Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor

If any beneficiary for whom a trust is created pursuant to § 55-4-7 does not present his claim to the bank for payment within one year after it is due, the depositor who created such trust may revoke it as to such creditor. Source: SL 1943, ch 308 , § 2; SDC Supp 1960, § 59.0502 (2).