointment--Powers.
- § 55-1B-1. Definition of terms.
- § 55-1B-1.1. Governing instrument may provide trust advisor or trust protector with powers and immunities of trustee.
- § 55-1B-2. Excluded fiduciary--Liability limits--Relief from obligations--Burden of proof against.
- § 55-1B-3. Death of grantor.
- § 55-1B-4. Trust advisor, tax trust advisor as fiduciary.
- § 55-1B-5. Excluded fiduciary's liability for loss if trust protector appointed.
- § 55-1B-6. Powers and discretions of trust protector.
- § 55-1B-7. Submission to court jurisdiction--Effect on trust advisor or trust protector.
- § 55-1B-8. Powers of trust protector incorporated by reference in will or trust instrument.
- § 55-1B-9. Investment, distribution, or tax trust advisor--Provided for in instrument.
- § 55-1B-10. Powers and discretions of investment trust advisor.
- § 55-1B-11. Powers and discretions of distribution trust advisor.
- § 55-1B-12. Powers and discretions of family advisor.
- § 55-1B-13. Tax trust advisor--Powers and discretions.
- § 55-2-1. Trustee's obligation of good faith.
- § 55-2-2. Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.
- § 55-2-3. Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.
- § 55-2-4. Trustee's influence not to be used for his advantage.
- § 55-2-5. Trustee not to assume a trust adverse to the interest of beneficiary.
- § 55-2-6. Adverse interest of trustee--Information to beneficiary--Removal of trustee.
- § 55-2-7. Fraud against beneficiary of trust.
- § 55-2-8. Presumption against trustee.
- § 55-2-9. Liability of trustee mingling trust property with his own.
- § 55-2-10. Measure of liability for unauthorized use or disposal of trust property--Intent to serve interest of beneficiary.
- § 55-2-11. Liability for acts of cotrustee.
- § 55-2-12. Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.
- § 55-2-13. Notice to qualified beneficiaries of existence of trust--Written directions--Variation of right of a beneficiary to be informed--Confidentiality of trust information.
- § 55-2-13.1. Information to be provided to excluded fiduciaries--Liability limits of trustee.
- § 55-2-14. Duty to provide information regarding revocable trust and its administration.
- § 55-2-15. Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust--Restrictions--Power of appointment to beneficiary of second trust.
- § 55-2-16. Action that may not be taken by restricted trustee may be taken by another unrestricted trustee.
- § 55-2-17. Conditions under which beneficiary has power to change trustees.
- § 55-2-18. Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust.
- § 55-2-19. Exercise of power to distribute income or principal considered exercise of power of appointment.
- § 55-2-20. Impermissible use of power.
- § 55-2-21. Trustee's right to distribute income or principal in trust arising under law or terms of first trust not abridged.
- § 55-2-22. Fiduciary duty to determine that substituted property is of equivalent value.
- § 55-2-23. Excluded fiduciaries and trustees--Reliance on tax information--Applicability.
- § 55-2-24. Notice to beneficiaries and other interested parties.
- § 55-3-1. Application of chapter.
- § 55-3-2. Creation of trust--Mutual consent of trustor and trustee.
- § 55-3-3. Appointing court or public officer as trustor.
- § 55-3-4. Declaration of trust--Declarations of trustor to trustee before acceptance.
- § 55-3-5. Trustee to follow declaration of trust--Modifications.
- § 55-3-6. Trust irrevocable in absence of express contrary provisions.
- § 55-3-7. Trustee's power as agent.
- § 55-3-10. Degree of care and diligence used in execution of trusts.
- § 55-3-11. Investment of money by trustee--Interest, simple or compound, on omission to invest trust moneys.
- § 55-3-12. Purchase by trustee of claims against trust property.
- § 55-3-13. Expenses incurred by trustee in performance of trust--Reimbursement.
- § 55-3-14. Compensation of trustee.
- § 55-3-15. Implied trustee--No rights to compensation or repayment of expenses.
- § 55-3-16. Vacation of office of trustee.
- § 55-3-17. Discharge of trustee--Grounds.
- § 55-3-17.1. Resignation of fiduciary.
- § 55-3-18. Survivorship between cotrustees.
- § 55-3-19. Discharge of trustee before trust executed--Duty to secure appointment of successor.
- § 55-3-20. Removal of trustee by circuit court--Vacant trusteeship filled by court.
- § 55-3-20.1. Grounds for removal of trustee.
