South Dakota Codified Laws 55-4-20. Action on contract against trustee–Notice to beneficiaries
No judgment shall be rendered in favor of the plaintiff in an action pursuant to § 55-4-19 unless he proves that within thirty days after the beginning of such action, or within such other time as the court may fix, and more than thirty days prior to obtaining the judgment, he notified each of the beneficiaries known to the trustee who then had a present interest, or in the case of a charitable trust the attorney general and any corporation which is a beneficiary or agency in the performance of such charitable trust, of the existence and nature of the action. Such notice shall be given by mailing copies thereof in postpaid envelopes addressed to the parties to be notified at their last known addresses. The trustee shall furnish the plaintiff a list of the parties to be notified, and their addresses, within ten days after written demand therefor, and notification of the persons on such list shall constitute compliance with the duty placed on the plaintiff by this section.
Terms Used In South Dakota Codified Laws 55-4-20
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes trustees, a corporate as well as a natural person and a successor or substitute trustee. See South Dakota Codified Laws 55-4-1
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
Source: SL 1943, ch 308, § 12; SDC Supp 1960, § 59.0512 (2).