South Dakota Statutes

Title 55 - FIDUCIARIES AND TRUSTS

Chapter 01 - Classification And Creation Of Trusts
- Section 55-1-1 - Purposes for which trust may be created.
- Section 55-1-10 - Transfer of real property to one for money paid by another--Trust presumed.
- Section 55-1-11 - Implied trust--Declaration by court of equity.
- Section 55-1-12 - Definition of terms--Trustor--Trustee--Beneficiary.
- Section 55-1-13 - Voluntary trustee--Assumption of relationship.
- Section 55-1-14 - Interest in existing trust--Transfer by operation of law or written instrument.
- Section 55-1-15 - Certain trusts not terminated upon trustor's death.
- Section 55-1-2 - Trusts classified.
- Section 55-1-20 - Trusts for specific charitable or noncharitable purposes selected by trustee.
- Section 55-1-21 - Trust for care of designated animal.
- Section 55-1-22 - Provisions governing trusts for specific purposes selected by trustee and for care ofanimals.
- Section 55-1-23 - Rule against perpetuities not reinstated.
- Section 55-1-24 - Definitions.
- Section 55-1-24.1 - Improper motive.
- Section 55-1-25 - Distinction between discretionary trust and support trust--Creditor rights--Judicialreview.
- Section 55-1-26 - Judicial foreclosure of beneficial interests, powers of appointment, and reservedpowers prohibited--Creditors may not reach powers of appointment or remainderinterests.
- Section 55-1-27 - Certain remainder interests not property interests.
- Section 55-1-28 - Removal or replacement power over trustee not exercisable by beneficiary'screditors--Interests of trustee beneficiary not reachable.
- Section 55-1-29 - Trust property not subject to personal obligations of trustee.
- Section 55-1-3 - Express trust defined.
- Section 55-1-30 - Distribution and remainder interests not relevant to division of marital property.
- Section 55-1-31 - Resources of settlor's spouse to be considered in making distribution from supporttrust--Other beneficiary's resources need not be considered.
- Section 55-1-32 - Factors which are not dominion and control over trust.
- Section 55-1-33 - Factors which are insufficient evidence that settlor controls or is alter ego of trustee.
- Section 55-1-34 - Provision that beneficial interest in trust income or principal may not be transferredbefore payment to beneficiary permissible.
- Section 55-1-35 - Declaration that beneficiary's interest subject to a spendthrift trust sufficient torestrain alienation by beneficiary.
- Section 55-1-36 - Conditions under which creditors of settlor beneficiary not prevented from satisfyingclaims from settlor's interest in trust.
- Section 55-1-37 - Application of spendthrift provision.
- Section 55-1-38 - Classification of distribution interest.
- Section 55-1-38.1 - Classification of interest as support interest.
- Section 55-1-4 - Creation of express trust--Words or acts of trustor.
- Section 55-1-41 - Effect of spendthrift provision.
- Section 55-1-42 - Mandatory or support interests.
- Section 55-1-5 - Express trust created as to trustee--Words and acts of trustee.
- Section 55-1-6 - Implied trust--Definition--Creation.
- Section 55-1-7 - Wrongful detention creates implied trust.
- Section 55-1-8 - Implied trust resulting from fraud, accident or wrongful act.
- Section 55-1-9 - Implied trust created by transfer of property in violation of trust.
- Sections 55-1-16 to 55-1-19 - Repealed
- Sections 55-1-39, 55-1-40 - Bifurcation of trust. Language resulting in classification of distribution interest
Chapter 01A - Trustees' Powers Granted By Reference
- Section 55-1A-1 - Powers enumerated in chapter apply to any trust unless specifically excluded--Powers as additional to common law powers.
- Section 55-1A-10 - Deposit of trust funds in bank.
- Section 55-1A-11 - Disposal of trust assets.
- Section 55-1A-12 - Grant or taking of option for disposition of assets.
- Section 55-1A-13 - Leases by trustees.
- Section 55-1A-14 - Repairs by trustee--Removal or demolition.
- Section 55-1A-15 - Razing or erection of party walls or buildings.
- Section 55-1A-16 - Land development or dedication--Valuation adjustments.
- Section 55-1A-17 - Mineral and natural resource leases and explorations.
- Section 55-1A-18 - Insurance.
- Section 55-1A-19 - Voting stock or securities--Voting trust agreements.
- Section 55-1A-2 - "Trustee" defined.
- Section 55-1A-20 - Payment of calls, assessments, and other sums charged against corporatesecurities.
- Section 55-1A-21 - Corporate powers--Stocks--Reorganizations and mergers--Sales and leases.
