South Dakota Codified Laws 55-3-40. Validity, construction, and administration of trust with state jurisdiction provision
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The validity, construction, and administration of a trust with a state jurisdiction provision are determined by the laws of this state, including the:
(1) Capacity of the trustor;
Terms Used In South Dakota Codified Laws 55-3-40
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Trustee: A person or institution holding and administering property in trust.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
(2) Powers, obligations, liabilities, and rights of the trustees and the appointment and removal of the trustees; and
(3) Existence and extent of powers, conferred or retained, including a trustee‘s discretionary powers, and the validity of the exercise of a power.
Source: SL 1998, ch 282, § 21.