Personal representatives, conservators, and trustees may invest the funds of their trusts, in the absence of any provision pertaining to investments contained in the instrument under which they are acting, in insurance policies and annuities of life insurers authorized to do business in South Dakota and, with the approval of the court, may retain and pay premiums on annuities, life insurance policies and health insurance policies benefitting the beneficiary of the trust or the ward or their dependents.

Source: SL 1966, ch 111, ch 23, § 34; SL 1993, ch 213, § 259; SL 1995, ch 167, § 188.