Title 55 — FIDUCIARIES AND TRUSTS

Terms used in this chapter mean: (1) "Adult," a person who has attained the age of eighteen years; (2) "Benefit plan," an employer's plan for the benefit of an employee or partner; (3) "Broker," a person lawfully engaged in the business of effecting transactions in securities or …

An instrument in the following form satisfies the requirements of subdivisions 55-10A-9(1)(a) and (7): TRANSFER UNDER THE SOUTH DAKOTA UNIFORM TRANSFERS TO MINORS ACT I, ______________ (name of transferor or name and representative capacity if a fiduciary) hereby transfer to ____…

A transferor shall place the custodian in control of the custodial property as soon as practicable. Source: SL 1986, ch 409 , § 11.

A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship. Source: SL 1986, ch 409 , § 12.

The validity of a transfer made in a manner prescribed in this chapter is not affected by: (1) Failure of the transferor to comply with § 55-10A-11 concerning possession and control; (2) Designation of an ineligible custodian, except designation of the transferor in the case of p…

A custodian shall take control of custodial property, register or record title to custodial property if appropriate, and collect, hold, manage, invest and reinvest custodial property. In dealing with custodial property, a custodian shall observe the standard of care that would be…

A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. This section does not r…

A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to the duty or ability of the custodian personally or …

A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. Except for one who is a transferor under § 55-10A-4 , a custodian has a noncumulative election during each calendar year to charge reaso…

A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: (1) The va…

A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship, may be asserted against the custodial property by proceeding against th…

This chapter applies to any transfer that refers to this chapter in the designation under § 55-10A-9 by which the transfer is made if at the time of the transfer, the transferor, the minor or the custodian is a resident of this state or the custodial property is located in this s…

Any person nominated under § 55-10A-3 or designated under § 55-10A-9 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a transfer has …

A minor who has attained the age of fourteen years, the minor's guardian conservator, or other legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court for an accounting by the custodian or the custod…

The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of: (1) The minor's attainment of eighteen years of age with respect to custodial property transferred under § 55-10A-4 , 55-10A-5 , 55-10A-6 or 55-…

This chapter applies to a transfer within the scope of § 55-10A-2 made after July 1, 1986 if: (1) The transfer purports to have been made under the Uniform Gifts to Minors Act of South Dakota; or (2) The instrument by which the transfer purports to have been made uses in substanc…

Any transfer of custodial property as now defined in this chapter made before July 1, 1986 is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of South Dakota for the coverage of custodial property of that kind or for a transfer fr…

This chapter may be cited as the "South Dakota Uniform Transfers to Minors Act." Source: SL 1986, ch 409 , § 25.

Chapter 55-10 is hereby repealed. To the extent that this chapter, by virtue of § 55-10A-24 , does not apply to transfers made in a manner prescribed in the Gifts to Minors Act of South Dakota or to the powers, duties and immunities conferred by transfers in that manner upon cust…

Any person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance …

Any person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to §

Any personal representative or trustee may make an irrevocable transfer pursuant to § 55-10A-9 , to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or settlor has nominated a custodian under § 55-10A-3 , to receive the custodia…

A transfer under subdivisions (1) or (2) may be made only if the personal representative, trustee or conservator considers the transfer to be in the best interest of the minor, the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreeme…

Subject to subdivisions (1) and (2), any person not subject to § 55-10A-5 or 55-10A-6 , who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to § 55-10A-9 : (1) If…

A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter. Source: SL 1986, ch 409 , § 8.

Custodial property is created and a transfer is made if: (1) An uncertificated security or a certificated security in registered form is either: (a) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the word…