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South Dakota Statutes, Title 55

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Title 55, FIDUCIARIES AND TRUSTS

25 chapters · 550 sections in this title.

All chapters in Title 55550 Ch 1, CLASSIFICATION AND CREATION OF TRUSTS77 Ch 4, UNIFORM TRUSTS ACT55 Ch 3, EXPRESS TRUSTS FOR THIRD-PARTY BENEF…44 Ch 1A, TRUSTEES' POWERS42 Ch 13A, UNIFORM PRINCIPAL AND INCOME ACT33 Ch 19, UNIFORM FIDUCIARY ACCESS TO DIGITAL …27 Ch 10A, UNIFORM TRANSFERS TO MINORS ACT26 Ch 18, VIRTUAL REPRESENTATION26 Ch 2, DUTIES AND LIABILITIES OF TRUSTEES25 Ch 12, CEMETERY PERPETUAL CARE FUNDS23 Ch 8, REGISTRATION AND TRANSFER OF SECURIT…18 Ch 11, PREARRANGED FUNERAL TRUSTS17 Ch 13, REVISED UNIFORM PRINCIPAL AND INCOME ACT17 Ch 16, QUALIFIED DISPOSITIONS IN TRUST16

42 sections·Filtered byTitle 55✕Ch 1A✕

SDCL § 55-1A-1 Powers enumerated in chapter apply to any trust unless specifically excluded--Powers as additional to common law powers
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Any or all of the powers enumerated in this chapter apply to any trust which is governed by South Dakota law unless the instrument specifically excludes any or all of the powers provided in this chapter. Further, this chapter applies without regard to the date of execution or whe…
SDCL § 55-1A-10 Deposit of trust funds in bank
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A trustee may deposit trust funds in a bank, including a bank operated by himself, or in a state or federal savings and loan association. Source: SL 1979, ch 336 , § 10.
SDCL § 55-1A-11 Disposal of trust assets
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A trustee may acquire, sell, or otherwise dispose of an asset, at public or private sale, for cash or on credit, with or without security as he deems advisable, and he may manage, develop, exchange, partition, change the character of, or abandon a trust asset or any interest ther…
SDCL § 55-1A-12 Grant or taking of option for disposition of assets
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A trustee may grant an option for the sale or other disposition of a trust asset, or take an option for the acquisition of any asset. Source: SL 1979, ch 336 , § 12.

SDCL § 55-1A-13 Leases by trustees

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A trustee may enter into a lease as lessor or lessee, with or without an option to purchase or renew, even if the term of the lease or renewal thereof, or of the option, extends beyond the term of the trust. Source: SL 1979, ch 336 , § 13.

SDCL § 55-1A-14 Repairs by trustee--Removal or demolition

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A trustee may make ordinary or extraordinary repairs, improvements, or alterations in buildings or other structures or in any other trust asset, and he may remove or demolish any improvements. Source: SL 1979, ch 336 , § 14.

SDCL § 55-1A-15 Razing or erection of party walls or buildings

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A trustee may raze existing, or erect new, party walls or buildings, alone or jointly with owners of adjacent property. Source: SL 1979, ch 336 , § 15.

SDCL § 55-1A-16 Land development or dedication--Valuation adjustments

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A trustee may subdivide, develop or dedicate land to public use; make or obtain the vacation of plats and adjust boundaries; adjust differences in valuation on the exchange or partition of land by giving or receiving consideration; or dedicate easements to public use without cons…

SDCL § 55-1A-17 Mineral and natural resource leases and explorations

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A trustee may enter into a lease or arrangement for the exploration for and removal of oil, gas and other minerals or other natural resources, and he may enter into pooling and unitization agreements. Source: SL 1979, ch 336 , § 17.

SDCL § 55-1A-18 Insurance

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A trustee may insure the assets of his trust against damage or loss, and the trustee against liability to third persons. Source: SL 1979, ch 336 , § 18.

SDCL § 55-1A-19 Voting stock or securities--Voting trust agreements

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A trustee may vote shares of stock or other securities held in trust, in person or by general or limited proxy, and he may enter into voting trust agreements on such terms and for such periods as he deems advisable. Source: SL 1979, ch 336 , § 19.

