South Dakota Codified Laws 55-1A-23. Borrowing money against trust assets
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A trustee may borrow money, and mortgage or otherwise encumber or pledge trust assets, for a term within or extending beyond the term of his trust, in connection with the exercise of any power vested in himself.
Terms Used In South Dakota Codified Laws 55-1A-23
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.
Source: SL 1979, ch 336, § 23.