South Dakota Codified Laws 51A-5-5. Deposit available for satisfaction of claims upon liquidation, abandonment of trust powers, or resignation from fiduciary positions
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Upon liquidation, abandonment of trust powers, or resignation from all fiduciary positions, the deposit shall be made available for the reasonable satisfaction of claims involving fiduciary accounts. Any surplus remaining after the satisfaction of all such claims shall be returned to the bank or trust company.
Terms Used In South Dakota Codified Laws 51A-5-5
- Fiduciary: A trustee, executor, or administrator.
Source: SL 1969, ch 11, § 5.3; SDCL, § 51-19-4; SL 1995, ch 268, § 66.