§ 55-1-1 Purposes for which trust may be created
§ 55-1-2 Trusts classified
§ 55-1-3 Express trust defined
§ 55-1-4 Creation of express trust–Words or acts of trustor
§ 55-1-5 Express trust created as to trustee–Words and acts of trustee
§ 55-1-5.1 Express trust need not be for exclusive benefit of beneficiaries
§ 55-1-6 Implied trust–Definition–Creation
§ 55-1-6.1 Implied trust may not prejudice rights of real property purchaser or encumbrancer
§ 55-1-7 Wrongful detention creates implied trust
§ 55-1-8 Implied trust resulting from fraud, accident or wrongful act
§ 55-1-9 Implied trust created by transfer of property in violation of trust
§ 55-1-10 Transfer of real property to one for money paid by another–Trust presumed
§ 55-1-11 Implied trust–Declaration by court of equity
§ 55-1-12 Trustor, trustee, beneficiary, power of appointment, and person defined
§ 55-1-13 Voluntary trustee–Assumption of relationship
§ 55-1-14 Interest in existing trust–Transfer by operation of law or written instrument
§ 55-1-15 Certain trusts not terminated upon trustor’s death
§ 55-1-20 Trusts for noncharitable purposes
§ 55-1-21 Trust for care of animal, care of other property, or other lawful noncharitable purpose
§ 55-1-21.1 Termination of trust for care of animal
§ 55-1-21.2 Judicial reduction of property transferred to trustee if trust corpus exceeds amount required for intended purposes
§ 55-1-21.3 Court order where fulfillment of purposes are impossible, inexpedient, or unlawful
§ 55-1-21.4 Enforcement of purpose of trust by enforcer
§ 55-1-21.5 Removal of enforcer
§ 55-1-21.6 Discretion of trustee of purpose trust
§ 55-1-21.7 Judicial designation of trustee–Order to carry out intent of trustor and purpose of trust
§ 55-1-21.8 Distribution of property upon termination of purpose of trust
§ 55-1-21.9 Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required–Exceptions
§ 55-1-21.10 Trustee may not use principal and income other than for trust’s purposes
§ 55-1-21.11 Co-enforcer appointment–Powers
§ 55-1-22 Hybrid purpose trusts valid
§ 55-1-22.1 Separate shares for beneficiaries and purposes to be maintained in hybrid purpose trust
§ 55-1-22.2 Beneficiaries’ share of a hybrid purpose trust
§ 55-1-22.3 Spendthrift provision in hybrid purpose trust–Qualified dispositions in trust
§ 55-1-22.5 Discretion of trustee of hybrid purpose trust
§ 55-1-22.6 Enforcer of hybrid purpose trust
§ 55-1-24.1 Improper motive
§ 55-1-24.2 Withdrawal power
§ 55-1-25 Distinction between discretionary trust and support trust–Creditor rights–Judicial review
§ 55-1-26 Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited–Creditors may not reach powers of appointment or remainder interests
§ 55-1-27 Certain remainder interests not property interests
§ 55-1-28 Interest of beneficiary or others not reachable by creditors
§ 55-1-29 Trust property not subject to personal obligations of trustee
§ 55-1-30 Distribution and remainder interests not relevant to division of marital property
§ 55-1-31 Resources of settlor’s spouse to be considered in making distribution from support trust–Other beneficiary’s resources need not be considered
§ 55-1-32 Alter ego–Pierce the veil, dominion and control claims
§ 55-1-34 Provision that beneficial interest in trust income or principal may not be transferred before payment to beneficiary permissible
§ 55-1-35 Trust declaration that beneficiary’s interest subject to spendthrift trust–Payment of beneficiary expenses
§ 55-1-36 Satisfaction of claims of settlor’s creditors from trust estate if settlor is beneficiary
§ 55-1-36.1 Effect on creditor claims of trustee discretionary powers to pay taxes or make reimbursements for taxes
§ 55-1-37 Application of spendthrift provision
§ 55-1-38 Classification of distribution interest
§ 55-1-38.1 Classification of interest as support interest
§ 55-1-39 Bifurcation of trust
§ 55-1-40 Language resulting in classification of distribution interest
§ 55-1-41 Effect of spendthrift provision
§ 55-1-42 Mandatory or support interests
§ 55-1-43 Discretionary interests
§ 55-1-44 Action for fraudulent transfer of settlor’s assets–Jurisdiction–Attorneys’ fees and costs–Burden of proof
§ 55-1-45 Limitation of action for fraudulent transfer of settlor’s assets
§ 55-1-46 No contest clause defined–Enforceability
§ 55-1-47 Extrinsic evidence not admissible to establish settlor’s intent concerning no contest clause
§ 55-1-48 Circumstances under which no contest clause unenforceable
§ 55-1-49 Contest regarding settlor’s signature
§ 55-1-50 Attorneys fees and costs
§ 55-1-52 Interest on general pecuniary devises
§ 55-1-53 Expansion, restriction, elimination, or variance of provisions of general application
§ 55-1-54 Arbitration
§ 55-1-55 Trust enforceable although not funded or without res, corpus, or assets
§ 55-1-56 Registration of trust in court at principal place of administration
§ 55-1-57 Contents of registration statement
§ 55-1-58 Confidentiality of registration
§ 55-1-59 Trust registration form
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Terms Used In South Dakota Codified Laws > Title 55 > Chapter 1 - Classification and Creation of Trusts

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • 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.
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probate: Proving a will
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Testator: A male person who leaves a will at death.
  • 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.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2