- Section 55-1A-22 - Holding stock in nominee's name without disclosing fiduciary relationship.
- Section 55-1A-23 - Borrowing money against trust assets.
- Section 55-1A-24 - Contracts binding upon trust.
- Section 55-1A-25 - Claims in favor of or against trust or trustee.
- Section 55-1A-26 - Release of claim or lien.
- Section 55-1A-27 - Payment of trust administration expenses.
- Section 55-1A-28 - Creation of reserves.
- Section 55-1A-29 - Payment of sum distributable to minor or other beneficiary under legaldisability--Methods.
- Section 55-1A-30 - Distribution of property and money.
- Section 55-1A-31 - Employment of agents and assistants.
- Section 55-1A-32 - Prosecution or defense of actions and proceedings.
- Section 55-1A-33 - Advance of income to beneficiaries--Lien.
- Section 55-1A-34 - Advance of money for protection of trust--Lien.
- Section 55-1A-35 - Execution and delivery of instruments.
- Section 55-1A-36 - Holding of two or more trusts with undivided interests.
- Section 55-1A-37 - Citation of chapter.
- Section 55-1A-38 - Trustee may perform necessary and appropriate acts.
- Section 55-1A-4.1 - Repealed.
- Section 55-1A-5 - Retention of trust property by trustee.
- Section 55-1A-6 - Additions to trust assets.
- Section 55-1A-7 - Operation of business by trustee.
- Section 55-1A-8 - Acquisition of undivided interest in trust asset.
- Section 55-1A-9 - Investment of trust assets.
- Section 55-1A-9.1 - Affiliated investments.
- Sections 55-1A-3, 55-1A-4 - Repealed
Chapter 01B - Directed Trusts
- Section 55-1B-1 - Definition of terms.
- Section 55-1B-10 - Powers and discretions of investment trust advisor.
- Section 55-1B-2 - Liability limits of excluded fiduciary.
- Section 55-1B-3 - Death of grantor.
- Section 55-1B-4 - When trust advisor considered as fiduciary.
- Section 55-1B-5 - Excluded fiduciary's liability for loss if trust protector appointed.
- Section 55-1B-6 - Powers and discretions of trust protector.
- Section 55-1B-7 - Submission to court jurisdiction--Effect on trust advisor or trust protector.
- Section 55-1B-8 - Powers of trust protector incorporated by reference in will or trust instrument.
- Section 55-1B-9 - Investment trust advisor or distribution trust advisor provided for in trust instrument.
Chapter 02 - Duties And Liabilities Of Trustees
- Section 55-2-1 - Trustee's obligation of good faith.
- Section 55-2-10 - Measure of liability for unauthorized use or disposal of trust property--Intent to serveinterest of beneficiary.
- Section 55-2-11 - Liability for acts of cotrustee.
- Section 55-2-12 - Liability of successor trustee.
- Section 55-2-13 - Notice to qualified beneficiaries of existence of trust--Information to be provided toexcluded fiduciaries.
- Section 55-2-14 - Duty to provide information regarding revocable trust and its administration.
- Section 55-2-15 - Trustee authorized to distribute income or principal from first trust may appoint allor part in favor of trustee of second trust--Restrictions.
- Section 55-2-16 - Action that may not be taken by restricted trustee may be taken by anotherunrestricted trustee.
- Section 55-2-17 - Conditions under which beneficiary has power to change trustees.
- Section 55-2-18 - Exercise of power to distribute income or principal by written instrument--Notice tobeneficiaries of first trust.
- Section 55-2-19 - Exercise of power to distribute income or principal considered exercise of power ofappointment.
- Section 55-2-2 - Trustee not to use property for his own benefit--Profit of trustee from use of property,extent of liability.
- Section 55-2-20 - Impermissible use of power.
- Section 55-2-21 - Trustee's right to distribute income or principal in trust arising under law or terms offirst trust not abridged.
- Section 55-2-3 - Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.
- Section 55-2-4 - Trustee's influence not to be used for his advantage.
- Section 55-2-5 - Trustee not to assume a trust adverse to the interest of beneficiary.
- Section 55-2-6 - Adverse interest of trustee--Information to beneficiary--Removal of trustee.
- Section 55-2-7 - Fraud against beneficiary of trust.
- Section 55-2-8 - Presumption against trustee.
- Section 55-2-9 - Liability of trustee mingling trust property with his own.
Chapter 03 - Express Trusts For Third-Party Beneficiaries
- Section 55-3-1 - Application of chapter.
- Section 55-3-10 - Degree of care and diligence used in execution of trusts.
- Section 55-3-11 - Investment of money by trustee--Interest, simple or compound, on omission to investtrust moneys.
