South Dakota Codified Laws 15-2-36. Actions for breach of trust against qualified persons
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If § 21-22-30 or 55-3-45 do not apply, absent fraud, intentional misrepresentation, or material omission, an action to recover for breach of trust against a qualified person as defined in § 55-3-41 or an officer, director, or employee of a qualified person may be commenced only within two years of a trustee‘s accounting for the period of the breach pursuant to chapter 55-3. In the case of fraud, intentional misrepresentation, or material omission, the limitation period does not commence to run until discovery of the breach of trust.
Terms Used In South Dakota Codified Laws 15-2-36
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Fraud: Intentional deception resulting in injury to another.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Trustee: A person or institution holding and administering property in trust.
Source: SL 2007, ch 247, § 5; SL 2010, ch 232, § 27.