South Dakota Codified Laws 55-2-2. Trustee not to use property for his own benefit–Profit of trustee from use of property, extent of liability
Current as of: 2023 | Check for updates
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A trustee may not in any manner use or deal with the trust property for his own profit or for any other purpose unconnected with the trust.
If he does so, he may, at the option of the beneficiary, be required to account for all profits thereby made or to pay the value of the use of the trust property, and if he has disposed thereof, to replace it with its fruits or to account for its proceeds with interest.
Terms Used In South Dakota Codified Laws 55-2-2
- 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
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Trustee: A person or institution holding and administering property in trust.
Source: SDC 1939, § 59.0107.