§ 55-2-1 Trustee’s obligation of good faith
§ 55-2-2 Trustee not to use property for his own benefit–Profit of trustee from use of property, extent of liability
§ 55-2-3 Transactions involving interest of trustee adverse to beneficiary prohibited–Exceptions
§ 55-2-4 Trustee’s influence not to be used for his advantage
§ 55-2-5 Trustee not to assume a trust adverse to the interest of beneficiary
§ 55-2-6 Adverse interest of trustee–Information to beneficiary–Removal of trustee
§ 55-2-7 Fraud against beneficiary of trust
§ 55-2-8 Presumption against trustee
§ 55-2-9 Liability of trustee mingling trust property with his own
§ 55-2-10 Measure of liability for unauthorized use or disposal of trust property–Intent to serve interest of beneficiary
§ 55-2-11 Liability for acts of cotrustee
§ 55-2-12 Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary
§ 55-2-13 Notice to qualified beneficiaries of existence of trust–Written directions–Variation of right of a beneficiary to be informed–Confidentiality of trust information
§ 55-2-13.1 Information to be provided to excluded fiduciaries–Liability limits of trustee
§ 55-2-14 Duty to provide information regarding revocable trust and its administration
§ 55-2-15 Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust–Restrictions–Power of appointment to beneficiary of second trust
§ 55-2-16 Action that may not be taken by restricted trustee may be taken by another unrestricted trustee
§ 55-2-17 Conditions under which beneficiary has power to change trustees
§ 55-2-18 Exercise of power to distribute income or principal by written instrument–Notice to beneficiaries of first trust
§ 55-2-19 Exercise of power to distribute income or principal considered exercise of power of appointment
§ 55-2-20 Impermissible use of power
§ 55-2-21 Trustee’s right to distribute income or principal in trust arising under law or terms of first trust not abridged
§ 55-2-22 Fiduciary duty to determine that substituted property is of equivalent value
§ 55-2-23 Reliance of excluded fiduciaries and trustees on tax information
§ 55-2-24 Notice to beneficiaries and other interested parties
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Terms Used In South Dakota Codified Laws > Title 55 > Chapter 2 - Duties and Liabilities of Trustees

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • Fiduciary: A trustee, executor, or administrator.
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Trustee: A person or institution holding and administering property in trust.
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2