Section 55-3-30 – Provisions not exclusive.
55-3-30. Provisions not exclusive. The provisions of §§55-3-23 to 55-3-29, inclusive, shall not be construed as exclusive methods of modifying or terminating irrevocable trusts. Source: SL 1998, ch 282, §8.
Section 55-3-17 – Discharge of trustee–Grounds.
55-3-17. Discharge of trustee–Grounds. A trustee can be discharged from his trust only as follows: (1)By the extinction of the trust; (2)By the completion of his duties under the trust; (3)By such means as may be prescribed by the declaration of trust; (4)By the consent of the beneficiary, if he has capacity to contract; (5)By […]
Section 55-3-17.1 – Resignation of fiduciary.
55-3-17.1. Resignation of fiduciary. In addition to the provisions included in the governing instrument, a fiduciary may resign: (1)In the case of a revocable trust: (a)Without court approval upon at least thirty days’ notice to the settlor, all fiduciaries, all designated successors to the resigning fiduciary’s office and all those who have authority to appoint […]
Section 55-3-18 – Survivorship between cotrustees.
55-3-18. Survivorship between cotrustees. On the death, renunciation, or discharge of one of several cotrustees, the trust survives to the others. Source: SDC 1939, §59.0219.
Section 55-3-20 – Removal of trustee by circuit court–Vacant trusteeship filled by court.
55-3-20. Removal of trustee by circuit court–Vacant trusteeship filled by court. The circuit court may remove any trustee who has violated, or is unfit to execute, his trust. It may appoint a trustee whenever there is a vacancy and the declaration of trust does not provide a practicable method of appointment. Source: SDC 1939, §59.0220.
Section 55-3-20.1 – Grounds for removal of trustee.
55-3-20.1. Grounds for removal of trustee. In addition to other remedies available by law and procedures or powers set out in a trust instrument, the settlor, or the settlor’s agent, a trust protector, a cotrustee, or a qualified beneficiary as defined in §55-2-13, or an enforcer, as defined in §55-1-21.4, may request the court to […]
Section 55-3-21 – Appointment of trustee by circuit court–Grounds.
55-3-21. Appointment of trustee by circuit court–Grounds. If a trust exists without any appointed trustees, or where all the trustees renounce, die, or are discharged, the circuit court for the county where the trust property or some portion thereof is situated must appoint another trustee and direct the execution of the trust. The court may […]
Section 55-3-23 – Termination of trust.
55-3-23. Termination of trust. In addition to the methods specified in §§55-3-24 to 55-3-27, inclusive, a trust terminates if: (1)The term of the trust expires; (2)The trust purpose is fulfilled; (3)The trust purpose becomes unlawful or impossible to fulfill; or (4)The trust is revoked. Source: SL 1998, ch 282, §1; SL 2016, ch 231, §21.
Section 55-3-14 – Compensation of trustee.
55-3-14. Compensation of trustee. When a declaration of trust does not specify the rate or amount of the trustee’s compensation the trustee is entitled to and shall receive reasonable compensation for the performance of his duties. If such declaration specifies the amount or rate of his compensation, he is entitled to the amount or rate […]
Section 55-3-15 – Implied trustee–No rights to compensation or repayment of expenses.
55-3-15. Implied trustee–No rights to compensation or repayment of expenses. The trustee of an implied trust who becomes such through his own fault has none of the rights to compensation or repayment of expense prescribed in §§55-3-13 and 55-3-14. Source: SDC 1939, §59.0214.