Section 55-2-17 – Conditions under which beneficiary has power to change trustees.
55-2-17. Conditions under which beneficiary has power to change trustees. For the purposes of §55-2-15, a beneficiary shall be considered to have the power to “change the trustees” if he or she can, alone or with others, name himself or herself as a trustee or can remove a trustee and replace that trustee with a […]
Section 55-2-18 – Exercise of power to distribute income or principal by written instrument–Notice to beneficiaries of first trust.
55-2-18. Exercise of power to distribute income or principal by written instrument–Notice to beneficiaries of first trust. The exercise of the power to distribute the income or principal of the trust under §55-2-15 shall be by an instrument in writing, signed and acknowledged by the trustee and filed with the records of the trust. The […]
Section 55-2-19 – Exercise of power to distribute income or principal considered exercise of power of appointment.
55-2-19. Exercise of power to distribute income or principal considered exercise of power of appointment. The exercise of the power to distribute the income or principal of the trust under §55-2-15 shall be considered the exercise of a power of appointment (other than a power to appoint to the trustee, the trustee’s creditors, the trustee’s […]
Section 55-2-20 – Impermissible use of power.
55-2-20. Impermissible use of power. The power under §55-2-15 may not be exercised to suspend the power to alienate trust property or extend the first trust beyond the permissible period of any rule against perpetuities applicable to the first trust. Source: SL 2007, ch 281, §6; SL 2011, ch 212, §9.
Section 55-2-21 – Trustee’s right to distribute income or principal in trust arising under law or terms of first trust not abridged.
55-2-21. Trustee’s right to distribute income or principal in trust arising under law or terms of first trust not abridged. No provision of §§55-2-15 to 55-2-20, inclusive, may be construed to abridge the right of any trustee who has power to distribute income or principal in further trust which arises under statute, common law, or […]
Section 55-2-22 – Fiduciary duty to determine that substituted property is of equivalent value.
55-2-22. Fiduciary duty to determine that substituted property is of equivalent value. Notwithstanding the terms of a trust instrument, if a settlor has a power to substitute property of equivalent value, a trustee has a fiduciary duty to determine that the substituted property is of equivalent value, prior to allowing the substitution. Source: SL 2009, […]
Section 55-2-23 – Reliance of excluded fiduciaries and trustees on tax information.
55-2-23. Reliance of excluded fiduciaries and trustees on tax information. An excluded fiduciary as defined in §55-1B-1 who receives tax information regarding an asset or entity owned by the trust, any trustee of a trust that holds an asset or entity owned by the trust but who does not manage the asset or entity, and […]
Section 55-2-15 – Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust–Restrictions–Power of appointment to beneficiary of second trust.
55-2-15. Trustee authorized to distribute income or principal from first trust may appoint all or part in favor of trustee of second trust–Restrictions–Power of appointment to beneficiary of second trust. Unless the terms of the governing instrument expressly provide otherwise, if a trustee has discretion under the terms of a governing instrument to make a […]
Section 55-2-16 – Action that may not be taken by restricted trustee may be taken by another unrestricted trustee.
55-2-16. Action that may not be taken by restricted trustee may be taken by another unrestricted trustee. Any action that may not be taken by a trustee of the first trust by reason of the restrictions in subdivision 55-2-15(2) may instead be taken by any other trustee of the first trust who is not so […]
Section 55-2-5 – Trustee not to assume a trust adverse to the interest of beneficiary.
55-2-5. Trustee not to assume a trust adverse to the interest of beneficiary. No trustee so long as he remains in the trust may undertake another trust adverse in its nature to the interest of his beneficiary in the subject of the trust without the consent of the latter. Source: SDC 1939, §59.0110.