SDCL § 55-1A-2 Trustee defined

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As used in this chapter, the word, trustee, means any natural or legal person or persons acting as an original, substitute, added, or successor trustee of a testamentary or inter vivos trust, whichever in a particular case is appropriate. Source: SL 1979, ch 336 , § 1.

SDCL § 55-1A-20 Payment of calls, assessments, and other sums charged against corporate securities

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A trustee may pay calls, assessments, and any other sums chargeable or accruing against or on account of shares of stock, bonds, debentures, or other corporate securities held in trust. Source: SL 1979, ch 336 , § 20.

SDCL § 55-1A-21 Corporate powers--Stocks--Reorganizations and mergers--Sales and leases

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A trustee may sell or exercise stock subscription or conversion rights; participate in foreclosures, reorganizations, consolidations, mergers or liquidations; and consent, directly or through a committee or other agent, to corporate sales, leases and encumbrances. In the exercise…

SDCL § 55-1A-22 Holding stock in nominee's name without disclosing fiduciary relationship

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A trustee may hold any stock or other security in the name of a nominee or nominees, without disclosure of any fiduciary relationship, but he shall be liable for any and all acts and omissions of the nominee relating to such assets. Source: SL 1979, ch 336 , § 22.

SDCL § 55-1A-23 Borrowing money against trust assets

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A trustee may borrow money, and mortgage or otherwise encumber or pledge trust assets, for a term within or extending beyond the term of his trust, in connection with the exercise of any power vested in himself. Source: SL 1979, ch 336 , § 23.

SDCL § 55-1A-24 Contracts binding upon trust

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A trustee may enter into contracts binding upon his trust which are reasonably incident to the administration of the trust and which he believes to be for the best interests of the trust. Source: SL 1979, ch 336 , § 24.

SDCL § 55-1A-25 Claims in favor of or against trust or trustee

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A trustee may pay, compromise, contest, submit to arbitration, or otherwise settle any and all claims in favor of or against his trust or himself as trustee. Source: SL 1979, ch 336 , § 25.

SDCL § 55-1A-26 Release of claim or lien

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A trustee may release, in whole or in part, any claim or lien belonging to his trust. Source: SL 1979, ch 336 , § 26.

SDCL § 55-1A-27 Payment of trust administration expenses

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A trustee may pay taxes, assessments, compensation of himself, and other expenses incurred in the collection, care, administration and protection of his trust. Source: SL 1979, ch 336 , § 27.

SDCL § 55-1A-28 Creation of reserves

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A trustee may create reserves out of income for depreciation, obsolescence, or amortization, or for the depletion of mineral or timber properties. Source: SL 1979, ch 336 , § 28.

SDCL § 55-1A-29 Payment of sum distributable to minor or other beneficiary under legal disability--Methods

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A trustee may make payment of any sum distributable to a minor or other beneficiary under legal disability, without liability to himself, by paying the sum in any one or more of the following ways: (1) Directly to the beneficiary; (2) To the conservator of the beneficiary; (3) Di…

SDCL § 55-1A-30 Distribution of property and money

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A trustee may effect distribution of property and money in divided or undivided interests, and adjust the resulting differences in valuation. Source: SL 1979, ch 336 , § 30.

SDCL § 55-1A-31 Employment of agents and assistants

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A trustee may employ attorneys, accountants, investment advisors, agents or other persons, even if they are associated with himself, to advise or assist himself in the performance of his duties; act without independent investigation upon their recommendations; and instead of acti…

SDCL § 55-1A-32 Prosecution or defense of actions and proceedings

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A trustee may prosecute or defend actions, claims or proceedings for the protection of trust assets or of the trustee in the performance of the trustee's duties. However, a trustee has no duty to prosecute, or to defend or continue to defend the trust or its assets in any action,…

SDCL § 55-1A-32.1 Trustee immunity from liability for failure to prosecute, defend, or continue to defend

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If the trustee fails to prosecute, defend, or continue to defend the trust or its assets because the conditions set forth in subdivision 55-1A-32(1) or (2) have not been fulfilled, the trustee is not liable for any such failure even if the failure, including without limitation a …

