A trustee is not liable to a beneficiary, as defined under this title or Title 29A, for breach of trust from any or all of the duties, restrictions, and liabilities which would otherwise be imposed on the trustee, except as to the duties, restrictions, and liabilities imposed by §§ 55-4-10 to 55-4-12, inclusive, if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless:

1. (1) The consent, release, or ratifications of the beneficiary were induced by improper conduct of the trustee; or
2. (2) At the time of the consent, release, or ratification, the beneficiary did not have knowledge of the beneficiary's rights or of the material facts relating to the breach. Any such beneficiary may release the trustee from liability to such beneficiary for past violations of any of the provisions of this chapter. No consideration is required for the consent, release, or ratification to be valid.

Source: SL 1943, ch 308 , § 18; SDC Supp 1960, § 59.0518; SL 2000, ch 229 , § 2; SL 2012, ch 233 , § 14; SL 2014, ch 226 , § 4.