Section 55-1-22.2 – Beneficiaries’ share of a hybrid purpose trust.
55-1-22.2. Beneficiaries’ share of a hybrid purpose trust. The beneficiaries’ share of a hybrid purpose trust is governed by §§43-5-8 and 43-6-7. Source: SL 2018, ch 275, §16.
Section 55-1-22.3 – Spendthrift provision in hybrid purpose trust–Qualified dispositions in trust.
55-1-22.3. Spendthrift provision in hybrid purpose trust–Qualified dispositions in trust. A hybrid purpose trust may: (1)Contain a spendthrift provision; and (2)Also qualify as a trust described in §55-16-2. Source: SL 2018, ch 275, §17.
Section 55-1-15 – Certain trusts not terminated upon trustor’s death.
55-1-15. Certain trusts not terminated upon trustor’s death. A trust which provides for one or more successor beneficiaries upon the death of the trustor is not invalid, merged or terminated if: (1)There is a trustor who is the sole trustee and the sole beneficiary during the trustor’s lifetime; or (2)There are two or more trustors, […]
Section 55-1-20 – Trusts for noncharitable purposes.
55-1-20. Trusts for noncharitable purposes. Subdivisions 55-1-4(2) and 55-1-5(2) notwithstanding, a purpose trust may be performed pursuant to this section and §§55-1-21 to 55-1-22.6, inclusive, if the trust is for a lawful noncharitable purpose or purposes. Any property may form a part or all of the trust estate, including some, all, or an interest in […]
Section 55-1-21 – Trust for care of animal, care of other property, or other lawful noncharitable purpose.
55-1-21. Trust for care of animal, care of other property, or other lawful noncharitable purpose. The following purpose trusts are valid: (1)A trust for the care of a designated animal or animals; (2)A trust for the care, maintenance, promotion, continuation, conservation, upkeep, protection, furtherance, or preservation of any other property; and (3)A trust for any […]
Section 55-1-21.1 – Termination of trust for care of animal.
55-1-21.1. Termination of trust for care of animal. Except as otherwise provided in the governing instrument, a trust described in subdivision 55-1-21(1) terminates when no living animal is covered by the trust. Source: SL 2018, ch 275, §4.
Section 55-1-21.3 – Court order where fulfillment of purposes are impossible, inexpedient, or unlawful.
55-1-21.3. Court order where fulfillment of purposes are impossible, inexpedient, or unlawful. If the court finds that the fulfillment of the purposes are or have become impossible, inexpedient, or unlawful, the court shall make an order directing that the trust be administered in such manner as, in the judgment of the court, will, as nearly […]
Section 55-1-10 – Transfer of real property to one for money paid by another–Trust presumed.
55-1-10. Transfer of real property to one for money paid by another–Trust presumed. When a transfer of real property is made to one person and the consideration therefor is paid by or for another, a trust is presumed to result in favor of the person by or for whom such payment is made. Source: SDC […]
Section 55-1-11 – Implied trust–Declaration by court of equity.
55-1-11. Implied trust–Declaration by court of equity. The enumeration in §§55-1-7 to 55-1-10, inclusive, of cases wherein an implied trust arises does not exclude or prevent the arising of an implied trust in other cases nor prevent a court of equity from establishing and declaring an implied, resulting, or constructive trust in other cases and […]
Section 55-1-12 – Trustor, trustee, beneficiary, power of appointment, and person defined.
55-1-12. Trustor, trustee, beneficiary, power of appointment, and person defined. The person whose confidence creates a trust is called the trustor; the person in whom the confidence is reposed is called the trustee; and the person for whose benefit the trust is created is called the beneficiary. As used in this title, except as specifically […]