Title 55, FIDUCIARIES AND TRUSTS

This chapter may be cited as the Uniform Act for the Simplification of Fiduciary Security Transfers. Source: SL 1961, ch 22 , § 11.

The rights and duties of a corporation and its transfer agent in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organi…

This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment, or transfer of a security by or to a fiduciary and of a person…

A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship; and thereafter the corporation and its tr…

Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority a…

Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary may assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction g…

Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relat…

A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency: (1) In the case of a fiduciary appointed or qualified by a court, a certificate issued by o…

A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notic…

Express trusts of real or personal property, or both, may be created to receive by grant, devise, gift, or bequest, and to take charge of, invest and administer in accordance with the terms of the trust, upon and for any charitable, benevolent, educational, religious or other pub…

The trustee of a trust described in § 55-9-7 shall not retain any excess business holdings which would give rise to any liability for the tax imposed by section 4943 (a) of the Internal Revenue Code. Source: SL 1972, ch 259 , § 2 (3).

The trustee of a trust described in § 55-9-7 shall not make any investments which would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of section 4944 of the Internal Revenue Code, so as to give rise to any liability for the tax imposed…

The trustee of a trust described in § 55-9-7 shall not make any taxable expenditure which would give rise to any liability for the tax imposed by section 4945 (a) of the Internal Revenue Code. Source: SL 1972, ch 259 , § 2 (5).

Sections 55-9-7 to 55-9-12 , inclusive, shall not apply to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the will, trust instrument, or other governing instrument described in § 55-9-7 and that such will,…

Nothing in §§ 55-9-6 to 55-9-13 , inclusive, shall impair the rights and powers of the attorney general or the courts of this state with respect to any trust. Source: SL 1972, ch 259 , § 4.

No such trust shall be invalid because of indefiniteness or uncertainty of the object of such trust or of the beneficiaries thereof designated in the instrument creating the same nor by reason of the same contravening any statute or rule against perpetuities, but no such trust sh…

Such trust shall be liberally construed by the courts so that the intentions of the donor thereof shall be carried out whenever possible, and no such trust shall fail solely because the donor has imperfectly outlined the purpose and object of such charity or the method of adminis…

Whenever it shall appear to the circuit court for the proper county that the purpose and object of such charity is imperfectly expressed, or the method of administration is not indicated or is incomplete or imperfect, or that the fulfillment of the special purpose expressed in a …

Except as otherwise set forth in § 55-9-3 , the attorney general shall represent the beneficiaries in all cases arising under this chapter, and the attorney general shall enforce such trusts by proper proceedings in the courts. Source: SL 1955, ch 429 , § 3; SDC Supp 1960, § 59.0…

Terms as used in §§ 55-9-6 to 55-9-14 , inclusive shall have the following meaning: (1) "Charitable trust," as defined in section 4947 (a)(1) of the Internal Revenue Code; (2) "Excess business holdings," as defined in section 4943 (c) of the Internal Revenue Code; (3) "Internal R…

Any will or trust instrument creating a trust which is a private foundation, charitable trust, or a split - interest trust and any other instrument governing the trustee of any such trust or the use, retention, or disposition of any of the income or property of such trust, shall …

The trustee of a trust described in § 55-9-7 shall not engage in any act of self - dealing which would give rise to any liability for the tax imposed by section 4941 (a) of the Internal Revenue Code. Source: SL 1972, ch 259 , § 2 (2).

The trustee of a trust described in § 55-9-7 shall distribute for each taxable year of the trust, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the Internal Revenue Code. Source: SL 1972, ch 259 , § 2 (1).

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 § 55-10A-9 . Source: SL 1986, ch 409 , § 4.

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…