- Section 55-3-12 - Purchase by trustee of claims against trust property.
- Section 55-3-13 - Expenses incurred by trustee in performance of trust--Reimbursement.
- Section 55-3-14 - Compensation of trustee.
- Section 55-3-15 - Implied trustee--No rights to compensation or repayment of expenses.
- Section 55-3-16 - Vacation of office of trustee.
- Section 55-3-17 - Discharge of trustee--Grounds.
- Section 55-3-18 - Survivorship between cotrustees.
- Section 55-3-19 - Discharge of trustee before trust executed--Duty to secure appointment of successor.
- Section 55-3-2 - Creation of trust--Mutual consent of trustor and trustee.
- Section 55-3-20 - Removal of trustee by circuit court--Vacant trusteeship filled by court.
- Section 55-3-20.1 - Grounds for removal of trustee.
- Section 55-3-21 - Appointment of trustee by circuit court--Grounds.
- Section 55-3-22 - Repealed.
- Section 55-3-23 - Termination of trust.
- Section 55-3-24 - Modification or termination of trust--Consent required--Distribution of property--Exercise of powers of trustee by agent or conservator.
- Section 55-3-25 - Petition to court for affirmation--Non-consenting beneficiaries--Distribution ofproperty.
- Section 55-3-26 - Petition to modify terms of trust--Circumstances--Distribution of property.
- Section 55-3-27 - Termination of noncharitable trusts with value under fifty thousand dollars--Distribution of property--Effect of spendthrift provision.
- Section 55-3-28 - Terms of trust may be reformed by court.
- Section 55-3-29 - Trustee may combine or divide trusts--Rights of beneficiaries--Trust purposes--Petition to court.
- Section 55-3-29.1 - Defense of laches not available.
- Section 55-3-3 - Appointing court or public officer as trustor.
- Section 55-3-30 - Provisions not exclusive.
- Section 55-3-31 - Application to proceedings requiring service or consent--Service on Department ofSocial Services--"Virtual Representation Statutes".
- Section 55-3-32 - Service not required where interest limited.
- Section 55-3-33 - Service not required on trust further limited.
- Section 55-3-34 - Proceeding for probate of testamentary instrument--When interests deemed to besame.
- Section 55-3-35 - Service of person under a disability.
- Section 55-3-36 - Decree or order binding and conclusive.
- Section 55-3-39 - When state law or jurisdiction provision valid, effective, and conclusive.
- Section 55-3-4 - Declaration of trust--Declarations of trustor to trustee before acceptance.
- Section 55-3-40 - Validity, construction, and administration of trust with state jurisdiction provision.
- Section 55-3-41 - "Qualified person" defined.
- Section 55-3-42 - "State jurisdiction provision" defined.
- Section 55-3-43 - "South Dakota investments" defined.
- Section 55-3-44 - "Trustor" defined.
- Section 55-3-45 - Beneficiary approval of trustee's accounting--Accounting defined.
- Section 55-3-46 - Effect of the laws, rules, or orders of foreign country on trust or disposition ofproperty.
- Section 55-3-5 - Trustee must obey declaration of trust.
- Section 55-3-6 - Revocation of trust--Consent of beneficiaries--Reservation of power in declarationof trust.
- Section 55-3-7 - Trustee's power as agent.
- Section 55-3-8 - Repealed.
- Section 55-3-9 - Repealed.
- Sections 55-3-37, 55-3-38 - Information required before dispensing with service upon certain persons. Consent of beneficiaries required
Chapter 04 - Uniform Trusts Act
- Section 55-4-1 - Definition of terms.
- Section 55-4-10 - Loan of trust funds.
- Section 55-4-11 - Corporate trustee depositing trust funds with self--Interest.
- Section 55-4-12 - Corporate trustee depositing trust funds with self--Maintenance of required value--Ownership of income--Items specified in statements of financial condition toDivision of Banking.
- Section 55-4-13 - Trustee not to buy from or sell to self--Exception.
- Section 55-4-14 - Permitted sales between trusts held by same corporate trustee.
- Section 55-4-15 - Corporate trustee buying its own stock.
- Section 55-4-16 - Withdrawals from mingled trust funds.
- Section 55-4-17 - Unenforceable oral trust created by deed--Duties of intended trustee--Conveyanceof real property interest under oral trust.
- Section 55-4-18 - Unenforceable oral trust created by deed--Liability of trustee to settlor for transferof real property.
- Section 55-4-19 - Action on contract against trustee in representative capacity--Execution againsttrust property--Intervention by beneficiary.
- Section 55-4-2 - Powers attached to the office of trustee.
