South Dakota Codified Laws 55-10A-5. Transfer authorized by will or trust
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Any personal representative or trustee may make an irrevocable transfer pursuant to § 55-10A-9, to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or settlor has nominated a custodian under § 55-10A-3, to receive the custodial property, the transfer must be made to that person. If the testator or settlor has not nominated a custodian under § 55-10A-3, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under § 55-10A-9.
Terms Used In South Dakota Codified Laws 55-10A-5
- 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
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
Source: SL 1986, ch 409, § 5.