South Dakota Codified Laws 55-3-17. Discharge of trustee–Grounds
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A trustee can be discharged from his trust only as follows:
(1) By the extinction of the trust;
Terms Used In South Dakota Codified Laws 55-3-17
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Trustee: A person or institution holding and administering property in trust.
(2) By the completion of his duties under the trust;
(3) By such means as may be prescribed by the declaration of trust;
(4) By the consent of the beneficiary, if he has capacity to contract;
(5) By the judgment of a competent tribunal in a direct proceeding for that purpose that he is of unsound mind; or
(6) By the circuit court.
Source: SDC 1939, § 59.0218.