South Dakota Codified Laws 55-3-26. Petition to modify terms of trust–Circumstances–Distribution of property
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On petition by a trustee or beneficiary, the court may modify the administrative or dispositive terms of the trust or terminate the trust if, because of circumstances not anticipated by the trustor, modification or termination of the trust would substantially further the trustor’s purposes in creating the trust. Upon termination of a trust under this section, the trust property shall be distributed in accordance with the trustor’s probable intention.
Terms Used In South Dakota Codified Laws 55-3-26
- 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
- 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.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
Source: SL 1998, ch 282, § 4.