§ 51A-5-1 Use of “trust” in name restricted–Exercise of trust powers restricted–Misdemeanor
§ 51A-5-1.1 Powers of banks engaging in trust business
§ 51A-5-1.2 “Trust business” defined
§ 51A-5-2 Bank as trustee or custodian for retirement benefit plans
§ 51A-5-3 Fiduciary authority of bank authorized by charter to exercise trust powers
§ 51A-5-4 Deposit required to do trust business–Amount and form of deposit–Disposition of income
§ 51A-5-5 Deposit available for satisfaction of claims upon liquidation, abandonment of trust powers, or resignation from fiduciary positions
§ 51A-5-6 National banks’ authority to engage in trust business–Examination of trust business–Acceptance of federal examination
§ 51A-5-7 Foreign bank or trust company to comply with requirements to act as fiduciary in state–Violation as misdemeanor
§ 51A-5-8 Reciprocal privileges extended to foreign bank or trust company acting as fiduciary
§ 51A-5-9 Filing with Office of the Secretary of State by foreign bank or trust company acting as fiduciary–Designation as agent to receive process–Service of process
§ 51A-5-10 Establishment of place of business not permitted or prohibited by filing requirements
§ 51A-5-11 Investment powers of trust company
§ 51A-5-12 Voting of bank shares by cotrustee
§ 51A-5-13 Segregation of assets held by bank as fiduciary
§ 51A-5-14 Deposit of federally guaranteed securities with federal reserve bank
§ 51A-5-15 Records of depositor to show ownership of securities–Transfers by book entries
§ 51A-5-16 Custodian to certify deposited securities to fiduciary–Duty of fiduciary
§ 51A-5-17 Application of provisions to fiduciaries and custodians whenever appointed
§ 51A-5-19 Oath or bond not required of bank to qualify as fiduciary
§ 51A-5-20 Nominees used by bank acting as fiduciary or cofiduciary
§ 51A-5-21 Deposit in clearing corporation of securities held as fiduciary or custodian
§ 51A-5-22 Ownership of stock in clearing corporation not required for deposit of securities by fiduciary or custodian
§ 51A-5-23 Holding in bulk of securities deposited in clearing corporation–Merger of certificates
§ 51A-5-24 Records of securities deposited in clearing corporation–Transfer by book entry–Certification to interested party of securities held
§ 51A-5-25 Approval or ratification of acceptance or relinquishment of fiduciary accounts by board of directors or committee
§ 51A-5-26 Supervision of investment of fiduciary funds by committee designated by board of directors
§ 51A-5-27 Reports of committees designated to supervise fiduciary accounts
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Terms Used In South Dakota Codified Laws > Title 51A > Chapter 5 - Trust Business of Banks

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Seal: includes an impression of the seal upon the paper alone, as well as upon wax or a wafer affixed to the paper, and also the word "seal" written or printed on such paper. See South Dakota Codified Laws 2-14-2
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.