Section 55-2-6 – Adverse interest of trustee–Information to beneficiary–Removal of trustee.
55-2-6. Adverse interest of trustee–Information to beneficiary–Removal of trustee. If a trustee acquires any interest or becomes charged with any duty adverse to the interest of his beneficiary in the subject of the trust, he must immediately inform the latter thereof and may be at once removed. Source: SDC 1939, §59.0111.
Section 55-2-7 – Fraud against beneficiary of trust.
55-2-7. Fraud against beneficiary of trust. Every violation of the provisions of §§55-2-1 to 55-2-6, inclusive, is a fraud against the beneficiary of the trust. Source: SDC 1939, §59.0112.
Section 55-2-8 – Presumption against trustee.
55-2-8. Presumption against trustee. All transactions between a trustee and his beneficiary during the existence of the trust or while the influence acquired by the trustee remains, by which he obtains any advantage from his beneficiary, are presumed to be entered into by the latter without sufficient consideration and under undue influence. Source: SDC 1939, […]
Section 55-2-9 – Liability of trustee mingling trust property with his own.
55-2-9. Liability of trustee mingling trust property with his own. A trustee who willfully and unnecessarily mingles the trust property with his own so as to constitute himself in appearance its absolute owner is liable for its safety in all events. Source: SDC 1939, §59.0114.
Section 55-2-10 – Measure of liability for unauthorized use or disposal of trust property–Intent to serve interest of beneficiary.
55-2-10. Measure of liability for unauthorized use or disposal of trust property–Intent to serve interest of beneficiary. A trustee who uses or disposes of the trust property in any manner not authorized by the trust but in good faith and with intent to serve the interest of the beneficiary is liable only to make good […]
Section 55-2-11 – Liability for acts of cotrustee.
55-2-11. Liability for acts of cotrustee. A trustee is responsible for the wrongful acts of a cotrustee to which he consented or which by his negligence he enabled the latter to commit, but for no others. Source: SDC 1939, §59.0116.
Section 55-2-12 – Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.
55-2-12. Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary. Unless otherwise provided in the trust agreement, a successor trustee: (1)Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; […]
Section 55-2-13 – Notice to qualified beneficiaries of existence of trust–Written directions–Information to be provided to excluded fiduciaries–Liability limits of trustee–Variation of right of a beneficiary to be informed–Confidentiality of trust information.
55-2-13. Notice to qualified beneficiaries of existence of trust–Written directions–Information to be provided to excluded fiduciaries–Liability limits of trustee–Variation of right of a beneficiary to be informed–Confidentiality of trust information. Notification to any qualified beneficiary under this section may be carried out personally, by mail, postage prepaid, addressed to the entity or individual’s last known […]
Section 55-2-14 – Duty to provide information regarding revocable trust and its administration.
55-2-14. Duty to provide information regarding revocable trust and its administration. A trustee of a revocable trust: (1)Subject to subdivision 3 below, shall keep the settlor reasonably informed of the trust and its administration; (2)Unless otherwise provided in the trust instrument, does not have a duty to inform a trust beneficiary of the trust and […]
Section 55-2-4 – Trustee’s influence not to be used for his advantage.
55-2-4. Trustee’s influence not to be used for his advantage. A trustee may not use the influence which his position gives him to obtain any advantage from his beneficiary. Source: SDC 1939, §59.0109.