South Dakota Codified Laws 55-2-1. Trustee’s obligation of good faith
Current as of: 2023 | Check for updates
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In all matters connected with his trust a trustee is bound to act in the highest good faith toward his beneficiary and may not obtain any advantage therein over the latter by the slightest misrepresentation, concealment, threat, or adverse pressure of any kind.
Terms Used In South Dakota Codified Laws 55-2-1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
Source: SDC 1939, § 59.0106.