South Dakota Codified Laws 55-2-6. Adverse interest of trustee–Information to beneficiary–Removal of trustee
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If a trustee acquires any interest or becomes charged with any duty adverse to the interest of his beneficiary in the subject of the trust, he must immediately inform the latter thereof and may be at once removed.
Terms Used In South Dakota Codified Laws 55-2-6
- 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
- Trustee: A person or institution holding and administering property in trust.
Source: SDC 1939, § 59.0111.