South Dakota Codified Laws 55-1A-13. Leases by trustees
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A trustee may enter into a lease as lessor or lessee, with or without an option to purchase or renew, even if the term of the lease or renewal thereof, or of the option, extends beyond the term of the trust.
Terms Used In South Dakota Codified Laws 55-1A-13
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Trustee: A person or institution holding and administering property in trust.
Source: SL 1979, ch 336, § 13.