South Dakota Codified Laws 55-4-8. Trust to pay special debts–Failure of beneficiary to present claim for payment–Revocation of trust by depositor
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If any beneficiary for whom a trust is created pursuant to § 55-4-7 does not present his claim to the bank for payment within one year after it is due, the depositor who created such trust may revoke it as to such creditor.
Terms Used In South Dakota Codified Laws 55-4-8
- 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
Source: SL 1943, ch 308, § 2; SDC Supp 1960, § 59.0502 (2).