South Dakota Codified Laws 55-4-10. Loan of trust funds
Except as provided in §§ 55-4-11 and 55-4-12, or except as may be expressly authorized by a court order, by the written consent of all qualified beneficiaries which may be given notwithstanding the provisions of § 55-4-31, by the written authorization from or direction by a trust protector, or by the terms of the governing instrument, which may be given by the settlor notwithstanding the provisions of § 55-4-30:
(1) No corporate trustee may lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate;
Terms Used In South Dakota Codified Laws 55-4-10
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes trustees, a corporate as well as a natural person and a successor or substitute trustee. See South Dakota Codified Laws 55-4-1
- 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
(2) No noncorporate trustee may lend trust funds to himself or herself, or to any relative, employer, employee, partner, or other business associate.
Source: SL 1943, ch 308, § 3; SDC Supp 1960, § 59.0503; SL 2017, ch 204, § 20.