SDCL § 55-1A-33 Advance of income or loan to beneficiary--Lien

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A trustee may advance income or make loans out of trust property to a beneficiary on terms and conditions the trustee considers to be fair and reasonable under the circumstances, for which such advance or loan the trustee shall have a lien on the future benefits of such beneficia…

SDCL § 55-1A-34 Advance of money for protection of trust--Lien

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A trustee may advance money for the protection of his trust or its assets, and for all expenses and liabilities sustained or incurred in or about the administration or protection of the trust, or because of the holding or ownership of any trust assets. Such trustee shall have a l…

SDCL § 55-1A-35 Execution and delivery of instruments

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A trustee may execute and deliver all instruments which will accomplish or facilitate the exercise of the powers vested in himself. Source: SL 1979, ch 336 , § 35.

SDCL § 55-1A-35.1 Electronic execution of documents

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If otherwise validly executed, the following documents may be executed in accordance with chapter 53-12 : (1) The governing instrument of an express trust, or other document, other than a will or codicil as defined in title 29A; (2) The resignation, removal, appointment, or accep…

SDCL § 55-1A-36 Holding of two or more trusts with undivided interests

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A trustee may hold two or more trusts or parts of trusts created by the same instrument, as an undivided whole, without separation between such trusts or parts of such trusts; provided that, such separate trusts or parts of such trusts shall have undivided interests and that no s…

SDCL § 55-1A-37 Citation of chapter

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This chapter may be cited or referred to as the "South Dakota Trustees' Powers Act." Source: SL 1979, ch 336 , § 37.

SDCL § 55-1A-38 Trustee may perform necessary and appropriate acts

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A trustee may perform such other acts, which, in the judgment of the trustee, may be necessary or appropriate for the proper management, investment, and distribution of the trust estate. Source: SL 1998, ch 282 , § 37.

SDCL § 55-1A-39 Disclaimer of powers by trustee--Time limit

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Any power granted to a trustee in any written trust instrument may be disclaimed by that trustee in the manner provided by law for disclaimers, but without regard to the time limits provided by law for disclaimers. Upon such disclaimer, the powers so disclaimed shall cease to exi…

SDCL § 55-1A-40 Trust name change

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A trustee may change the name of an irrevocable trust if the trustee deems such action to be in the best interests of the trust and its beneficiaries. Source: SL 2011, ch 212 , § 13.

SDCL § 55-1A-41 Co-trustee appointment--Powers

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Unless specifically restricted by the governing instrument, a trustee may appoint an individual or a corporate fiduciary as a co-trustee. The appointed co-trustee may serve only as long as the appointing trustee serves, or as long as the last to serve if more than one trustee app…

SDCL § 55-1A-5 Retention of trust property by trustee

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A trustee may collect, hold, and retain trust assets until, in his judgment, disposition of the assets should be made, without regard to any effect the retention may have upon the diversification of the trust estate. Trust property may be retained even though it includes an asset…

SDCL § 55-1A-6 Additions to trust assets

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A trustee may receive additions to the assets of his trust from any source. Source: SL 1979, ch 336 , § 6.

SDCL § 55-1A-7 Operation of business by trustee

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A trustee may continue or participate in the operation of any business or other enterprise, and effect the incorporation, dissolution, or other change in the form of the organization of the business or enterprise. Source: SL 1979, ch 336 , § 7.

SDCL § 55-1A-8 Acquisition of undivided interest in trust asset

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A trustee may acquire an undivided interest in a trust asset in which he, in any trust capacity, holds an undivided interest. Source: SL 1979, ch 336 , § 8.

SDCL § 55-1A-9 Investment of trust assets

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A trustee may invest and reinvest trust assets in any property or in an undivided interest in any property, wherever located, including bonds, debentures, secured or unsecured notes, preferred or common stock of corporations, real estate or improvements thereon or any interest th…

SDCL § 55-1A-9.1 Affiliated investments

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(a) As used in this section: (1) "Investment" means any security as defined in § 2(a)(1) of the Securities Act of 1933, any contract of sale of a commodity for future delivery within the meaning of § 2(I) of the Commodity Exchange Act, or any other asset permitted for trustee acc…