- Section 55-4-20 - Action on contract against trustee--Notice to beneficiaries.
- Section 55-4-21 - Action on contract against trustee--Personal liability of trustee.
- Section 55-4-22 - Exoneration or reimbursement of trustee for tort committed in administration oftrust.
- Section 55-4-23 - Exoneration or reimbursement of trustee for tort--Increase in value of trustproperty.
- Section 55-4-24 - Liability of trustees of charitable trust for torts not changed by provisions of lawas to exoneration or reimbursement of trustee for tort.
- Section 55-4-25 - Tort liability of trust estate--Action against trustee, amount of recovery,intervention by beneficiary.
- Section 55-4-26 - Tort liability of trust estate--Action against trustee, proof as to reimbursementunnecessary.
- Section 55-4-27 - Tort liability of trust estate--Action against trustee, notice to beneficiaries.
- Section 55-4-28 - Personal liability for tort committed by trustee.
- Section 55-4-29 - Existing law as to charitable immunity not changed by law as to tort liability oftrust estate.
- Section 55-4-3 - Powers exercised by majority of trustees.
- Section 55-4-30 - Power of settlor of trust.
- Section 55-4-31 - Power of beneficiary of trust.
- Section 55-4-32 - Relieving trustee of duties--Power of the court.
- Section 55-4-33 - Liabilities for violations of chapter.
- Section 55-4-34 - Application of chapter to testamentary trust.
- Section 55-4-37 - Liability for fiduciary's partnership interest limited.
- Section 55-4-38 - Limitation on trustee's power to make distributions to his or her benefit.
- Section 55-4-39 - "Trustee" construed broadly.
- Section 55-4-4 - Liability of trustee not joining in exercise of power.
- Section 55-4-40 - Applicability of §§ 55-4-38 and 55-4-39.
- Section 55-4-41 - Certain trustees exempted from §§ 55-4-38 to 55-4-40, inclusive.
- Section 55-4-5 - Cotrustee--Liability for maladministration of trust.
- Section 55-4-50 - Co-trustee's inability or failure to perform.
- Section 55-4-51 - Certificate of trust furnished in lieu of copy of trust instrument or will that createstestamentary trust--Contents.
- Section 55-4-51.1 - Recording of certificate of trust--Reliance upon content.
- Section 55-4-51.2 - Applicability of §§ 55-4-51 and 55-4-51.1.
- Section 55-4-51.3 - Form of certificate of trust in support of a real property transaction.
- Section 55-4-52 - Request for excerpts from trust instrument.
- Section 55-4-53 - Limitation of liability for acting in reliance on certificate of trust.
- Section 55-4-54 - Enforcement of transaction entered into in reliance on certificate of trust.
- Section 55-4-55 - Liability for bad faith demand for trust instrument.
- Section 55-4-56 - Right to obtain copy of trust instrument in judicial proceeding.
- Section 55-4-57 - Time for commencing judicial proceeding to contest validity of trust revocableat settlor's death--Distribution of trust property--Recovery of improperdistribution.
- Section 55-4-6 - Voting of corporate stock owned by trustee.
- Section 55-4-7 - Creation of trust--Bank account to pay special debts.
- Section 55-4-8 - Trust to pay special debts--Failure of beneficiary to present claim for payment--Revocation of trust by depositor.
- Section 55-4-9 - Holding stock in name of nominee.
- Sections 55-4-35, 55-4-36 - Uniformity of interpretation. Citation of chapter
- Sections 55-4-42 to 55-4-47 - Repealed
- Sections 55-4-48, 55-4-49 - Repealed
Chapter 05 - Investment And Management Powers Of Fiduciaries
- Section 55-5-10 - Investment strategy--Productivity judged by whole portfolio.
- Section 55-5-11 - Circumstances considered in investment decisions.
- Section 55-5-12 - Precedence of express provisions of trust instrument.
- Section 55-5-13 - Court authority over trustee.
- Section 55-5-14 - Authorization language.
- Section 55-5-15 - Applicability of chapter.
- Section 55-5-16 - Delegation of responsibilities to others.
- Section 55-5-6 - Standards for investing and managing assets.
- Section 55-5-7 - Prudent investor rule.
- Section 55-5-8 - Diversification of investments.
- Section 55-5-9 - Review of assets upon acceptance of trusteeship--Basis for disposition orretention of assets.
- Sections 55-5-1 to 55-5-5 - Repealed
Chapter 05A - Powers Of Foreign Fiduciaries
- Section 55-5A-1 - Release of judgments or mortgages by foreign fiduciaries--Deeds to carry out realestate contracts--Court approval not required.
