§ 55-7-1 Liability of third persons dealing with trustees
§ 55-7-2 Definition of terms
§ 55-7-3 A thing done “in good faith” defined
§ 55-7-4 Payment or transfer to fiduciary–Nonliability of transferor for improper application
§ 55-7-5 Check or bill of exchange drawn by fiduciary payable to third person–Liability ofpayee
§ 55-7-6 Transfer of check or bill of exchange drawn by fiduciary who holds it as payee ortransferee
§ 55-7-7 Bank account in name of fiduciary–Check drawn by fiduciary–Bank’s liability toprincipal
§ 55-7-8 Bank account in name of principal–Check drawn by fiduciary–Bank’s liability toprincipal
§ 55-7-9 Deposit in bank to fiduciary’s personal account–Bank’s liability to principal
§ 55-7-10 Deposit in bank in names of two or more trustees–Check drawn by one
§ 55-7-11 Negotiable instrument transferred by fiduciary
§ 55-7-12 Law governing transactions not within Uniform Fiduciaries Act
§ 55-7-13 Act not retroactive
§ 55-7-14 Uniformity of interpretation
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Terms Used In South Dakota Codified Laws > Title 55 > Chapter 7 - Third Party Responsibility for Fiduciary Acts

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • 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
  • 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.