South Dakota Codified Laws 55-4-30. Power of settlor of trust
Subject to the final paragraph below, the settlor of any trust affected by this chapter may:
(1) By provision in the instrument creating the trust if the trust was created by a writing;
Terms Used In South Dakota Codified Laws 55-4-30
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- 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
(2) By oral statement to the trustee at the time of the creation of the trust if the trust was created orally; or
(3) By an amendment of the trust, if the settlor reserved the power to amend the trust, relieve the trustee from any or all of the duties, restrictions, and liabilities which would otherwise be imposed upon the trustee by this chapter; or alter or deny to the trustee any or all of the privileges and powers conferred upon the trustee by this chapter; or add duties, restrictions, liabilities, privileges, or powers, to those imposed or granted by this chapter. However, no act of the settlor relieves a trustee from the duties, restrictions, and liabilities imposed upon the trustee by §§ 55-4-10 to 55-4-12, inclusive.
A provision of a trust instrument relieving a trustee of liability for breach of trust is unenforceable to the extent that it relieves the trustee of liability for breach of trust committed in bad faith or as a result of gross negligence.
Source: SL 1943, ch 308, § 17; SDC Supp 1960, § 59.0517; SL 2000, ch 229, § 1; SL 2007, ch 247, § 10.