§ 55-3-1 Application of chapter
§ 55-3-2 Creation of trust–Mutual consent of trustor and trustee
§ 55-3-3 Appointing court or public officer as trustor
§ 55-3-4 Declaration of trust–Declarations of trustor to trustee before acceptance
§ 55-3-5 Trustee to follow declaration of trust–Modifications
§ 55-3-6 Trust irrevocable in absence of express contrary provisions
§ 55-3-7 Trustee’s power as agent
§ 55-3-10 Degree of care and diligence used in execution of trusts
§ 55-3-11 Investment of money by trustee–Interest, simple or compound, on omission to invest trust moneys
§ 55-3-12 Purchase by trustee of claims against trust property
§ 55-3-13 Expenses incurred by trustee in performance of trust–Reimbursement
§ 55-3-14 Compensation of trustee
§ 55-3-15 Implied trustee–No rights to compensation or repayment of expenses
§ 55-3-16 Vacation of office of trustee
§ 55-3-17 Discharge of trustee–Grounds
§ 55-3-17.1 Resignation of fiduciary
§ 55-3-18 Survivorship between cotrustees
§ 55-3-19 Discharge of trustee before trust executed–Duty to secure appointment of successor
§ 55-3-20 Removal of trustee by circuit court–Vacant trusteeship filled by court
§ 55-3-20.1 Grounds for removal of trustee
§ 55-3-21 Appointment of trustee by circuit court–Grounds
§ 55-3-23 Termination of trust
§ 55-3-24 Modification or termination of trust–Notice to fiduciaries–Distribution of property
§ 55-3-25 Petition to court for affirmation–Non-consenting beneficiaries–Distribution of property
§ 55-3-26 Petition to modify terms of trust–Circumstances–Distribution of property
§ 55-3-27 Termination of noncharitable trusts valued under one hundred fifty thousand dollars–Distribution of property
§ 55-3-28 Terms of trust may be reformed by court
§ 55-3-29 Trustee may combine or divide trusts–Rights of beneficiaries–Trust purposes–Petition to court
§ 55-3-29.1 Defense of laches not available
§ 55-3-29.2 Statute of limitations defense not available
§ 55-3-30 Provisions not exclusive
§ 55-3-39 When state law or jurisdiction provision valid, effective, and conclusive
§ 55-3-40 Validity, construction, and administration of trust with state jurisdiction provision
§ 55-3-41 Qualified person defined
§ 55-3-42 State jurisdiction provision defined
§ 55-3-43 South Dakota investments defined
§ 55-3-44 Trustor defined
§ 55-3-45 Beneficiary approval of trustee’s accounting–Alternative approval of trustee’s accounting–Accounting defined
§ 55-3-46 Effect of the laws, rules, or orders of foreign country on trust or disposition of property
§ 55-3-46.1 Effect of laws, rules, or orders of other states on a trust or disposition of property
§ 55-3-47 Cessation of trustee upon action of foreign court–Successor trustee
§ 55-3-48 South Dakota law governs administration of trust
§ 55-3-49 Enforcement of foreign judgments
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Terms Used In South Dakota Codified Laws > Title 55 > Chapter 3 - Express Trusts for Third Party Beneficiaries

  • 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
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Fraud: Intentional deception resulting in injury to another.
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • 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