S.D. Codified Laws ch. 55-1 – Classification and Creation of Trusts | Midpage

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South Dakota Codified Laws

Chapter 55-1

S.D. Codified Laws ch. 55-1

Classification and Creation of Trusts

55-1-1Purposes for which trust may be created.55-1-2Trusts classified.55-1-3Express trust defined.55-1-4Creation of express trust--Words or acts of trustor.55-1-5Express trust created as to trustee--Words and acts of trustee.55-1-5.1Express trust need not be for exclusive benefit of beneficiaries.55-1-6Implied trust--Definition--Creation.55-1-6.1Implied trust may not prejudice rights of real property purchaser or encumbrancer.55-1-7Wrongful detention creates implied trust.55-1-8Implied trust resulting from fraud, accident or wrongful act.55-1-9Implied trust created by transfer of property in violation of trust.55-1-10Transfer of real property to one for money paid by another--Trust presumed.55-1-11Implied trust--Declaration by court of equity.55-1-12Trustor, trustee, beneficiary, power of appointment, and person defined.55-1-13Voluntary trustee--Assumption of relationship.55-1-14Interest in existing trust--Transfer by operation of law or written instrument.55-1-15Certain trusts not terminated upon trustor's death.55-1-1655-1-16 to 55-1-19. Repealed by SL 2007, ch 280, §§ 21 to 24.55-1-20Trusts for noncharitable purposes.55-1-21Trust for care of animal, care of other property, or other lawful noncharitable purpose.55-1-21.1Termination of trust for care of animal.55-1-21.2Judicial reduction of property transferred to trustee if trust corpus exceeds amount required for intended purposes.55-1-21.3Court order where fulfillment of purposes are impossible, inexpedient, or unlawful.55-1-21.4Enforcement of purpose of trust by enforcer.55-1-21.5Removal of enforcer.55-1-21.6Discretion of trustee of purpose trust.55-1-21.7Judicial designation of trustee--Order to carry out intent of trustor and purpose of trust.55-1-21.8Distribution of property upon termination of purpose of trust.55-1-21.9Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required--Exceptions.55-1-21.10Trustee may not use principal and income other than for trust's purposes.55-1-21.11Co-enforcer appointment--Powers.55-1-22Hybrid purpose trusts valid.55-1-22.1Separate shares for beneficiaries and purposes to be maintained in hybrid purpose trust.55-1-22.2Beneficiaries' share of a hybrid purpose trust.55-1-22.3Spendthrift provision in hybrid purpose trust--Qualified dispositions in trust.55-1-22.4Application of §§ 55-1-21 to 55-1-21.9 to hybrid purpose trust--Exceptions.55-1-22.5Discretion of trustee of hybrid purpose trust.55-1-22.6Enforcer of hybrid purpose trust.55-1-24Definitions applicable to §§ 55-1-24 to 55-1-45.55-1-45Limitation of action for fraudulent transfer of settlor's assets.55-1-24.1Improper motive.55-1-24.2Withdrawal power.55-1-25Distinction between discretionary trust and support trust--Creditor rights--Judicial review.55-1-26Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests.55-1-27Certain remainder interests not property interests.55-1-28Interest of beneficiary or others not reachable by creditors.55-1-29Trust property not subject to personal obligations of trustee.55-1-30Distribution and remainder interests not relevant to division of marital property.55-1-31Resources of settlor's spouse to be considered in making distribution from support trust--Other beneficiary's resources need not be considered.55-1-32Alter ego--Pierce the veil, dominion and control claims.55-1-34Provision that beneficial interest in trust income or principal may not be transferred before payment to beneficiary permissible.55-1-35Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.55-1-36Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary.55-1-36.1Effect on creditor claims of trustee discretionary powers to pay taxes or make reimbursements for taxes.55-1-36.2Income tax reimbursement or payment--Excluded source--Effect--Liability--Fiduciary duty--Applicability.55-1-37Application of spendthrift provision.55-1-38Classification of distribution interest.55-1-38.1Classification of interest as support interest.55-1-39Bifurcation of trust.55-1-40Language resulting in classification of distribution interest.55-1-41Effect of spendthrift provision.55-1-42Mandatory or support interests.55-1-43Discretionary interests.55-1-44Action for fraudulent transfer of settlor's assets--Jurisdiction--Attorneys' fees and costs--Burden of proof.55-1-46No contest clause defined--Enforceability.55-1-47Extrinsic evidence not admissible to establish settlor's intent concerning no contest clause.55-1-48Circumstances under which no contest clause unenforceable.55-1-49Contest regarding settlor's signature.55-1-50Attorneys fees and costs.55-1-51Applicability of §§ 55-1-46 to 55-1-50.55-1-52Interest on general pecuniary devises.55-1-53Expansion, restriction, elimination, or variance of provisions of general application.55-1-54Arbitration.55-1-55Trust enforceable although not funded or without res, corpus, or assets.55-1-56Registration of trust in court at principal place of administration.55-1-57Contents of registration statement.55-1-58Confidentiality of registration.55-1-59Trust registration form.