55-4-1. Definition of terms. Terms used in this chapter mean: (1)”Affiliate,” any person directly or indirectly controlling or controlled by another person, or any person under direct or indirect common control with another person. It includes any person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by […]
55-4-10. Loan of trust funds. Except as provided in §§55-4-11 and 55-4-12, or except as may be expressly authorized by a court order, by the written consent of all qualified beneficiaries which may be given notwithstanding the provisions of §55-4-31, by the written authorization from or direction by a trust protector, or by the terms […]
55-4-11. Corporate trustee depositing trust funds with self–Interest. A corporate trustee which is subject to regulation and supervision by state or federal authorities may deposit with itself trust funds which are being held necessarily pending investment, distribution, or the payment of debts, provided it pays into the trust for such deposit such interest as it […]
55-4-12. Corporate trustee depositing trust funds with self–Maintenance of required value–Ownership of income–Items specified in statements of financial condition to Division of Banking. The separate fund of securities required by §55-4-11 shall be marked as such. Withdrawals from or additions to it may be made from time to time, as long as the required value […]
55-4-13. Trustee not to buy from or sell to self–Exception. No trustee, unless expressly authorized by the trust instrument, shall directly or indirectly lease, buy or sell any property for the trust from or to itself or an affiliate; or from or to a director, officer, or employee of such trustee or of an affiliate; […]
55-4-14.Permitted sales between trusts held by same corporate trustee. A corporate trustee may sell stocks, bonds and other securities listed on all exchange supervised by the securities and exchange commission as well as obligations of the U.S. treasury and obligations of U. S. government agencies held by it in one account to itself as trustee […]
55-4-15. Corporate trustee buying its own stock. No corporate trustee, unless expressly authorized by the trust instrument, may purchase for a trust shares of its own stock, or its bonds, or other securities, or the stock, bonds, or other securities of an affiliate. Source: SL 1943, ch 308, §7; SDC Supp 1960, §59.0507; SL 2006, […]
55-4-16. Withdrawals from mingled trust funds. Where a person who is a trustee of two or more trusts has mingled the funds of two or more trusts in the same aggregate of cash, or in the same bank or brokerage account or other investment, and a withdrawal is made therefrom by the trustee for his […]
55-4-17. Unenforceable oral trust created by deed–Duties of intended trustee–Conveyance of real property interest under oral trust. When an interest in real property is conveyed by deed to a person on a trust which is unenforceable on account of the statute of frauds and the intended trustee or his successor in interest still holds title […]
55-4-18. Unenforceable oral trust created by deed–Liability of trustee to settlor for transfer of real property. Where the intended trustee has transferred part or all of his interest and it has come into the hands of a bona fide purchaser, the intended trustee shall be liable to the settlor or his successor in interest for […]
55-4-19. Action on contract against trustee in representative capacity–Execution against trust property–Intervention by beneficiary. Whenever a trustee shall make a contract which is within his powers as trustee, or a predecessor trustee shall have made such a contract, and a cause of action shall arise thereon, the party in whose favor the cause of action […]
55-4-2. Powers attached to the office of trustee. Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, all powers of a trustee shall be attached to the office and shall not be personal. Source: SL 1943, ch 308, §10; SDC Supp 1960, §59.0510.
55-4-20. Action on contract against trustee–Notice to beneficiaries. No judgment shall be rendered in favor of the plaintiff in an action pursuant to §55-4-19 unless he proves that within thirty days after the beginning of such action, or within such other time as the court may fix, and more than thirty days prior to obtaining […]
55-4-21. Action on contract against trustee–Personal liability of trustee. The plaintiff in an action pursuant to §55-4-19 may also hold the trustee who made the contract personally liable on such contract, if the contract does not exclude such personal liability. The addition of the word “trustee” or the words “as trustee” after the signature of […]
55-4-22. Exoneration or reimbursement of trustee for tort committed in administration of trust. A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration therefor from the trust property if he has not discharged the claim, or to be reimbursed therefor out of trust funds […]
55-4-23. Exoneration or reimbursement of trustee for tort–Increase in value of trust property. If a trustee commits a tort which increases the value of the trust property, he shall be entitled to exoneration or reimbursement with respect thereto to the extent of such increase in value, even though he would not otherwise be entitled to […]
55-4-24. Liability of trustees of charitable trust for torts not changed by provisions of law as to exoneration or reimbursement of trustee for tort. Nothing in §55-4-22 or 55-4-23 shall be construed to change the existing law with regard to the liability of trustees of charitable trusts for torts of themselves or their employees. Source: […]
55-4-25. Tort liability of trust estate–Action against trustee, amount of recovery, intervention by beneficiary. Where a trustee or his predecessor has incurred personal liability for a tort committed in the course of his administration, the trustee in his representative capacity may be sued and collection had from the trust property, if the court shall determine […]
55-4-26. Tort liability of trust estate–Action against trustee, proof as to reimbursement unnecessary. In an action against the trustee in his representative capacity under §55-4-25 the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if he had paid the plaintiff’s claim. Source: SL 1943, ch 308, §14; SDC […]
55-4-27. Tort liability of trust estate–Action against trustee, notice to beneficiaries. No judgment shall be rendered in favor of the plaintiff in an action pursuant to §55-4-25 unless he proves that within thirty days after the beginning of the action, or within such other period as the court may fix and more than thirty days […]
