South Dakota Codified Laws 55-2-22. Fiduciary duty to determine that substituted property is of equivalent value
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Notwithstanding the terms of a trust instrument, if a settlor has a power to substitute property of equivalent value, a trustee has a fiduciary duty to determine that the substituted property is of equivalent value, prior to allowing the substitution.
Terms Used In South Dakota Codified Laws 55-2-22
- Fiduciary: A trustee, executor, or administrator.
- 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 2009, ch 252, § 21.