South Dakota § 21-22-1 - Definition of terms.

§ 21-22-1. Definition of terms.

Terms used in this chapter mean:

(1)    "Beneficiary," any person beneficially interested in the trust, as defined in subdivision 55-1-24(1) or who has a direct financial interest in the trust, including a creditor or claimant with any rights or claimed rights against the trust estate if the creditor or claimant demonstrates a previously asserted specific claim against the trust estate;

(2)    "Court trust," any trust which is established or confirmed by the judgment, decree, or order of any court of record of this state or any foreign jurisdiction;

(3)    "Fiduciary," a trustee, custodian, enforcer, trust advisor, trust protector, or trust committee, as named in the governing instrument or order of court, regardless of whether such person is acting in a fiduciary or nonfiduciary capacity;

(4)    "Other trust," any trust which is not a court trust;

(5)    "Supervision," the supervision of the circuit court over the administration of a trust as provided in this chapter;

(6)    "Trustee," the trustee or trustees of any trust which may be supervised under this chapter.

Source: Supreme Court Rule 237, 1939; SDC 1939 & Supp 1960, § 33.2601; SL 2010, ch 232, § 24; SL 2014, ch 226, § 6; SL 2015, ch 240, § 21; SL 2017, ch 204, § 23; SL 2018, ch 275, § 1.