S.D. Codified Laws ch. 55-4 – Uniform Trusts Act | Midpage

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South Dakota Codified Laws

Chapter 55-4

S.D. Codified Laws ch. 55-4

Uniform Trusts Act

55-4-1Definition of terms.55-4-2Powers attached to the office of trustee.55-4-3Number of trustees for exercise of powers.55-4-4Liability of trustee not joining in exercise of power.55-4-5Cotrustee--Liability for maladministration of trust.55-4-6Voting of corporate stock owned by trustee.55-4-7Creation of trust--Bank account to pay special debts.55-4-8Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor.55-4-9Holding stock in name of nominee.55-4-10Loan of trust funds.55-4-11Corporate trustee depositing trust funds with self--Interest.55-4-12Corporate trustee depositing trust funds with self--Maintenance of required value--Ownership of income--Items specified in statements of financial condition to Division of Banking.55-4-13Trustee not to buy from or sell to self--Exception.55-4-14Permitted sales between trusts held by same corporate trustee.55-4-15Corporate trustee buying its own stock.55-4-16Withdrawals from mingled trust funds.55-4-17Unenforceable oral trust created by deed--Duties of intended trustee--Conveyance of real property interest under oral trust.55-4-18Unenforceable oral trust created by deed--Liability of trustee to settlor for transfer of real property.55-4-19Action on contract against trustee in representative capacity--Execution against trust property--Intervention by beneficiary.55-4-20Action on contract against trustee--Notice to beneficiaries.55-4-21Action on contract against trustee--Personal liability of trustee.55-4-22Exoneration or reimbursement of trustee for tort committed in administration of trust.55-4-23Exoneration or reimbursement of trustee for tort--Increase in value of trust property.55-4-24Liability of trustees of charitable trust for torts not changed by provisions of law as to exoneration or reimbursement of trustee for tort.55-4-25Tort liability of trust estate--Action against trustee, amount of recovery, intervention by beneficiary.55-4-26Tort liability of trust estate--Action against trustee, proof as to reimbursement unnecessary.55-4-27Tort liability of trust estate--Action against trustee, notice to beneficiaries.55-4-28Personal liability for tort committed by trustee.55-4-29Existing law as to charitable immunity not changed by law as to tort liability of trust estate.55-4-30Power of settlor of trust.55-4-31Trustee not liable if beneficiary consents to conduct or releases trustee from liability or ratifies transaction.55-4-32Relieving trustee of duties--Power of the court.55-4-33Violations of chapter--Removal--Liability--Compensation until court ceases.55-4-34Application of chapter to testamentary trust.55-4-35Uniformity of interpretation.55-4-36Citation of chapter.55-4-37Liability for fiduciary's partnership interest limited.55-4-38Limitation on trustee's power to make distributions to his or her benefit.55-4-39"Trustee" construed broadly.55-4-40Applicability of §§ 55-4-38 and 55-4-39.55-4-41Certain trustees exempted from §§ 55-4-38 to 55-4-40, inclusive.55-4-4255-4-42 to 55-4-47. Repealed by SL 2010, ch 232, § 6.55-4-4855-4-48, 55-4-49. Repealed by SL 2002, ch 100, §§ 23, 24 55-4-50Co-trustee's inability or failure to perform.55-4-51Certificate of trust furnished in lieu of copy of trust instrument or will that creates testamentary trust--Contents.55-4-51.1Recording of certificate of trust--Reliance upon content.55-4-51.2Applicability of §§ 55-4-51 and 55-4-51.1.55-4-51.3Form of certificate of trust in support of a real property transaction.55-4-52Request for excerpts from trust instrument.55-4-53Limitation of liability for acting in reliance on certificate of trust.55-4-54Enforcement of transaction entered into in reliance on certificate of trust.55-4-55Liability for bad faith demand for trust instrument.55-4-56Right to obtain copy of trust instrument in judicial proceeding.55-4-57Time for commencing judicial proceeding to contest validity of trust--Distribution of trust property--Recovery of improper distribution--Notice.55-4-58Presentation of claims against property of trust revocable at settlor's death.55-4-59Attorney-client relationship with fiduciary--Duties to other interested persons.55-4-60Attorney-client relationship with fiduciary--Privileged communications--Relation to beneficiary.