§ 55-4-1 Definition of terms
§ 55-4-2 Powers attached to the office of trustee
§ 55-4-3 Number of trustees for exercise of powers
§ 55-4-4 Liability of trustee not joining in exercise of power
§ 55-4-5 Cotrustee–Liability for maladministration of trust
§ 55-4-6 Voting of corporate stock owned by trustee
§ 55-4-7 Creation of trust–Bank account to pay special debts
§ 55-4-8 Trust to pay special debts–Failure of beneficiary to present claim for payment–Revocation of trust by depositor
§ 55-4-9 Holding stock in name of nominee
§ 55-4-10 Loan of trust funds
§ 55-4-11 Corporate trustee depositing trust funds with self–Interest
§ 55-4-12 Corporate trustee depositing trust funds with self–Maintenance of required value–Ownership of income–Items specified in statements of financial condition toDivision of Banking
§ 55-4-13 Trustee not to buy from or sell to self–Exception
§ 55-4-14 Permitted sales between trusts held by same corporate trustee
§ 55-4-15 Corporate trustee buying its own stock
§ 55-4-16 Withdrawals from mingled trust funds
§ 55-4-17 Unenforceable oral trust created by deed–Duties of intended trustee–Conveyanceof real property interest under oral trust
§ 55-4-18 Unenforceable oral trust created by deed–Liability of trustee to settlor for transferof real property
§ 55-4-19 Action on contract against trustee in representative capacity–Execution againsttrust property–Intervention by beneficiary
§ 55-4-20 Action on contract against trustee–Notice to beneficiaries
§ 55-4-21 Action on contract against trustee–Personal liability of trustee
§ 55-4-22 Exoneration or reimbursement of trustee for tort committed in administration oftrust
§ 55-4-23 Exoneration or reimbursement of trustee for tort–Increase in value of trustproperty
§ 55-4-24 Liability of trustees of charitable trust for torts not changed by provisions of lawas to exoneration or reimbursement of trustee for tort
§ 55-4-25 Tort liability of trust estate–Action against trustee, amount of recovery,intervention by beneficiary
§ 55-4-26 Tort liability of trust estate–Action against trustee, proof as to reimbursementunnecessary
§ 55-4-27 Tort liability of trust estate–Action against trustee, notice to beneficiaries
§ 55-4-28 Personal liability for tort committed by trustee
§ 55-4-29 Existing law as to charitable immunity not changed by law as to tort liability oftrust estate
§ 55-4-30 Power of settlor of trust
§ 55-4-31 Trustee not liable if beneficiary consents to conduct or releases trustee fromliability or ratifies transaction
§ 55-4-32 Relieving trustee of duties–Power of the court
§ 55-4-33 Liabilities for violations of chapter
§ 55-4-34 Application of chapter to testamentary trust
§ 55-4-35 Uniformity of interpretation
§ 55-4-36 Citation of chapter
§ 55-4-37 Liability for fiduciary’s partnership interest limited
§ 55-4-38 Limitation on trustee’s power to make distributions to his or her benefit
§ 55-4-39 “Trustee” construed broadly
§ 55-4-40 Applicability of §§ 55-4-38 and 55-4-39
§ 55-4-41 Certain trustees exempted from §§ 55-4-38 to 55-4-40, inclusive
§ 55-4-50 Co-trustee’s inability or failure to perform
§ 55-4-51 Certificate of trust furnished in lieu of copy of trust instrument or will that createstestamentary trust–Contents
§ 55-4-51.1 Recording of certificate of trust–Reliance upon content
§ 55-4-51.2 Applicability of §§ 55-4-51 and 55-4-51.1
§ 55-4-51.3 Form of certificate of trust in support of a real property transaction
§ 55-4-52 Request for excerpts from trust instrument
§ 55-4-53 Limitation of liability for acting in reliance on certificate of trust
§ 55-4-54 Enforcement of transaction entered into in reliance on certificate of trust
§ 55-4-55 Liability for bad faith demand for trust instrument
§ 55-4-56 Right to obtain copy of trust instrument in judicial proceeding
§ 55-4-57 Time for commencing judicial proceeding to contest validity oftrust–Distribution of trust property–Recovery of improper distribution–Notice
§ 55-4-58 Presentation of claims against property of trust revocable at settlor’s death

Terms Used In South Dakota Codified Laws > Title 55 > Chapter 4 - Uniform Trusts Act

  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • Children: includes children by birth and by adoption. See South Dakota Codified Laws 2-14-2
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Grantor: The person who establishes a trust and places property into it.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Probate: Proving a will
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Statute: A law passed by a legislature.
  • Testator: A male person who leaves a will at death.
  • Testatrix: The female counterpart of a testator.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • 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
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2