Section 55-3-49 – Enforcement of foreign judgments.
55-3-49. Enforcement of foreign judgments. Notwithstanding any other provision of law, no judgment, decree, or order of a court of the United States, a court of a state other than this state, or any other court, shall be enforced against any trust governed by the laws of this state, or any disposition of property to […]
Section 55-3-40 – Validity, construction, and administration of trust with state jurisdiction provision.
55-3-40. Validity, construction, and administration of trust with state jurisdiction provision. The validity, construction, and administration of a trust with a state jurisdiction provision are determined by the laws of this state, including the: (1)Capacity of the trustor; (2)Powers, obligations, liabilities, and rights of the trustees and the appointment and removal of the trustees; and […]
Section 55-3-41 – Qualified person defined.
55-3-41. Qualified person defined. For the purposes of §55-3-39, the term, qualified person, means: (1)An individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does not have a […]
Section 55-3-42 – State jurisdiction provision defined.
55-3-42. State jurisdiction provision defined. For the purposes of §§55-3-39 and 55-3-40, the term, state jurisdiction provision, means a provision within the trust instrument that the laws of this state govern the validity, construction, or administration of a trust or that the trust is subject to the jurisdiction of this state. Source: SL 1998, ch […]
Section 55-3-43 – South Dakota investments defined.
55-3-43. South Dakota investments defined. For the purposes of §55-3-39, the term, South Dakota investments, means real property located in South Dakota, any equity or debt securities of a corporation, partnership, or limited liability company organized under the laws of South Dakota or having its headquarters in South Dakota, debt securities of the State of […]
Section 55-3-44 – Trustor defined.
55-3-44. Trustor defined. For the purposes of §55-3-40, the term, trustor, means a person who transfers property in trust, and includes a person who furnishes the property transferred to a trust even if the trust is created by another person. Source: SL 1998, ch 282, §25.
Section 55-3-45 – Beneficiary approval of trustee’s accounting–Alternative approval of trustee’s accounting–Accounting defined.
55-3-45. Beneficiary approval of trustee’s accounting–Alternative approval of trustee’s accounting–Accounting defined. If a trust is not subject to court supervision under chapter 21-22, and if no objection has been made by a distribution beneficiary, as defined in this title, of a trust within one hundred eighty days after a copy of the trustee’s accounting has […]
Section 55-3-46 – Effect of the laws, rules, or orders of foreign country on trust or disposition of property.
55-3-46. Effect of the laws, rules, or orders of foreign country on trust or disposition of property. No trust with South Dakota situs or governed by the laws of the State of South Dakota and no disposition of property to be held upon the terms of such trust is void, voidable, liable to be set […]
Section 55-3-46.1 – Effect of laws, rules, or orders of other states on a trust or disposition of property.
55-3-46.1. Effect of laws, rules, or orders of other states on a trust or disposition of property. No trust governed by the laws of this state and no disposition of property to be held upon the terms of such trust is void, voidable, liable to be set aside, or defective in any manner by reason […]
Section 55-3-47 – Cessation of trustee upon action of foreign court–Successor trustee.
55-3-47. Cessation of trustee upon action of foreign court–Successor trustee. If, in any action brought against a trustee of a trust, a foreign court takes any action whereby such court declines to apply the law of this state in determining the validity, construction, or administration of such trust, or the effect of a spendthrift provision […]