Title 55 — FIDUCIARIES AND TRUSTS
25 chapters · 567 sections in this title.
SDCL § 55-5-10 Investment strategy--Productivity judged by whole portfolio
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The trustee shall pursue an investment strategy that considers both the reasonable production of income and safety of capital, consistent with the trustee's duty of impartiality and the purpose of the trust. Whether investments are underproductive or overproductive of income shal…
SDCL § 55-5-11 Circumstances considered in investment decisions
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The circumstances that the trustee may consider in making investment decisions include, without limitation, the general economic conditions, the possible effect of inflation, the expected tax consequences of investment decisions or strategies, the role each investment or course o…
SDCL § 55-5-12 Precedence of express provisions of trust instrument
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The provisions of this chapter may be expanded, restricted, eliminated, or otherwise altered by express provisions of the trust instrument. The trustee is not liable to a beneficiary for the trustee's reasonable and good faith reliance on those express provisions. Source: SL 1995…
SDCL § 55-5-13 Court authority over trustee
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Nothing in this chapter abrogates or restricts the power of an appropriate court in proper cases to direct or permit the trustee to deviate from the terms of the trust instrument or to direct or permit the trustee to take, or to restrain the trustee from taking, any action regard…
SDCL § 55-5-14 Authorization language
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The following terms or comparable language in the investment powers and related provisions of a trust instrument, unless otherwise limited or modified by that instrument, authorize any investment or strategy permitted under this chapter: "investments permissible by law for invest…
SDCL § 55-5-15 Applicability of chapter
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This chapter applies to all existing and future trusts, but only as to actions or inactions occurring after July 1, 1995. Source: SL 1995, ch 271 , § 15.
SDCL § 55-5-16 Delegation of responsibilities to others
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A trustee has a duty to personally perform the responsibilities of the trusteeship except as a prudent person might delegate those responsibilities to others. In deciding whether, to whom, and in what manner to delegate fiduciary authority in the administration of a trust, and th…
SDCL § 55-5-17 Duties of trustee with respect to life insurance--Notice to settlor
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(a) Unless otherwise required by the terms of the trust instrument or court order, no trustee of a trust, with respect to acquiring, retaining, or disposing of a contract of insurance or holding one or more insurance contracts upon the life of the settlor, or the lives of the set…
SDCL § 55-5-6 Standards for investing and managing assets
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The trustee shall invest and manage trust assets as a prudent investor would considering the purposes, terms, distribution requirements, and other circumstances of the trust. This standard requires the exercise of reasonable care, skill, and caution and shall be applied to invest…
SDCL § 55-5-7 Prudent investor rule
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No specific investment or course of action is, taken alone, prudent or imprudent. The trustee may invest in every kind of property and type of investment, subject to this chapter. The prudent investor rule is a test of conduct and not of resulting performance. The prudent investo…
SDCL § 55-5-8 Diversification of investments
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The trustee shall diversify the investments of the trust unless, under the circumstances, the trustee reasonably believes it is in the interests of the beneficiaries and furthers the purposes of the trust not to diversify. Regardless of concentration or lack of diversification, t…
SDCL § 55-5-9 Review of assets upon acceptance of trusteeship--Basis for disposition or retention of assets--Interest in closely held entity
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The trustee shall, within a reasonable time after the acceptance of the trusteeship, review trust assets and make and implement decisions concerning the retention and disposition of original pre-existing investments in order to conform to the provisions of this section. The trust…