§ 55-1A-1 Powers enumerated in chapter apply to any trust unless specifically excluded–Powers as additional to common law powers
§ 55-1A-2 Trustee defined
§ 55-1A-5 Retention of trust property by trustee
§ 55-1A-6 Additions to trust assets
§ 55-1A-7 Operation of business by trustee
§ 55-1A-8 Acquisition of undivided interest in trust asset
§ 55-1A-9 Investment of trust assets
§ 55-1A-9.1 Affiliated investments
§ 55-1A-10 Deposit of trust funds in bank
§ 55-1A-11 Disposal of trust assets
§ 55-1A-12 Grant or taking of option for disposition of assets
§ 55-1A-13 Leases by trustees
§ 55-1A-14 Repairs by trustee–Removal or demolition
§ 55-1A-15 Razing or erection of party walls or buildings
§ 55-1A-16 Land development or dedication–Valuation adjustments
§ 55-1A-17 Mineral and natural resource leases and explorations
§ 55-1A-18 Insurance
§ 55-1A-19 Voting stock or securities–Voting trust agreements
§ 55-1A-20 Payment of calls, assessments, and other sums charged against corporate securities
§ 55-1A-21 Corporate powers–Stocks–Reorganizations and mergers–Sales and leases
§ 55-1A-22 Holding stock in nominee’s name without disclosing fiduciary relationship
§ 55-1A-23 Borrowing money against trust assets
§ 55-1A-24 Contracts binding upon trust
§ 55-1A-25 Claims in favor of or against trust or trustee
§ 55-1A-26 Release of claim or lien
§ 55-1A-27 Payment of trust administration expenses
§ 55-1A-28 Creation of reserves
§ 55-1A-29 Payment of sum distributable to minor or other beneficiary under legal disability–Methods
§ 55-1A-30 Distribution of property and money
§ 55-1A-31 Employment of agents and assistants
§ 55-1A-32 Prosecution or defense of actions and proceedings
§ 55-1A-32.1 Trustee immunity from liability for failure to prosecute, defend, or continue to defend
§ 55-1A-33 Advance of income or loan to beneficiary–Lien
§ 55-1A-34 Advance of money for protection of trust–Lien
§ 55-1A-35 Execution and delivery of instruments
§ 55-1A-35.1 Electronic execution of documents
§ 55-1A-36 Holding of two or more trusts with undivided interests
§ 55-1A-37 Citation of chapter
§ 55-1A-38 Trustee may perform necessary and appropriate acts
§ 55-1A-39 Disclaimer of powers by trustee–Time limit
§ 55-1A-40 Trust name change
§ 55-1A-41 Co-trustee appointment–Powers
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Terms Used In South Dakota Codified Laws > Title 55 > Chapter 1A - Trustees Powers

  • Amortization: Paying off a loan by regular installments.
  • 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
  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiduciary: A trustee, executor, or administrator.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Inter vivos: Transfer of property from one living person to another living person.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Third persons: includes all who are not parties to the obligation or transaction concerning which the phrase is used. See South Dakota Codified Laws 2-14-2
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • 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.
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
  • 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