S.D. Codified Laws § 55-4-10

Current through the 2024 Legislative Session

Section 55-4-10 - Loan of trust funds

Except as provided in §§ 55-4-11 and 55-4-12, or except as may be expressly authorized by a court order, by the written consent of all qualified beneficiaries which may be given notwithstanding the provisions of § 55-4-31, by the written authorization from or direction by a trust protector, or by the terms of the governing instrument, which may be given by the settlor notwithstanding the provisions of § 55-4-30:

(1) No corporate trustee may lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate;

(2) No noncorporate trustee may lend trust funds to himself or herself, or to any relative, employer, employee, partner, or other business associate.

SDCL 55-4-10

SL 1943, ch 308, § 3; SDC Supp 1960, § 59.0503; SL 2017, ch 204, §20.

Amended by S.L. 2017, ch. 204,s. 20, eff. 7/1/2017.