Section 10-41-57 - Agreement with trustees of nonresident estate as to taxation of remainders andexpectant estates--Agreement not conclusive against beneficiary. - South-dakota Statutes

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10-41-57. Agreement with trustees of nonresident estate as to taxation of remainders and expectant estates--Agreement not conclusive against beneficiary. The Department of Revenue and Regulation may, in case of the estate of a nonresident decedent whose estate has not been probated in this state, and with the consent and approval of the circuit court in the case of an estate probated in this state, expressed in writing, enter into an agreement with the trustees of any estate in which remainders or expectant estates are of such a nature or the circumstances such that the taxes are not presently payable or where the interests of the legatees or devisees are or were not ascertainable, under the provisions of this chapter and chapter 10-40, at the time fixed for the determination thereof, as hereinbefore provided, and to compound the tax upon any transfers upon such terms as are deemed equitable and expedient; to grant a discharge to such trustees on account thereof upon the payment of the taxes provided for in such composition agreement. No such agreement is conclusive in favor of any trustee as against the interest of any cestui que trust who may possess either present rights of enjoyment or fixed, absolute, and indefeasible rights of future enjoyment or of such as would possess such rights in the event of the immediate termination of any particular estate, unless he consents thereto either personally or by duly authorized attorney, when competent, or by conservator when incompetent.

Source: SDC 1939, § 57.2311; SL 1993, ch 213, § 81; SL 2003, ch 272, § 82.

State Codes and Statutes

Statutes > South-dakota > Title-10 > Chapter-41 > Statute-10-41-57

10-41-57. Agreement with trustees of nonresident estate as to taxation of remainders and expectant estates--Agreement not conclusive against beneficiary. The Department of Revenue and Regulation may, in case of the estate of a nonresident decedent whose estate has not been probated in this state, and with the consent and approval of the circuit court in the case of an estate probated in this state, expressed in writing, enter into an agreement with the trustees of any estate in which remainders or expectant estates are of such a nature or the circumstances such that the taxes are not presently payable or where the interests of the legatees or devisees are or were not ascertainable, under the provisions of this chapter and chapter 10-40, at the time fixed for the determination thereof, as hereinbefore provided, and to compound the tax upon any transfers upon such terms as are deemed equitable and expedient; to grant a discharge to such trustees on account thereof upon the payment of the taxes provided for in such composition agreement. No such agreement is conclusive in favor of any trustee as against the interest of any cestui que trust who may possess either present rights of enjoyment or fixed, absolute, and indefeasible rights of future enjoyment or of such as would possess such rights in the event of the immediate termination of any particular estate, unless he consents thereto either personally or by duly authorized attorney, when competent, or by conservator when incompetent.

Source: SDC 1939, § 57.2311; SL 1993, ch 213, § 81; SL 2003, ch 272, § 82.

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State Codes and Statutes

Statutes > South-dakota > Title-10 > Chapter-41 > Statute-10-41-57

10-41-57. Agreement with trustees of nonresident estate as to taxation of remainders and expectant estates--Agreement not conclusive against beneficiary. The Department of Revenue and Regulation may, in case of the estate of a nonresident decedent whose estate has not been probated in this state, and with the consent and approval of the circuit court in the case of an estate probated in this state, expressed in writing, enter into an agreement with the trustees of any estate in which remainders or expectant estates are of such a nature or the circumstances such that the taxes are not presently payable or where the interests of the legatees or devisees are or were not ascertainable, under the provisions of this chapter and chapter 10-40, at the time fixed for the determination thereof, as hereinbefore provided, and to compound the tax upon any transfers upon such terms as are deemed equitable and expedient; to grant a discharge to such trustees on account thereof upon the payment of the taxes provided for in such composition agreement. No such agreement is conclusive in favor of any trustee as against the interest of any cestui que trust who may possess either present rights of enjoyment or fixed, absolute, and indefeasible rights of future enjoyment or of such as would possess such rights in the event of the immediate termination of any particular estate, unless he consents thereto either personally or by duly authorized attorney, when competent, or by conservator when incompetent.

Source: SDC 1939, § 57.2311; SL 1993, ch 213, § 81; SL 2003, ch 272, § 82.