Section 55-3-48 – South Dakota law governs administration of trust.
55-3-48. South Dakota law governs administration of trust. Unless the governing instrument or a court order expressly prohibits the change of the law of another jurisdiction to govern the administration of the trust, the laws of South Dakota shall govern the administration of a trust while the trust is administered in South Dakota. Source: SL […]
Section 55-3-39 – When state law or jurisdiction provision valid, effective, and conclusive.
55-3-39. When state law or jurisdiction provision valid, effective, and conclusive. Except as expressly provided by the terms of a governing instrument or by a court order, a general law or a state jurisdiction provision stating that the laws of this state govern is valid, effective, and conclusive for the trust if all of the […]
Section 55-3-24 – Modification or termination of trust–Notice to fiduciaries–Distribution of property.
55-3-24. Modification or termination of trust–Notice to fiduciaries–Distribution of property. An irrevocable trust may be modified or terminated by judicial action or by written agreement entered into by all beneficiaries, if continuance of the trust on its existing terms is not necessary to carry out a material purpose. Whether or not continuance of the trust […]
Section 55-3-25 – Petition to court for affirmation–Non-consenting beneficiaries–Distribution of property.
55-3-25. Petition to court for affirmation–Non-consenting beneficiaries–Distribution of property. A trustor, trustee, or beneficiary may but is not required to seek court affirmation of a modification or termination of a trust made pursuant to §55-3-24. Upon petition by a trustor, trustee, or beneficiary, upon a finding that the provisions of §55-3-24 have been met, the […]
Section 55-3-26 – Petition to modify terms of trust–Circumstances–Distribution of property.
55-3-26. Petition to modify terms of trust–Circumstances–Distribution of property. On petition by a trustee or beneficiary, the court may modify the administrative or dispositive terms of the trust or terminate the trust if, because of circumstances not anticipated by the trustor, modification or termination of the trust would substantially further the trustor’s purposes in creating […]
Section 55-3-27 – Termination of noncharitable trusts valued under one hundred fifty thousand dollars–Distribution of property.
55-3-27. Termination of noncharitable trusts valued under one hundred fifty thousand dollars–Distribution of property. Except as otherwise provided by the terms of the trust, if the value of the trust property of a noncharitable trust is less than one hundred fifty thousand dollars, the trustee may terminate the trust. On petition by a trustee or […]
Section 55-3-28 – Terms of trust may be reformed by court.
55-3-28. Terms of trust may be reformed by court. On petition by a trustee or beneficiary, the court may reform the terms of the trust, based upon a showing by the preponderance of the evidence and without any preliminary showing of an ambiguity, to conform to the trustor’s intention if the failure to conform was […]
Section 55-3-29 – Trustee may combine or divide trusts–Rights of beneficiaries–Trust purposes–Petition to court.
55-3-29. Trustee may combine or divide trusts–Rights of beneficiaries–Trust purposes–Petition to court. Without approval of court and except as otherwise provided by the terms of the trust, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the combination or division does […]
Section 55-3-29.1 – Defense of laches not available.
55-3-29.1. Defense of laches not available. No beneficiary of a trust may assert the defense of laches in any proceeding to modify, reform, or terminate a trust pursuant to §§55-3-23 to 55-3-29, inclusive. Source: SL 2009, ch 252, §22.
Section 55-3-29.2 – Statute of limitations defense not available.
55-3-29.2. Statute of limitations defense not available. No beneficiary of a trust may assert a statute of limitations defense in any proceeding to modify, reform, or terminate a trust pursuant to §§55-3-23 to 55-3-29, inclusive. Source: SL 2011, ch 212, §12.