Title 51A — BANKS AND BANKING

No person may assume or use the word "trust" in such person's name in any manner which infers or suggests that the person has authority to transact such business unless the person is authorized to transact trust business pursuant to this title. A violation of this paragraph is a …

Banks engaging in the trust business pursuant to this chapter have all powers necessary and incidental to carrying on the trust business, including: (1) Acting as agent, custodian, or attorney-in-fact for any person, and, in such capacity, taking and holding property on deposit f…

Trust business is engaging in, or holding out to the public as willing to engage in, the business of acting as a fiduciary for hire, except that no abstractor, accountant, attorney, credit union, insurance broker, insurance company, investment advisor, real estate broker or sales…

The provisions of §§ 51A-5-7 to 51A-5-9 , inclusive, may not be construed to prohibit, permit, or affect in any other way, the right of a bank or trust company, organized and doing business under the laws of any other state, territory, or district than South Dakota, including a n…

A bank exercising trust powers shall have the same investment powers as an individual fiduciary under like circumstances. Source: SL 1969, ch 11 , § 5.5; SL 1970, ch 265 , § 38; SDCL, § 51-19-6.

Shares of its own stock held by a bank and one or more persons as trustees may be voted on by such other person or persons, as trustees, in the same manner as if he or they were the sole trustee. Source: SL 1970, ch 265 , § 39; SDCL, § 51-19-6.1.

A bank holding any asset as fiduciary, shall: (1) Segregate all such assets from any other assets of the bank and from the assets of other trusts, except as may be expressly provided otherwise by law or by the writing creating the trust. (2) Record such assets in a separate set o…

Any bank, when holding securities as custodian for a fiduciary may deposit, or arrange for the deposit, with the federal reserve bank in its district of any securities the principal and interest of which the United States or any department, agency, or instrumentality of the Unite…

The records of the bank must at all times show the ownership of the securities held in such account. Ownership of, and other interests in, the securities credited to such account may be transferred by entries on the books of the federal reserve bank without physical delivery of a…

A bank acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank with the federal reserve bank for the account of the fiduciary. A fiduciary shall, on demand by any party to which it must acc…

Sections 51A-5-14 to 51A-5-16 , inclusive, shall apply to all fiduciaries, and custodians for fiduciaries, acting as of July 1, 1975, or who thereafter may act regardless of the date of the instrument or court order by which they are appointed. Source: SDCL, § 51-19-7 as added by…

51A-5-19 Oath or bond not required of bank to qualify as fiduciary. 51A-5-20 Nominees used by bank acting as fiduciary or cofiduciary. 51A-5-21 Deposit in clearing corporation of securities held as fiduciary or custodian. 51A-5-22 Ownership of stock in clearing corporation not re…

No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary unless the instrument creating a fiduciary position expressly provides otherwise. Source: SL 1969, ch 11 , § 5.8; SDCL, § 51-19-9.

Pursuant to rules of the commission and the terms of Public Law 93-406, the Employees Retirement Income Security Act of 1974 and the Self - employed Individuals Tax Retirement Act of 1962, a bank may act as trustee or custodian for individual retirement accounts, HR 10 Keogh acco…

Any bank, when acting as a fiduciary or a cofiduciary with others, or as an agent for other fiduciaries, may, with the consent of its cofiduciary or cofiduciaries, if any, who are hereby authorized to give such consent, or the fiduciaries for whom it is acting, cause any investme…

Any fiduciary holding securities in its fiduciary capacity, any bank holding securities as a custodian or managing agent, and any bank holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit of the securities in a clearing corporation a…

Sections 51A-5-21 to 51A-5-24 , inclusive, apply to any fiduciary holding securities in its fiduciary capacity, and to any bank holding securities as a custodian, managing agent or custodian for a fiduciary, regardless of the date of the agreement, instrument, or court order by w…

Securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of such clearing corporation with any other such securities deposited in such clearing corporation by any person regardless of the ownership of such securities, and certifica…

The records of the fiduciary and the records of the bank acting as custodian, as managing agent or as custodian for a fiduciary shall at all times show the name of the party for whose account the securities are so deposited. Title to the securities may be transferred by bookkeepi…

No bank shall accept or voluntarily relinquish a fiduciary account without the approval or ratification of the board of directors, or a committee of officers or directors designated by the board for that purpose, but the board or the committee may prescribe general rules governin…

The board of directors shall designate one or more committees of not less than three qualified officers or directors to supervise the investment of fiduciary funds. No investment shall be made, retained, or disposed of without the approval of a committee. At least once each calen…

The committees provided for in §§ 51A-5-25 and 51A-5-26 shall keep minutes of their meetings, and shall fully report to the board of directors at least once in each calendar quarter all action taken since their previous report. Source: SL 1969, ch 11 , § 5.10; SDCL, § 51-19-13.

Source: SDCL, § 51-15-1(14); SL 1988, ch 377 , § 1; SDCL, § 51-19-13.1; SL 1995, ch 268 , § 76; SL 1997, ch 272 , § 14; SL 2021, ch 203 , § 8.

Source: SL 1984, ch 314 , § 2; SL 1988, ch 377 , § 117; SDCL, § 51-19-14; SL 1995, ch 268 , § 77; SL 1997, ch 272 , § 15; SL 2021, ch 203 , § 9.

A bank authorized to exercise trust powers may act as fiduciary in any capacity, including, but without limitation, registrar or transfer agent, fiscal agent or attorney in fact, and as having the power to receive and apply sinking funds. Source: SL 1911, ch 255 , § 17; RC 1919, …

Source: SL 1984, ch 314 , § 3; SDCL, § 51-19-15; SL 1995, ch 268 , § 78; SL 1997, ch 272 , § 16; SL 2021, ch 203 , § 10.

Source: SL 1984, ch 314 , § 4; SL 1988, ch 377 , § 118; SDCL, § 51-19-16; SL 1993, ch 213 , § 249; SL 2021, ch 203 , § 11.

Source: SL 1984, ch 314 , § 5; SDCL, § 51-19-17; SL 1993, ch 213 , § 250; SL 2021, ch 203 , § 12.

Any bank empowered by its articles of incorporation to do trust business, shall, before transacting any such business, deposit and keep on deposit with the division evidences of indebtedness acceptable to the director which are payable to bearer or recorded in the name of the div…

Upon liquidation, abandonment of trust powers, or resignation from all fiduciary positions, the deposit shall be made available for the reasonable satisfaction of claims involving fiduciary accounts. Any surplus remaining after the satisfaction of all such claims shall be returne…

It is lawful for any national bank to engage in trust business in this state to the extent authorized by the laws of the United States, without incorporating or organizing under the laws of this state, but a national bank shall otherwise comply with and be subject to all laws of …

No bank or trust company organized and doing business under the laws of any state or territory of the United States of America, or of the District of Columbia, other than South Dakota, or a national bank doing business in any other state, territory, or district, may act in a fidu…

A bank or trust company organized and doing trust business under the laws of any state or territory of the United States of America, including the District of Columbia, other than South Dakota, and a national bank, duly authorized so to act, may be appointed and may serve in this…

Before qualifying or serving in this state in any fiduciary capacity, as defined in § 51A-5-8 , the bank or trust company shall file in the Office of the Secretary of State of South Dakota, a copy of its charter certified by its secretary under its corporate seal, and a power of …