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South Dakota Codified Laws
Title 47
Chapter 47-14A
S.D. Codified Laws ch. 47-14A
South Dakota Business Trust Act
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47-14A-1
Definitions.
47-14A-2
Beneficial owner's contribution to business trust--Contribution not required.
47-14A-3
Obligation of beneficial owner--Cash value of contribution as option in addition to other remedies.
47-14A-4
Penalties or consequences for failure to make contribution.
47-14A-5
Liability of beneficial owners.
47-14A-6
Liability of trustees.
47-14A-7
Liability of officers, employees, and others managing business of trust.
47-14A-8
Usury not a defense against beneficial owner's obligation.
47-14A-9
Power to sue and be sued--Liabilities--Property subject to attachment--Exception for separately designed series.
47-14A-10
Trustee may be served with process.
47-14A-11
Service of process--Fee if service made on secretary of state.
47-14A-12
Time for responsive pleading.
47-14A-13
Trustee or beneficial owner may consent to jurisdiction.
47-14A-14
Service of process not limited.
47-14A-15
Circuit court jurisdiction over business trusts.
47-14A-16
Doing business in state by reason of being trustee.
47-14A-17
Beneficial owner to have undivided interest in trust property--Proportionate share in profits and losses.
47-14A-18
Creditors of beneficial owners have no rights in business trust property.
47-14A-19
Beneficial owner's interest in business trust as personal property.
47-14A-20
Beneficial owner's interest transferable.
47-14A-21
Beneficial owner entitled to distribution becomes creditor of business trust.
47-14A-22
Title to property of business trust may be held by trustee.
47-14A-23
Creditors of trustee have no rights in business trust property.
47-14A-24
Trustees to manage affairs of business trust--Persons entitled to direct trustees--Power to direct trustees does not cause person to be trustee nor to create duties or liabilities.
47-14A-25
Provisions of governing instrument.
47-14A-26
Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument.
47-14A-27
Officer or employer acting in reliance on governing instrument not liable--Duties determined by governing instrument.
47-14A-28
Action by beneficial owners--Notice and meeting not necessary if consent exists--Proxy.
47-14A-29
Action by trustees--Notice and meeting not necessary if consent exists--Proxy.
47-14A-30
One trustee required to have residence or principal place of business in state.
47-14A-31
Exception to § 47-14A-30 for registered investment companies.
47-14A-32
Change of registered agent or location of office--Amendment to certificate of trust.
47-14A-33
Service of process on registered agent valid.
47-14A-34
Change of name or address of trustee or registered agent--Fee--Certificate.
47-14A-35
Business trust to have perpetual existence--Termination determined by governing instrument.
47-14A-36
Death or incapacity of beneficial owner need not terminate business trust.
47-14A-37
Dissolution of trust determined by governing instrument.
47-14A-38
Powers of trust managers upon dissolution of trust.
47-14A-39
Payment of claims and obligations of trust upon dissolution--Distribution of remaining assets--Liability of persons winding up business.
47-14A-40
Dissolution of series need not cause dissolution of trust--Series dissolution determined by governing instrument--Death or incapacity of beneficial owner need not terminate series.
47-14A-41
Powers of trust series managers upon dissolution of series--Liability.
47-14A-42
Laws applicable to business trusts.
47-14A-43
Certificate of trust to be filed with secretary--Contents--Trust formed upon filing.
47-14A-44
Certificate of amendment--Contents--Certificate of trust may be freely amended.
47-14A-45
Restated certificate of trust integrating all amendments--Contents.
47-14A-46
Certificate of cancellation to be filed upon termination of trust--Contents.
47-14A-47
Certificate of correction or corrected certificate of trust to be filed to correct defective information--Contents--Effective date.
47-14A-48
Termination of certificate containing future effective date.
47-14A-49
Execution of certificates.
47-14A-50
Execution by agent--Authorization of agent.
47-14A-51
Execution of certificate by trustee constitutes oath as to truth of contents.
47-14A-52
Certificates to be delivered to secretary's office--Duties of secretary upon receipt of filing.
47-14A-53
Certificates effective upon filing or upon effective date contained in certificate.
47-14A-54
Fees paid at request of secretary or upon filing of certificate.
47-14A-55
Signature may be facsimile or electronically transmitted--Certificate may be electronically transmitted.
47-14A-56
Certificate of trust on file with secretary is notice of business trust.
47-14A-57
Fees-Documents not effective until fee paid.
47-14A-58
Name of business trust to be distinguishable from other businesses--Exception.
47-14A-59
Name of person in name of business trust.
47-14A-60
Terms contained in name of business trust.
47-14A-61
Reservation of name.
47-14A-62
Reservation of name--Application--Duration--Transfer--Cancellation.
47-14A-63
Fees for reservation--When paid.
47-14A-64
Merger or consolidation of business trusts.
47-14A-65
Certificate of merger or consolidation to be filed with secretary--Contents.
47-14A-66
Validity of certain mergers not affected by failure to file certificate.
47-14A-67
Effective date of merger or consolidation.
47-14A-68
Certificate of merger or consolidation as certificate of cancellation.
47-14A-69
Amendment to or adoption of governing instrument upon merger--Effective date.
47-14A-70
Rights, property, and obligations of merging entities vest in resulting entity.
47-14A-71
Provision for contractual appraisal rights.
47-14A-72
Authority of beneficial owner to bring derivative action.
47-14A-73
Qualifications of plaintiff in derivative action.
47-14A-74
Complaint to specify efforts to secure action by trustees.
47-14A-75
Costs and attorney's fees of successful derivative action.
47-14A-76
Beneficial owner's right to bring derivative action determined by governing instrument.
47-14A-77
Indemnification of trustee or beneficial owner.
47-14A-78
Absence of indemnity provision in governing instrument not conclusive.
47-14A-79
Power of business trust to acquire interest held by beneficial owner.
47-14A-80
Beneficial owners entitled to obtain certain information.
47-14A-81
Trustees entitled to examine certain information.
47-14A-82
Trustees authorized to keep certain information confidential.
47-14A-83
Records maintained in other than written form--Demand for information to be in writing.
47-14A-84
Conversion of existing business entity to business trust--Filing requirements.
47-14A-85
Certificate of conversion--Contents.
47-14A-86
Effective of date of conversion to business trust--Effective date of commencement of business.
47-14A-87
Conversion to business trust not to affect liabilities incurred prior to conversion.
47-14A-88
Rights, property, and obligations of converting entities vest in resulting entity.
47-14A-89
Conversion deemed continuation of business entity as business trust.
47-14A-90
Conversion to be approved under business entity's governing instrument.
47-14A-91
Construction of chapter with other laws.
47-14A-92
Disposition of rights and interests of business entity upon conversion.
47-14A-93
Conversion of business trust to other business entity.
47-14A-94
Provisions of law subject to change.
47-14A-95
Construction.
47-14A-96
Citation of chapter.