South Dakota Codified Laws 55-3-17.1. Resignation of fiduciary
In addition to the provisions included in the governing instrument, a fiduciary may resign:
(1) In the case of a revocable trust:
Terms Used In South Dakota Codified Laws 55-3-17.1
- Fiduciary: A trustee, executor, or administrator.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(a) Without court approval upon at least thirty days’ notice to the settlor, all fiduciaries, all designated successors to the resigning fiduciary’s office and all those who have authority to appoint a successor to replace the resigning fiduciary; or
(b) With court approval;
(2) In the case of an irrevocable trust:
(a) Without court approval upon at least thirty days’ notice to the settlor, if living, all fiduciaries, all designated successors to the resigning fiduciary’s office, all those who have authority to appoint a successor to replace the resigning fiduciary and to those qualified beneficiaries who are known to the resigning fiduciary other than those who are restricted from receiving notice or have elected not to receive notice pursuant to the governing instrument, § 55-2-13 or chapter 55-18; or
(b) With court approval.
In approving a resignation under subdivision (1)(b) or (2)(b), the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
Any liability of a resigning fiduciary or of any sureties on the fiduciary’s bond for its acts or omissions is not discharged or affected by the fiduciary’s resignation unless the court orders otherwise.
Following resignation, a successor fiduciary may be appointed pursuant to the terms set forth in the governing instrument or under § 21-22-12.
Nothing in this section may be construed to be the exclusive means of resignation by a fiduciary.
Source: SL 2019, ch 209, § 2.