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; or from or to a relative, employer, partner, or other business associate. Notwithstanding this provision or any statute to the contrary, a trustee may lease, purchase or sell property from or to the trust he represents as trustee if specifically authorized to do so in a decedent’s will or the instrument creating the trustee relationship, including the establishment of a trust service office as provided by chapter 51A-5.
Source: SL 1943, ch 308, §5; SDC Supp 1960, §59.0505; SL 1980, ch 343; SL 1981, ch 354, §2; SL 1984, ch 314, §7.