47-14A-1.Definitions. Terms used in this chapter mean: (1)”Business trust,” an unincorporated association which: (a)Is created by a governing instrument under which property is or will be held, managed, administered, controlled, invested, reinvested, or operated, or business or professional activities for profit are carried on or will be carried on, by a trustee or trustees for […]
47-14A-10. Trustee may be served with process. A trustee of a business trust may be served with process in the manner prescribed in §47-14A-11 in all civil actions or proceedings brought in the state involving or relating to the activities of the business trust or a violation by a trustee of a duty to the […]
47-14A-11. Service of process–Fee if service made on secretary of state. Service of process shall be effected by serving the South Dakota trustee or registered agent of such business trust required by §47-14A-30 (or, if there is none, the secretary of state) with one copy of such process in the manner provided by law for […]
47-14A-12. Time for responsive pleading. In any action in which any such trustee has been served with process as provided in this chapter, the time in which a defendant shall be required to appear and file a responsive pleading shall be computed as in other civil actions. Source: SL 2001, ch 245, §12.
47-14A-13. Trustee or beneficial owner may consent to jurisdiction. In the governing instrument of the business trust or other writing, a trustee or beneficial owner may consent to be subject to the nonexclusive jurisdiction of the courts of, or arbitration in, a specified jurisdiction, or the exclusive jurisdiction of the courts of the state, or […]
47-14A-14. Service of process not limited. Nothing in this chapter limits or affects the right to serve process in any other manner now or hereafter provided by law. This section is an extension of and not a limitation upon the right otherwise existing of service of legal process upon nonresidents. Source: SL 2001, ch 245, […]
47-14A-15. Circuit court jurisdiction over business trusts. The circuit court has jurisdiction over business trusts to the same extent as it has jurisdiction over common law trusts formed under the laws of the state. Source: SL 2001, ch 245, §15.
47-14A-16. Doing business in state by reason of being trustee. A partnership (whether general or limited), corporation, or other nonnatural person formed or organized under the laws of any foreign country or other foreign jurisdiction or the laws of any state other than the State of South Dakota may not be deemed to be doing […]
47-14A-17. Beneficial owner to have undivided interest in trust property–Proportionate share in profits and losses. Except to the extent otherwise provided in the governing instrument of the business trust, a beneficial owner shall have an undivided beneficial interest in the property of the business trust and shall share in the profits and losses of the […]
47-14A-18. Creditors of beneficial owners have no rights in business trust property. No creditor of the beneficial owner shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the business trust. Source: SL 2001, ch 245, §18.
47-14A-19. Beneficial owner’s interest in business trust as personal property. A beneficial owner’s beneficial interest in the business trust is personal property notwithstanding the nature of the property of the trust. Except to the extent otherwise provided in the governing instrument of a business trust, a beneficial owner has no interest in specific business trust […]
47-14A-2. Beneficial owner’s contribution to business trust–Contribution not required. A contribution of a beneficial owner to the business trust may be in cash, property, or services rendered, or a promissory note or other obligation to contribute cash or property or to perform services. However, a person may become a beneficial owner of a business trust […]
47-14A-20. Beneficial owner’s interest transferable. A beneficial owner’s beneficial interest in the business trust is freely transferable except to the extent otherwise provided in the governing instrument of the business trust. Source: SL 2001, ch 245, §20.
47-14A-21. Beneficial owner entitled to distribution becomes creditor of business trust. Except to the extent otherwise provided in the governing instrument of a business trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of […]
47-14A-22. Title to property of business trust may be held by trustee. Except to the extent otherwise provided in the governing instrument of the business trust, legal title to the property of the business trust, or any part thereof, may be held in the name of any trustee of the business trust, in its capacity […]
47-14A-23. Creditors of trustee have no rights in business trust property. No creditor of the trustee has any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the business trust with respect to any claim against, or obligation of, such trustee in its individual capacity and […]
47-14A-24. Trustees to manage affairs of business trust–Persons entitled to direct trustees–Power to direct trustees does not cause person to be trustee nor to create duties or liabilities. Except to the extent otherwise provided in the governing instrument of a business trust, the business and affairs of a business trust shall be managed by or […]
47-14A-25. Provisions of governing instrument. A governing instrument may contain any provision relating to the management of the business and affairs of the business trust, and the rights, duties, and obligations of the trustees, beneficial owners, and other persons, which is not contrary to any provision or requirement of this section and, without limitation: (1)May […]
47-14A-26. Trustee acting in reliance on governing instrument not liable to trust or beneficial owner–Duties determined by governing instrument. To the extent that, at law or in equity, a trustee has duties (including fiduciary duties) and liabilities relating thereto to a business trust or to a beneficial owner: (1)Any such trustee acting under a governing […]
47-14A-27. Officer or employer acting in reliance on governing instrument not liable–Duties determined by governing instrument. To the extent that, at law or in equity, an officer, employee, manager, or other person designated pursuant to subdivision 47-14A-25(7) has duties (including fiduciary duties) and liabilities relating thereto to a business trust, a beneficial owner, or a […]
