55-17-1. Arrangement qualifying as special spousal trust. An arrangement is a South Dakota special spousal trust if one or both spouses in a marriage transfer property to a trust, the trust expressly declares that some or all the property transferred is South Dakota special spousal property as provided in this chapter, and at least one […]
55-17-10. Right of child to support. Notwithstanding anything contained in §55-17-9 to the contrary, a South Dakota special spousal trust may not adversely affect the right of a child to support. Source: SL 2016, ch 231, §38.
55-17-11. Creditor rights–Good faith between spouses. Notwithstanding anything contained in §55-17-9 to the contrary: (1)A provision of a revocable South Dakota special spousal property trust does not adversely affect the interest of a creditor unless the creditor has actual knowledge of the trust when the obligation to the creditor is incurred. The interest of a […]
55-17-12. Bona fide purchasers. Notwithstanding anything contained in §55-17-9 to the contrary: (1)Notice of the existence of a South Dakota special spousal property trust, a marriage, or the termination of a marriage does not affect the status of a purchaser as a bona fide purchaser; (2)Special spousal property purchased by a bona fide purchaser from […]
55-17-13. Bona fide purchaser defined. For purposes of §55-17-12, the term, bona fide purchaser, means a purchaser of property for value who has not knowingly been a party to fraud or illegality affecting the interest of the spouses or other parties to the transaction, does not have notice of an adverse claim by a spouse, […]
55-17-14. Unenforceable trusts. A South Dakota special spousal trust executed during marriage is not enforceable if the spouse against whom enforcement is sought proves that: (1)The trust was unconscionable when made; (2)The spouse against whom enforcement is sought did not execute the South Dakota special spousal trust agreement voluntarily; or (3)Before execution of the South […]
55-17-2. Required language. A South Dakota special spousal trust shall contain the following language in capital letters at the beginning of the trust: THE CONSEQUENCES OF THIS TRUST MAY BE VERY EXTENSIVE, INCLUDING YOUR RIGHTS WITH RESPECT TO CREDITORS AND OTHER THIRD PARTIES, AND YOUR RIGHTS WITH YOUR SPOUSE BOTH DURING THE COURSE OF YOUR […]
55-17-3. Classification of property–Interest of each spouse. Spouses may classify all or any of their property as special spousal property by transferring property to a South Dakota special spousal trust established pursuant to this chapter, and by expressly declaring in the trust that the property is community property. Unless there is a specific provision in […]
55-17-4. Amendment and revocation. A South Dakota special spousal trust may not be amended or revoked unless the trust agreement provides for amendment or revocation, or unless the trust agreement is amended or revoked by a later South Dakota special spousal trust. To amend or revoke the trust, the later South Dakota special spousal trust […]
55-17-5. Application of Internal Revenue Code–Special spousal property defined–Community property classified by another jurisdiction. For purposes of the application of §1014(b)(6) of the Internal Revenue Code of 1986, 26 U.S.C. §1014(b)(6), as of January 1, 2016, a South Dakota special spousal trust is considered a trust established under the community property laws of South Dakota. […]
55-17-6. Qualified disposition in trust. A transfer to a South Dakota special spousal trust may also be a qualified disposition in trust if the transfer complies with the provisions of chapter 55-16. Source: SL 2016, ch 231, §34.
55-17-7. Types of transfers to special spousal trust. In addition to other transfers of property to a South Dakota special spousal trust, property is considered transferred to a South Dakota special spousal trust if the property is subject to a nonprobate transfer on death under an insurance policy, contract of employment, bond, mortgage, promissory note, […]
55-17-8. Records. The trustee of a South Dakota special spousal trust shall maintain records that identify which property held by the trust is South Dakota special spousal property and which property held by the trust is not South Dakota special spousal property. Source: SL 2016, ch 231, §36.
55-17-9. Matters upon which spouses may agree. Except as provided in §§55-17-10 and 55-17-11, in a South Dakota special spousal trust, spouses may agree on: (1)The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located; (2)The management and control of the property transferred to […]
