Section 55-2-2 – Trustee not to use property for his own benefit–Profit of trustee from use of property, extent of liability.
55-2-2. Trustee not to use property for his own benefit–Profit of trustee from use of property, extent of liability. A trustee may not in any manner use or deal with the trust property for his own profit or for any other purpose unconnected with the trust. If he does so, he may, at the option […]
Section 55-2-3 – Transactions involving interest of trustee adverse to beneficiary prohibited–Exceptions.
55-2-3. Transactions involving interest of trustee adverse to beneficiary prohibited–Exceptions. Neither a trustee nor any of his agents may take part in any transaction concerning the trust in which he or anyone for whom he acts as agent has an interest, present or contingent, adverse to that of his beneficiary, except as follows: (1)When the […]
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.