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 […]
Section 55-1-13 – Voluntary trustee–Assumption of relationship.
55-1-13. Voluntary trustee–Assumption of relationship. Everyone who voluntarily assumes a relation of personal confidence with another is deemed a trustee within the meaning of this chapter and chapter 55-2 not only as to the person who reposes such confidence, but also as to all persons of whose affairs he thus acquires information which was given […]
Section 55-1-2 – Trusts classified.
55-1-2. Trusts classified. A trust is either express or implied. Source: SDC 1939, §59.0101.
Section 55-1-3 – Express trust defined.
55-1-3. Express trust defined. An express trust is an obligation arising out of a personal confidence reposed in and voluntarily accepted by one for the benefit of another. Source: SDC 1939, §59.0101.
Section 55-1-4 – Creation of express trust–Words or acts of trustor.
55-1-4. Creation of express trust–Words or acts of trustor. An express trust is created as to the trustor and beneficiary by any words or acts of the trustor indicating with reasonable certainty: (1)An intention on the part of the trustor to create a trust; and (2)The subject, purpose, and beneficiary of the trust. Any express […]
Section 55-1-5 – Express trust created as to trustee–Words and acts of trustee.
55-1-5. Express trust created as to trustee–Words and acts of trustee. An express trust is created as to the trustee by any words or acts of his, indicating with reasonable certainty: (1)His acceptance of the trust or his acknowledgment, made upon sufficient consideration, of its existence; and (2)The subject, purpose, and beneficiary thereof. Source: SDC […]
Section 55-1-5.1 – Express trust need not be for exclusive benefit of beneficiaries.
55-1-5.1. Express trust need not be for exclusive benefit of beneficiaries. The terms of an express trust need not be for the exclusive benefit of its beneficiaries, whether or not the beneficiaries are ascertainable. Source: SL 2017, ch 204, §7.
Section 55-1-6 – Implied trust–Definition–Creation.
55-1-6. Implied trust–Definition–Creation. An implied trust is one which is created by operation of law. An implied trust arises in the cases described in §§55-1-7 to 55-1-10, inclusive. Source: SDC 1939, §§59.0101, 59.0102.
Section 55-1-6.1 – Implied trust may not prejudice rights of real property purchaser or encumbrancer.
55-1-6.1. Implied trust may not prejudice rights of real property purchaser or encumbrancer. No implied trust may prejudice the rights of a purchaser or encumbrancer of real property for value and without notice of the trust. Source: SL 2017, ch 204, §6.
Section 55-1-7 – Wrongful detention creates implied trust.
55-1-7. Wrongful detention creates implied trust. One who wrongfully detains a thing is an implied trustee thereof for the benefit of the owner. Source: SDC 1939, §59.0102 (1).