South Dakota Codified Laws 51A-5-13. Segregation of assets held by bank as fiduciary
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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.
Terms Used In South Dakota Codified Laws 51A-5-13
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
(2) Record such assets in a separate set of books maintained for fiduciary activities.
Source: SL 1969, ch 11, § 5.6; SL 1975, ch 292, §§ 1, 2; SDCL, § 51-19-7.