S.D. Codified Laws ch. 55-2 – Duties and Liabilities of Trustees | Midpage

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South Dakota Codified Laws

Chapter 55-2

S.D. Codified Laws ch. 55-2

Duties and Liabilities of Trustees

55-2-1Trustee's obligation of good faith.55-2-2Trustee not to use property for his own benefit--Profit of trustee from use of property, extent of liability.55-2-3Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.55-2-4Trustee's influence not to be used for his advantage.55-2-5Trustee not to assume a trust adverse to the interest of beneficiary.55-2-6Adverse interest of trustee--Information to beneficiary--Removal of trustee.55-2-7Fraud against beneficiary of trust.55-2-8Presumption against trustee.55-2-9Liability of trustee mingling trust property with his own.55-2-10Measure of liability for unauthorized use or disposal of trust property--Intent to serve interest of beneficiary.55-2-11Liability for acts of cotrustee.55-2-12Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.55-2-13Notice to qualified beneficiaries of existence of trust--Written directions--Variation of right of a beneficiary to be informed--Confidentiality of trust information.55-2-13.1Information to be provided to excluded fiduciaries--Liability limits of trustee.55-2-14Duty to provide information regarding revocable trust and its administration.55-2-15Trustee 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.55-2-16Action that may not be taken by restricted trustee may be taken by another unrestricted trustee.55-2-17Conditions under which beneficiary has power to change trustees.55-2-18Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust.55-2-19Exercise of power to distribute income or principal considered exercise of power of appointment.55-2-20Impermissible use of power.55-2-21Trustee's right to distribute income or principal in trust arising under law or terms of first trust not abridged.55-2-22Fiduciary duty to determine that substituted property is of equivalent value.55-2-23Excluded fiduciaries and trustees--Reliance on tax information--Applicability.55-2-24Notice to beneficiaries and other interested parties.