- § 55-3-21. Appointment of trustee by circuit court--Grounds.
- § 55-3-23. Termination of trust.
- § 55-3-24. Modification or termination of trust--Notice to fiduciaries--Distribution of property.
- § 55-3-25. Petition to court for affirmation--Non-consenting beneficiaries--Distribution of property.
- § 55-3-26. Petition to modify terms of trust--Circumstances--Distribution of property.
- § 55-3-27. Termination of noncharitable trusts valued under one hundred fifty thousand dollars--Distribution of property.
- § 55-3-28. Terms of trust may be reformed by court.
- § 55-3-29. Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition to court.
- § 55-3-29.1. Defense of laches not available.
- § 55-3-29.2. Statute of limitations defense not available.
- § 55-3-30. Provisions not exclusive.
- § 55-3-39. When state law or jurisdiction provision valid, effective, and conclusive.
- § 55-3-40. Validity, construction, and administration of trust with state jurisdiction provision.
- § 55-3-41. Qualified person defined.
- § 55-3-42. State jurisdiction provision defined.
- § 55-3-43. South Dakota investments defined.
- § 55-3-44. Trustor defined.
- § 55-3-45. Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined.
- § 55-3-46. Effect of the laws, rules, or orders of foreign country on trust or disposition of property.
- § 55-3-46.1. Effect of laws, rules, or orders of other states on a trust or disposition of property.
- § 55-3-47. Cessation of trustee upon action of foreign court--Successor trustee.
- § 55-3-48. South Dakota law governs administration of trust.
- § 55-3-49. Enforcement of foreign judgments.
- § 55-3-50. Advancements.
- § 55-4-1. Definition of terms.
- § 55-4-2. Powers attached to the office of trustee.
- § 55-4-3. Number of trustees for exercise of powers.
- § 55-4-4. Liability of trustee not joining in exercise of power.
- § 55-4-5. Cotrustee--Liability for maladministration of trust.
- § 55-4-6. Voting of corporate stock owned by trustee.
- § 55-4-7. Creation of trust--Bank account to pay special debts.
- § 55-4-8. Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor.
- § 55-4-9. Holding stock in name of nominee.
- § 55-4-10. Loan of trust funds.
- § 55-4-11. Corporate trustee depositing trust funds with self--Interest.
- § 55-4-12. Corporate trustee depositing trust funds with self--Maintenance of required value--Ownership of income--Items specified in statements of financial condition to Division of Banking.
- § 55-4-13. Trustee not to buy from or sell to self--Exception.
- § 55-4-14. Permitted sales between trusts held by same corporate trustee.
- § 55-4-15. Corporate trustee buying its own stock.
- § 55-4-16. Withdrawals from mingled trust funds.
- § 55-4-17. Unenforceable oral trust created by deed--Duties of intended trustee--Conveyance of real property interest under oral trust.
- § 55-4-18. Unenforceable oral trust created by deed--Liability of trustee to settlor for transfer of real property.
- § 55-4-19. Action on contract against trustee in representative capacity--Execution against trust property--Intervention by beneficiary.
- § 55-4-20. Action on contract against trustee--Notice to beneficiaries.
- § 55-4-21. Action on contract against trustee--Personal liability of trustee.
- § 55-4-22. Exoneration or reimbursement of trustee for tort committed in administration of trust.
- § 55-4-23. Exoneration or reimbursement of trustee for tort--Increase in value of trust property.
- § 55-4-24. Liability of trustees of charitable trust for torts not changed by provisions of law as to exoneration or reimbursement of trustee for tort.
- § 55-4-25. Tort liability of trust estate--Action against trustee, amount of recovery, intervention by beneficiary.
- § 55-4-26. Tort liability of trust estate--Action against trustee, proof as to reimbursement unnecessary.
- § 55-4-27. Tort liability of trust estate--Action against trustee, notice to beneficiaries.
- § 55-4-28. Personal liability for tort committed by trustee.
- § 55-4-29. Existing law as to charitable immunity not changed by law as to tort liability of trust estate.
- § 55-4-30. Power of settlor of trust.
- § 55-4-31. Trustee not liable if beneficiary consents to conduct or releases trustee from liability or ratifies transaction.
- § 55-4-32. Relieving trustee of duties--Power of the court.
- § 55-4-33. Violations of chapter--Removal--Liability--Compensation until court ceases.
