South Dakota Codified Laws 47-14A-30. One trustee required to have residence or principal place of business in state
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Every business trust shall at all times have at least one trustee which, in the case of a natural person, shall be a person who is a resident of this state or which, in all other cases, has its principal place of business in this state.
Terms Used In South Dakota Codified Laws 47-14A-30
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Trustee: A person or institution holding and administering property in trust.
Source: SL 2001, ch 245, § 30.