South Dakota Codified Laws 47-14A-41. Powers of trust series managers upon dissolution of series–Liability
Upon dissolution of a series of a business trust, the persons who under the governing instrument of the business trust are responsible for winding up such series affairs may, in the name of the business trust and for and on behalf of the business trust and such series, take all actions with respect to the series as are permitted under § 47-14A-38 and shall provide for the claims and obligations of the series and distribute the assets of the series as provided under § 47-14A-39. Any person, including any trustee, who under the governing instrument is responsible for winding up such series affairs who has complied with § 47-14A-39 is not personally liable to the claimants of the dissolved series by reason of such person’s actions in winding up the series.
Terms Used In South Dakota Codified Laws 47-14A-41
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 2001, ch 245, § 41.