Title 55 — FIDUCIARIES AND TRUSTS
25 chapters · 567 sections in this title.
SDCL § 55-4-6 Voting of corporate stock owned by trustee
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A trustee owning corporate stock may vote it by proxy, but shall be liable for any loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock and in voting it. Source: SL 1943, ch 308 , § 8; SDC Supp 1960, § 59.0508.
SDCL § 55-4-7 Creation of trust--Bank account to pay special debts
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Whenever a bank account shall, by entries made on the books of the depositor and the bank at the time of the deposit, be created exclusively for the purpose of paying dividends, interest or interest coupons, salaries, wages, or pensions or other benefits to employees, and the dep…
SDCL § 55-4-8 Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor
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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 …
SDCL § 55-4-9 Holding stock in name of nominee
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A trustee owning any stocks, bonds, notes, debentures, or other written obligations of any public or private corporation may hold the same in the name of a nominee, without mention of the trust in the records of such corporation or in the stock certificate or stock registration b…