Section 47-14A-26 - Trustee acting in reliance on governing instrument not liable to trust or beneficialowner--Duties determined by governing instrument. - South-dakota Statutes

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Statutes > South-dakota > Title-47 > Chapter-14a > Statute-47-14a-26

47-14A-26. Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument. To the extent that, at law or in equity, a trustee has duties (including fiduciary duties) and liabilities relating thereto to a business trust or to a beneficial owner:
(1) Any such trustee acting under a governing instrument is not liable to the business trust or to any such beneficial owner for the trustee's good faith reliance on the provisions of such governing instrument; and
(2) The trustee's duties and liabilities may be expanded or restricted by provisions in a governing instrument.

Source: SL 2001, ch 245, § 26.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-14a > Statute-47-14a-26

47-14A-26. Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument. To the extent that, at law or in equity, a trustee has duties (including fiduciary duties) and liabilities relating thereto to a business trust or to a beneficial owner:
(1) Any such trustee acting under a governing instrument is not liable to the business trust or to any such beneficial owner for the trustee's good faith reliance on the provisions of such governing instrument; and
(2) The trustee's duties and liabilities may be expanded or restricted by provisions in a governing instrument.

Source: SL 2001, ch 245, § 26.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-14a > Statute-47-14a-26

47-14A-26. Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument. To the extent that, at law or in equity, a trustee has duties (including fiduciary duties) and liabilities relating thereto to a business trust or to a beneficial owner:
(1) Any such trustee acting under a governing instrument is not liable to the business trust or to any such beneficial owner for the trustee's good faith reliance on the provisions of such governing instrument; and
(2) The trustee's duties and liabilities may be expanded or restricted by provisions in a governing instrument.

Source: SL 2001, ch 245, § 26.