55-9-1. Express trusts–Creation for charitable, educational, religious, or other public use. Express trusts of real or personal property, or both, may be created to receive by grant, devise, gift, or bequest, and to take charge of, invest and administer in accordance with the terms of the trust, upon and for any charitable, benevolent, educational, religious […]
55-9-10. Retention of excess business holdings prohibited. The trustee of a trust described in §55-9-7 shall not retain any excess business holdings which would give rise to any liability for the tax imposed by section 4943 (a) of the Internal Revenue Code. Source: SL 1972, ch 259, §2 (3).
55-9-11. Investments to jeopardize exempt purposes prohibited. The trustee of a trust described in §55-9-7 shall not make any investments which would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of section 4944 of the Internal Revenue Code, so as to give rise to any liability for […]
55-9-12. Taxable expenditures prohibited. The trustee of a trust described in §55-9-7 shall not make any taxable expenditure which would give rise to any liability for the tax imposed by section 4945 (a) of the Internal Revenue Code. Source: SL 1972, ch 259, §2 (5).
55-9-13. Judicial determination that restrictive provisions are contrary to instrument creating trust. Sections 55-9-7 to 55-9-12, inclusive, shall not apply to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the will, trust instrument, or other governing instrument described in §55-9-7 and that such […]
55-9-14. State supervisory powers unimpaired by restrictions to avoid taxability of income. Nothing in §§55-9-6 to 55-9-13, inclusive, shall impair the rights and powers of the attorney general or the courts of this state with respect to any trust. Source: SL 1972, ch 259, §4.
55-9-2. Validity of trust not affected by uncertainty or violation of rule against perpetuities–Disposal of property by trustee. No such trust shall be invalid because of indefiniteness or uncertainty of the object of such trust or of the beneficiaries thereof designated in the instrument creating the same nor by reason of the same contravening any […]
55-9-3. Action to enforce charitable trust–Liberal construction to carry out intent–Notice of action to attorney general. Such trust shall be liberally construed by the courts so that the intentions of the donor thereof shall be carried out whenever possible, and no such trust shall fail solely because the donor has imperfectly outlined the purpose and […]
55-9-4. Incomplete or imperfect trust–Purposes impracticable or impossible of performance–Administration to accomplish general purpose–Order of court with consent of donor, if alive and competent. Whenever it shall appear to the circuit court for the proper county that the purpose and object of such charity is imperfectly expressed, or the method of administration is not indicated […]
55-9-5. Enforcement by attorney general as representative of beneficiaries–Exception. Except as otherwise set forth in §55-9-3, the attorney general shall represent the beneficiaries in all cases arising under this chapter, and the attorney general shall enforce such trusts by proper proceedings in the courts. Source: SL 1955, ch 429, §3; SDC Supp 1960, §59.0603; SL […]
55-9-6. Restrictions to avoid taxability of income–Definition of terms. Terms as used in §§55-9-6 to 55-9-14, inclusive shall have the following meaning: (1)”Charitable trust,” as defined in section 4947 (a)(1) of the Internal Revenue Code; (2)”Excess business holdings,” as defined in section 4943 (c) of the Internal Revenue Code; (3)”Internal Revenue Code,” the United States […]
55-9-7. Restrictions deemed incorporated in instrument creating charitable trust or foundation. Any will or trust instrument creating a trust which is a private foundation, charitable trust, or a split-interest trust and any other instrument governing the trustee of any such trust or the use, retention, or disposition of any of the income or property of […]
55-9-8. Self-dealing by trustee prohibited. The trustee of a trust described in §55-9-7 shall not engage in any act of self-dealing which would give rise to any liability for the tax imposed by section 4941 (a) of the Internal Revenue Code. Source: SL 1972, ch 259, §2 (2).
55-9-9. Distributions required to avoid taxes. The trustee of a trust described in §55-9-7 shall distribute for each taxable year of the trust, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the Internal Revenue Code. Source: SL 1972, ch 259, §2 (1).
