S.D. Codified Laws § 51A-5-1

Current through the 2024 Legislative Session

Section 51A-5-1 - Use of "trust" in name restricted-Exercise of trust powers restricted-Misdemeanor

No person may assume or use the word "trust" in such person's name in any manner which infers or suggests that the person has authority to transact such business unless the person is authorized to transact trust business pursuant to this title. A violation of this paragraph is a Class 2 misdemeanor.

No bank may exercise trust powers unless it is so authorized by its articles of incorporation and approved by the director and it has qualified by making the deposit required by § 51A-5-4. Any person who exercises trust powers in violation of this section is guilty of a Class 2 misdemeanor.

SDCL 51A-5-1

SDC 1939, §§ 6.0504, 6.9906; SDCL § 51-7-1; SL 1969, ch 11, § 5.1; SL 1970, ch 265, § 35; SL 1975, ch 291; SL 1980, ch 24, § 86; SL 1988, ch 377, § 109; SL 1990, ch 158, § 5; SL 1990, ch 158, § 5; SDCL § 51-19-1; SL 1994, ch 364, § 1; SL 2008, ch 258, §1.