§ 55-1B-1 Definition of terms
§ 55-1B-1.1 Governing instrument may provide trust advisor or trust protector with powers and immunities of trustee
§ 55-1B-2 Liability limits of excluded fiduciary–Relief from obligations for excluded fiduciary–Burden of proof in action against excluded fiduciary
§ 55-1B-3 Death of grantor
§ 55-1B-4 Trust advisor as fiduciary
§ 55-1B-5 Excluded fiduciary’s liability for loss if trust protector appointed
§ 55-1B-6 Powers and discretions of trust protector
§ 55-1B-7 Submission to court jurisdiction–Effect on trust advisor or trust protector
§ 55-1B-8 Powers of trust protector incorporated by reference in will or trust instrument
§ 55-1B-9 Investment trust advisor or distribution trust advisor provided for in trust instrument
§ 55-1B-10 Powers and discretions of investment trust advisor
§ 55-1B-11 Powers and discretions of distribution trust advisor
§ 55-1B-12 Powers and discretions of family advisor
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Terms Used In South Dakota Codified Laws > Title 55 > Chapter 1B - Directed Trusts

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Decedent: A deceased person.
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Grantor: The person who establishes a trust and places property into it.
  • 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  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.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.
  • 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.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • 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.
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.