§ 55-15-1 Definitions
§ 55-15-2 Trustee’s authority to convert income trust, total return unitrust–Calculate trust amount, value–Conditions
§ 55-15-4 Trustee may petition court–Appointment of disinterested person
§ 55-15-5 Annual valuation of trust required
§ 55-15-6 Calculation of unitrust amount
§ 55-15-8 Unitrust amount as net income of trust–Allocation of capital gains to trust income
§ 55-15-9 Administration of total return unitrust–Authority of trustee
§ 55-15-10 Distributions of principal and standards for income distributions not affected by conversion
§ 55-15-11 Spouse may compel reconversion to income trust for certain trusts–Written instrument required
§ 55-15-12 Applicability of chapter
§ 55-15-13 Trustee acting in good faith not liable–Remedy
§ 55-15-14 No duty to act created
§ 55-15-15 Chapter not applicable to charitable remainder unitrust
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Terms Used In South Dakota Codified Laws > Title 55 > Chapter 15 - Total Return Unitrusts

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See South Dakota Codified Laws 2-14-2
  • Personal property: All property that is not real property.
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • 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.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2