S.D. Codified Laws § 55-3-27

Current with legislation signed by the governor on or before 3/6/2024
Section 55-3-27 - Termination of noncharitable trusts valued under one hundred fifty thousand dollars-Distribution of property

Except as otherwise provided by the terms of the trust, if the value of the trust property of a noncharitable trust is less than one hundred fifty thousand dollars, the trustee may terminate the trust. On petition by a trustee or beneficiary, the court may modify or terminate a noncharitable trust or appoint a new trustee if it determines that the value of the trust property is insufficient to justify the cost of administration involved. Upon termination of a trust pursuant to this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention. The existence of spendthrift or similar protective provisions in a trust does not make this section inapplicable. The court, when considering the termination of a trust containing spendthrift or similar protective provisions, shall consider the feasibility of appointing a new trustee to continue the trust. This section does not apply to a purpose trust under subdivision 55-1-21(1).

SDCL 55-3-27

SL 1998, ch 282, §5; SL 2004, ch 312, §12; SL 2015, ch 240, §18; SL 2018, ch 275, §26.
Amended by S.L. 2018, ch. 275,s. 26, eff. 7/1/2018.
Amended by S.L. 2015, ch. 240,s. 18, eff. 7/1/2015.