South Dakota Codified Laws 55-4-4. Liability of trustee not joining in exercise of power
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No trustee who has not joined in exercising a power shall be liable to the beneficiaries or to others for the consequences of such exercise, nor shall a dissenting trustee be liable for the consequences of an act in which he joins at the direction of the majority trustees, if he expressed his dissent in writing to any of his cotrustees at or before the time of such joinder.
Terms Used In South Dakota Codified Laws 55-4-4
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes trustees, a corporate as well as a natural person and a successor or substitute trustee. See South Dakota Codified Laws 55-4-1
Source: SL 1943, ch 308, § 11; SDC Supp 1960, § 59.0511 (1).