S.D. Codified Laws ch. 55-3 – Express Trusts for Third-party Beneficiaries | Midpage

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South Dakota Codified Laws

Chapter 55-3

S.D. Codified Laws ch. 55-3

Express Trusts for Third-party Beneficiaries

55-3-1Application of chapter.55-3-2Creation of trust--Mutual consent of trustor and trustee.55-3-3Appointing court or public officer as trustor.55-3-4Declaration of trust--Declarations of trustor to trustee before acceptance.55-3-5Trustee to follow declaration of trust--Modifications.55-3-6Trust irrevocable in absence of express contrary provisions.55-3-7Trustee's power as agent.55-3-10Degree of care and diligence used in execution of trusts.55-3-11Investment of money by trustee--Interest, simple or compound, on omission to invest trust moneys.55-3-12Purchase by trustee of claims against trust property.55-3-13Expenses incurred by trustee in performance of trust--Reimbursement.55-3-14Compensation of trustee.55-3-15Implied trustee--No rights to compensation or repayment of expenses.55-3-16Vacation of office of trustee.55-3-17Discharge of trustee--Grounds.55-3-17.1Resignation of fiduciary.55-3-18Survivorship between cotrustees.55-3-19Discharge of trustee before trust executed--Duty to secure appointment of successor.55-3-20Removal of trustee by circuit court--Vacant trusteeship filled by court.55-3-20.1Grounds for removal of trustee.55-3-21Appointment of trustee by circuit court--Grounds.55-3-23Termination of trust.55-3-24Modification or termination of trust--Notice to fiduciaries--Distribution of property.55-3-25Petition to court for affirmation--Non-consenting beneficiaries--Distribution of property.55-3-26Petition to modify terms of trust--Circumstances--Distribution of property.55-3-27Termination of noncharitable trusts valued under one hundred fifty thousand dollars--Distribution of property.55-3-28Terms of trust may be reformed by court.55-3-29Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition to court.55-3-29.1Defense of laches not available.55-3-29.2Statute of limitations defense not available.55-3-30Provisions not exclusive.55-3-3155-3-31 to 55-3-38. Repealed by SL 2017, ch 208, § 36.55-3-39When state law or jurisdiction provision valid, effective, and conclusive.55-3-40Validity, construction, and administration of trust with state jurisdiction provision.55-3-41Qualified person defined.55-3-42State jurisdiction provision defined.55-3-43South Dakota investments defined.55-3-44Trustor defined.55-3-45Beneficiary approval of trustee's accounting--Alternative approval of trustee's accounting--Accounting defined.55-3-46Effect of the laws, rules, or orders of foreign country on trust or disposition of property.55-3-46.1Effect of laws, rules, or orders of other states on a trust or disposition of property.55-3-47Cessation of trustee upon action of foreign court--Successor trustee.55-3-48South Dakota law governs administration of trust.55-3-49Enforcement of foreign judgments.55-3-50Advancements.