55-1-1. Purposes for which trust may be created. Except as otherwise prescribed by chapters 43-4 and 43-25 relating to transfers, a trust may be created for any purpose for which a contract may lawfully be made. Source: CivC 1877, §1293; CL 1887, §3916; RCivC 1903, §1612; RC 1919, §1190; SDC 1939 §59.0104; SL 2017, ch […]
55-1-10. Transfer of real property to one for money paid by another–Trust presumed. When a transfer of real property is made to one person and the consideration therefor is paid by or for another, a trust is presumed to result in favor of the person by or for whom such payment is made. Source: SDC […]
55-1-11. Implied trust–Declaration by court of equity. The enumeration in §§55-1-7 to 55-1-10, inclusive, of cases wherein an implied trust arises does not exclude or prevent the arising of an implied trust in other cases nor prevent a court of equity from establishing and declaring an implied, resulting, or constructive trust in other cases and […]
55-1-12. Trustor, trustee, beneficiary, power of appointment, and person defined. The person whose confidence creates a trust is called the trustor; the person in whom the confidence is reposed is called the trustee; and the person for whose benefit the trust is created is called the beneficiary. As used in this title, except as specifically […]
55-1-13. Voluntary trustee–Assumption of relationship. Everyone who voluntarily assumes a relation of personal confidence with another is deemed a trustee within the meaning of this chapter and chapter 55-2 not only as to the person who reposes such confidence, but also as to all persons of whose affairs he thus acquires information which was given […]
55-1-14. Interest in existing trust–Transfer by operation of law or written instrument. An interest in an existing trust can be transferred only by operation of law or by a written instrument subscribed by the person making the transfer or by his agent. Source: SDC 1939, §59.0118.
55-1-15. Certain trusts not terminated upon trustor’s death. A trust which provides for one or more successor beneficiaries upon the death of the trustor is not invalid, merged or terminated if: (1)There is a trustor who is the sole trustee and the sole beneficiary during the trustor’s lifetime; or (2)There are two or more trustors, […]
55-1-2. Trusts classified. A trust is either express or implied. Source: SDC 1939, §59.0101.
55-1-20. Trusts for noncharitable purposes. Subdivisions 55-1-4(2) and 55-1-5(2) notwithstanding, a purpose trust may be performed pursuant to this section and §§55-1-21 to 55-1-22.6, inclusive, if the trust is for a lawful noncharitable purpose or purposes. Any property may form a part or all of the trust estate, including some, all, or an interest in […]
55-1-21. Trust for care of animal, care of other property, or other lawful noncharitable purpose. The following purpose trusts are valid: (1)A trust for the care of a designated animal or animals; (2)A trust for the care, maintenance, promotion, continuation, conservation, upkeep, protection, furtherance, or preservation of any other property; and (3)A trust for any […]
55-1-21.1. Termination of trust for care of animal. Except as otherwise provided in the governing instrument, a trust described in subdivision 55-1-21(1) terminates when no living animal is covered by the trust. Source: SL 2018, ch 275, §4.
55-1-21.10. Trustee may not use principal and income other than for trust’s purposes. Except as expressly provided otherwise in the trust instrument, no portion of the principal or income may be converted to the use of the trustee or to any use other than for the trust’s purposes or the benefit of a covered animal. […]
55-1-21.3. Court order where fulfillment of purposes are impossible, inexpedient, or unlawful. If the court finds that the fulfillment of the purposes are or have become impossible, inexpedient, or unlawful, the court shall make an order directing that the trust be administered in such manner as, in the judgment of the court, will, as nearly […]
55-1-21.4. Enforcement of purpose of trust by enforcer. The purposes of a purpose trust shall be enforced by an enforcer designated in the governing instrument. An enforcer may demand reasonable information related to the administration of the trust from the trustee, including a periodic accounting. If no enforcer or successor enforcer is acting pursuant to […]
55-1-21.5. Removal of enforcer. A trustee may petition the court for the removal of an enforcer. An enforcer may be removed if the court finds: (1)The enforcer committed a serious breach of the enforcer’s duty, or is unfit or unwilling to serve; (2)A significant and unjustified lack of cooperation or hostility between the enforcer and […]
55-1-21.6. Discretion of trustee of purpose trust. Except as otherwise provided in the governing instrument, a trustee of a purpose trust is vested with full discretion in: (1)Interpreting the purposes of the trust consistent with the terms of the governing instrument; and (2)Applying, distributing, or expending principal and income to further the trust’s purposes. Source: […]
55-1-21.7. Judicial designation of trustee–Order to carry out intent of trustor and purpose of trust. If no trustee is designated or no designated trustee is willing or able to serve, a court shall name a trustee. A court may order the transfer of the property to another trustee if required to ensure that the intended […]
55-1-21.8. Distribution of property upon termination of purpose of trust. Upon termination of a purpose trust, the trustee shall distribute any remaining trust property as directed in the governing instrument. Only in the event that the governing instrument is silent shall the trustee, upon termination of a purpose trust, distribute any remaining trust property as […]
55-1-21.9. Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required–Exceptions. Except as may be demanded by an enforcer under §55-1-21.4, ordered by the court or required by the governing instrument, no filings, reports, periodic accounting, separate maintenance of funds, appointment, or registration of a purpose trust are required. Source: SL […]
55-1-22. Hybrid purpose trusts valid. A hybrid purpose trust which meets the description of a purpose trust in §§55-1-20 to 55-1-21.10, inclusive, also includes one or more beneficiaries is valid and may be performed. Source: SL 2006, ch 247, §3; SL 2018, ch 275, §14.
