South Dakota Codified Laws 55-2-5. Trustee not to assume a trust adverse to the interest of beneficiary
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No trustee so long as he remains in the trust may undertake another trust adverse in its nature to the interest of his beneficiary in the subject of the trust without the consent of the latter.
Terms Used In South Dakota Codified Laws 55-2-5
- 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, § 59.0110.