South Dakota Codified Laws 47-14A-26. Trustee acting in reliance on governing instrument not liable to trust or beneficialowner–Duties determined by governing instrument
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To the extent that, at law or in equity, a trustee has duties (including fiduciary duties) and liabilities relating thereto to a business trust or to a beneficial owner:
(1) Any such trustee acting under a governing instrument is not liable to the business trust or to any such beneficial owner for the trustee’s good faith reliance on the provisions of such governing instrument; and
Terms Used In South Dakota Codified Laws 47-14A-26
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Trustee: A person or institution holding and administering property in trust.
(2) The trustee’s duties and liabilities may be expanded or restricted by provisions in a governing instrument.
Source: SL 2001, ch 245, § 26.