S.D. Codified Laws § 55-1-56

Current through the 2024 Legislative Session

Section 55-1-56 - Registration of trust in court at principal place of administration

The trustee of a trust that has its principal place of administration in this state may register the trust in the court of this state at the principal place of administration. Unless otherwise designated in the trust instrument, the principal place of administration of a trust is the trustee's place of business where the records pertaining to the trust are kept, or at the trustee's residence if the trustee has no such place of business. In the case of co-trustees, the principal place of administration, if not otherwise designated in the trust instrument, is:

(1) The place of business of the corporate trustee if there is only one corporate co-trustee;

(2) The place of business or residence of the individual trustee who is a professional fiduciary if there is only one such person and no corporate co-trustee; or

(3) The place of business or residence of any of the co-trustees as agreed upon by the co-trustees.

SDCL 55-1-56

SL 2017, ch 204, §8.

Added by S.L. 2017, ch. 204,s. 8, eff. 7/1/2017.