55-1A-1. Powers enumerated in chapter apply to any trust unless specifically excluded–Powers as additional to common law powers. Any or all of the powers enumerated in this chapter apply to any trust which is governed by South Dakota law unless the instrument specifically excludes any or all of the powers provided in this chapter. Further, […]
55-1A-10. Deposit of trust funds in bank. A trustee may deposit trust funds in a bank, including a bank operated by himself, or in a state or federal savings and loan association. Source: SL 1979, ch 336, §10.
55-1A-11. Disposal of trust assets. A trustee may acquire, sell, or otherwise dispose of an asset, at public or private sale, for cash or on credit, with or without security as he deems advisable, and he may manage, develop, exchange, partition, change the character of, or abandon a trust asset or any interest therein. Source: […]
55-1A-12. Grant or taking of option for disposition of assets. A trustee may grant an option for the sale or other disposition of a trust asset, or take an option for the acquisition of any asset. Source: SL 1979, ch 336, §12.
55-1A-13. Leases by trustees. A trustee may enter into a lease as lessor or lessee, with or without an option to purchase or renew, even if the term of the lease or renewal thereof, or of the option, extends beyond the term of the trust. Source: SL 1979, ch 336, §13.
55-1A-14. Repairs by trustee–Removal or demolition. A trustee may make ordinary or extraordinary repairs, improvements, or alterations in buildings or other structures or in any other trust asset, and he may remove or demolish any improvements. Source: SL 1979, ch 336, §14.
55-1A-15. Razing or erection of party walls or buildings. A trustee may raze existing, or erect new, party walls or buildings, alone or jointly with owners of adjacent property. Source: SL 1979, ch 336, §15.
55-1A-16. Land development or dedication–Valuation adjustments. A trustee may subdivide, develop or dedicate land to public use; make or obtain the vacation of plats and adjust boundaries; adjust differences in valuation on the exchange or partition of land by giving or receiving consideration; or dedicate easements to public use without consideration. Source: SL 1979, ch […]
55-1A-17. Mineral and natural resource leases and explorations. A trustee may enter into a lease or arrangement for the exploration for and removal of oil, gas and other minerals or other natural resources, and he may enter into pooling and unitization agreements. Source: SL 1979, ch 336, §17.
55-1A-18. Insurance. A trustee may insure the assets of his trust against damage or loss, and the trustee against liability to third persons. Source: SL 1979, ch 336, §18.
55-1A-19. Voting stock or securities–Voting trust agreements. A trustee may vote shares of stock or other securities held in trust, in person or by general or limited proxy, and he may enter into voting trust agreements on such terms and for such periods as he deems advisable. Source: SL 1979, ch 336, §19.
55-1A-2. Trustee defined. As used in this chapter, the word, trustee, means any natural or legal person or persons acting as an original, substitute, added, or successor trustee of a testamentary or inter vivos trust, whichever in a particular case is appropriate. Source: SL 1979, ch 336, §1.
55-1A-20. Payment of calls, assessments, and other sums charged against corporate securities. A trustee may pay calls, assessments, and any other sums chargeable or accruing against or on account of shares of stock, bonds, debentures, or other corporate securities held in trust. Source: SL 1979, ch 336, §20.
55-1A-21. Corporate powers–Stocks–Reorganizations and mergers–Sales and leases. A trustee may sell or exercise stock subscription or conversion rights; participate in foreclosures, reorganizations, consolidations, mergers or liquidations; and consent, directly or through a committee or other agent, to corporate sales, leases and encumbrances. In the exercise of such powers a trustee may, where he deems such […]
55-1A-22. Holding stock in nominee’s name without disclosing fiduciary relationship. A trustee may hold any stock or other security in the name of a nominee or nominees, without disclosure of any fiduciary relationship, but he shall be liable for any and all acts and omissions of the nominee relating to such assets. Source: SL 1979, […]
55-1A-23. Borrowing money against trust assets. A trustee may borrow money, and mortgage or otherwise encumber or pledge trust assets, for a term within or extending beyond the term of his trust, in connection with the exercise of any power vested in himself. Source: SL 1979, ch 336, §23.
55-1A-24. Contracts binding upon trust. A trustee may enter into contracts binding upon his trust which are reasonably incident to the administration of the trust and which he believes to be for the best interests of the trust. Source: SL 1979, ch 336, §24.
55-1A-25. Claims in favor of or against trust or trustee. A trustee may pay, compromise, contest, submit to arbitration, or otherwise settle any and all claims in favor of or against his trust or himself as trustee. Source: SL 1979, ch 336, §25.
55-1A-26. Release of claim or lien. A trustee may release, in whole or in part, any claim or lien belonging to his trust. Source: SL 1979, ch 336, §26.
55-1A-27. Payment of trust administration expenses. A trustee may pay taxes, assessments, compensation of himself, and other expenses incurred in the collection, care, administration and protection of his trust. Source: SL 1979, ch 336, §27.
