South Dakota Codified Laws 51A-5-9. Filing with Office of the Secretary of State by foreign bank or trust company acting as fiduciary–Designation as agent to receive process–Service of process
Before qualifying or serving in this state in any fiduciary capacity, as defined in § 51A-5-8, the bank or trust company shall file in the Office of the Secretary of State of South Dakota, a copy of its charter certified by its secretary under its corporate seal, and a power of attorney designating the secretary of state or the secretary of state’s successor in office as the person upon whom all notices and processes issued by any court of this state may be served in any action or proceeding relating to any trust, estate, or matter within this state in respect of which the bank or trust company is acting in any fiduciary capacity with like effect as personal service on the bank or trust company. The power of attorney is irrevocable so long as any liability remains outstanding against the bank or trust company in this state. Service of process under this section may be made in the manner provided in chapter 59-11.
Terms Used In South Dakota Codified Laws 51A-5-9
- Fiduciary: A trustee, executor, or administrator.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Seal: includes an impression of the seal upon the paper alone, as well as upon wax or a wafer affixed to the paper, and also the word "seal" written or printed on such paper. See South Dakota Codified Laws 2-14-2
- Service of process: The service of writs or summonses to the appropriate party.
Source: SL 1973, ch 292, § 2; SDCL, § 51-19-5.3; SL 1995, ch 268, § 69; SL 1997, ch 272, § 7; SL 2005, ch 202, § 22; SL 2021, ch 204, § 1.