South Dakota Codified Laws 55-1A-34. Advance of money for protection of trust–Lien
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A trustee may advance money for the protection of his trust or its assets, and for all expenses and liabilities sustained or incurred in or about the administration or protection of the trust, or because of the holding or ownership of any trust assets. Such trustee shall have a lien on the trust assets and may reimburse himself, with interest, out of the trust assets for the advances.
Terms Used In South Dakota Codified Laws 55-1A-34
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Trustee: A person or institution holding and administering property in trust.
Source: SL 1979, ch 336, § 34.