South Dakota Codified Laws 55-4-38. Limitation on trustee’s power to make distributions to his or her benefit
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Unless the terms of the trust refer to this section and provide otherwise, a power, including the power to make a distribution to another trust under § 55-2-15, that is exercisable by or attributable to a person, other than the settlor, in such person’s capacity as a trustee to make discretionary distribution of either principal or income:
(1) To or for the benefit of himself or herself is exercisable by the person only for the person’s health, education, maintenance, and support in the person’s accustomed manner of living; or
Terms Used In South Dakota Codified Laws 55-4-38
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) To or for the benefit of others, is not exercisable to discharge any of the person’s own legal obligations.
Source: SL 2000, ch 229, § 4; SL 2007, ch 281, § 8.