- § 55-4-34. Application of chapter to testamentary trust.
- § 55-4-35. Uniformity of interpretation.
- § 55-4-36. Citation of chapter.
- § 55-4-37. Liability for fiduciary's partnership interest limited.
- § 55-4-38. Limitation on trustee's power to make distributions to his or her benefit.
- § 55-4-39. "Trustee" construed broadly.
- § 55-4-40. Applicability of §§ 55-4-38 and 55-4-39.
- § 55-4-41. Certain trustees exempted from §§ 55-4-38 to 55-4-40, inclusive.
- § 55-4-50. Co-trustee's inability or failure to perform.
- § 55-4-51. Certificate of trust furnished in lieu of copy of trust instrument or will that creates testamentary trust--Contents.
- § 55-4-51.1. Recording of certificate of trust--Reliance upon content.
- § 55-4-51.2. Applicability of §§ 55-4-51 and 55-4-51.1.
- § 55-4-51.3. Form of certificate of trust in support of a real property transaction.
- § 55-4-52. Request for excerpts from trust instrument.
- § 55-4-53. Limitation of liability for acting in reliance on certificate of trust.
- § 55-4-54. Enforcement of transaction entered into in reliance on certificate of trust.
- § 55-4-55. Liability for bad faith demand for trust instrument.
- § 55-4-56. Right to obtain copy of trust instrument in judicial proceeding.
- § 55-4-57. Time for commencing judicial proceeding to contest validity of trust--Distribution of trust property--Recovery of improper distribution--Notice.
- § 55-4-58. Presentation of claims against property of trust revocable at settlor's death.
- § 55-4-59. Attorney-client relationship with fiduciary--Duties to other interested persons.
- § 55-4-60. Attorney-client relationship with fiduciary--Privileged communications--Relation to beneficiary.
- § 55-5-6. Standards for investing and managing assets.
- § 55-5-7. Prudent investor rule.
- § 55-5-8. Diversification of investments.
- § 55-5-9. Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity.
- § 55-5-10. Investment strategy--Productivity judged by whole portfolio.
- § 55-5-11. Circumstances considered in investment decisions.
- § 55-5-12. Precedence of express provisions of trust instrument.
- § 55-5-13. Court authority over trustee.
- § 55-5-14. Authorization language.
- § 55-5-15. Applicability of chapter.
- § 55-5-16. Delegation of responsibilities to others.
- § 55-5-17. Duties of trustee with respect to life insurance--Notice to settlor.
- § 55-5A-1. Release of judgments or mortgages by foreign fiduciaries--Deeds to carry out real estate contracts--Court approval not required.
- § 55-5A-2. Certificate of appointing court or clerk attached--Contents.
- § 55-6-1. Establishment and maintenance of common trust funds and collective investment funds--Purpose.
- § 55-6-1.1. Common trust fund defined.
- § 55-6-1.2. Collective investment fund defined.
- § 55-6-2. Bank or trust company investment in funds.
- § 55-6-2.1. Powers of bank or trust company qualified to act as fiduciary.
- § 55-6-3. Compliance with law governing administration of trust estates.
- § 55-6-4. Application of chapter.
- § 55-6-5. Uniformity of interpretation.
- § 55-6-7. Citation of chapter.
- § 55-7-1. Liability of third persons dealing with trustees.
- § 55-7-2. Definition of terms.
- § 55-7-3. A thing done "in good faith" defined.
- § 55-7-4. Payment or transfer to fiduciary--Nonliability of transferor for improper application.
- § 55-7-5. Check or bill of exchange drawn by fiduciary payable to third person--Liability of payee.
- § 55-7-6. Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or transferee.
- § 55-7-7. Bank account in name of fiduciary--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.
- § 55-7-9. Deposit in bank to fiduciary's personal account--Bank's liability to principal.
- § 55-7-10. Deposit in bank in names of two or more trustees--Check drawn by one.
- § 55-7-11. Negotiable instrument transferred by fiduciary.
- § 55-7-12. Law governing transactions not within Uniform Fiduciaries Act.
- § 55-7-13. Act not retroactive.
- § 55-7-14. Uniformity of interpretation.
- § 55-7-15. Citation of uniform act.
- § 55-8-1. Definition of terms.
- § 55-8-2. Rights and duties of corporation and transfer agent--Law governing.
- § 55-8-3. Application of chapter.
- § 55-8-4. Registration of security in name of fiduciary.