South Dakota Codified Laws 55-2-12. Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary
Current as of: 2023 | Check for updates
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Unless otherwise provided in the trust agreement, a successor trustee:
(1) Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; and
Terms Used In South Dakota Codified Laws 55-2-12
- Fiduciary: A trustee, executor, or administrator.
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Trustee: A person or institution holding and administering property in trust.
(2) Does not have a duty to:
(a) Confirm or validate such predecessor fiduciary’s actions or inactions;
(b) Confirm the validity of the trust agreement; or
(c) Prosecute or seek redress for any action or inaction by the predecessor fiduciary.
Source: SL 1991, ch 229, § 2; SL 2021, ch 207, § 10.