South Dakota Codified Laws 55-1A-33. Advance of income or loan to beneficiary–Lien
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A trustee may advance income or make loans out of trust property to a beneficiary on terms and conditions the trustee considers to be fair and reasonable under the circumstances, for which such advance or loan the trustee shall have a lien on the future benefits of such beneficiary.
Terms Used In South Dakota Codified Laws 55-1A-33
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Trustee: A person or institution holding and administering property in trust.
Source: SL 1979, ch 336, § 33; SL 2011, ch 212, § 18.