Chapter 06 - Common Trust Funds
- Section 55-6-1 - Establishment of common trust funds--Bank or trust company--Purpose.
- Section 55-6-2 - Investments in common trust funds.
- Section 55-6-2.1 - Establishment of common trust funds for funds held by affiliated bank or trustcompany--Chapter applicable.
- Section 55-6-3 - Operation of common trust funds--Compliance with law governing administrationof trust estates.
- Section 55-6-4 - Application of chapter.
- Section 55-6-5 - Uniformity of interpretation.
- Section 55-6-6 - Severability of provisions.
Chapter 07 - Third-Party Responsibility For Fiduciary Acts
- Section 55-7-1 - Liability of third persons dealing with trustees.
- Section 55-7-10 - Deposit in bank in names of two or more trustees--Check drawn by one.
- Section 55-7-11 - Negotiable instrument transferred by fiduciary.
- Section 55-7-12 - Law governing transactions not within Uniform Fiduciaries Act.
- Section 55-7-13 - Act not retroactive.
- Section 55-7-14 - Uniformity of interpretation.
- Section 55-7-2 - Definition of terms.
- Section 55-7-3 - A thing done "in good faith" defined.
- Section 55-7-4 - Payment or transfer to fiduciary--Nonliability of transferor for improper application.
- Section 55-7-5 - Check or bill of exchange drawn by fiduciary payable to third person--Liability ofpayee.
- Section 55-7-6 - Transfer of check or bill of exchange drawn by fiduciary who holds it as payee ortransferee.
- Section 55-7-7 - Bank account in name of fiduciary--Check drawn by fiduciary--Bank's liability toprincipal.
- Section 55-7-8 - Bank account in name of principal--Check drawn by fiduciary--Bank's liability toprincipal.
- Section 55-7-9 - Deposit in bank to fiduciary's personal account--Bank's liability to principal.
Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries
- Section 55-8-1 - Definition of terms.
- Section 55-8-10 - Claim of beneficial interest adverse to transfer of security--Notice of presentment toclaimant--Restraining order.
- Section 55-8-11 - Liability of corporation or transfer agent for making or refusing transfer.
- Section 55-8-12 - Nonliability of corporation or transfer agent for authorized acts.
- Section 55-8-13 - Participation in breach of fiduciary duty--Nonliability of third persons.
- Section 55-8-14 - Liability of guarantor of signature of fiduciary.
- Section 55-8-15 - Corporation and transfer agent not liable for breach of fiduciary duty or on guaranteeof fiduciary's signature.
- Section 55-8-16 - Tax obligations of corporation or transfer agent not affected by chapter.
- Section 55-8-17 - Uniformity of interpretation.
- Section 55-8-2 - Rights and duties of corporation and transfer agent--Law governing.
- Section 55-8-3 - Application of chapter.
- Section 55-8-4 - Registration of security in name of fiduciary.
- Section 55-8-5 - Assignment of security by fiduciary--Assumption as to authority and capacity.
- Section 55-8-6 - Assignment of security by fiduciary--Compliance with controlling instrument andlaw governing fiduciary relationship assumed.
- Section 55-8-7 - Assignment of security by fiduciary--Corporation or transfer agent not charged withnotice of records or documents.
- Section 55-8-8 - Assignment of security by fiduciary not the registered owner--Evidence ofappointment or incumbency.
- Section 55-8-9 - Claim of beneficial interest adverse to transfer of security--Written notice tocorporation or transfer agent, contents.
Chapter 09 - Charitable Trusts
- Section 55-9-1 - Express trusts--Creation for charitable, educational, religious, or other public use.
- Section 55-9-10 - Retention of excess business holdings prohibited.
- Section 55-9-11 - Investments to jeopardize exempt purposes prohibited.
- Section 55-9-12 - Taxable expenditures prohibited.
- Section 55-9-13 - Judicial determination that restrictive provisions are contrary to instrument creatingtrust.
- Section 55-9-2 - Validity of trust not affected by uncertainty or violation of rule against perpetuities--Disposal of property by trustee.
- Section 55-9-3 - Liberal construction of trust to carry out intentions of donor--Purpose and object oftrust or method of administration imperfectly outlined.
- Section 55-9-4 - Incomplete or imperfect trust--Purposes impracticable or impossible of performance--Administration to accomplish general purpose--Order of court with consent ofdonor, if alive and com
- Section 55-9-5 - Enforcement by attorney general as representative of beneficiaries.
- Section 55-9-6 - Restrictions to avoid taxability of income--Definition of terms.
- Section 55-9-7 - Restrictions deemed incorporated in instrument creating charitable trust orfoundation.
- Section 55-9-8 - Self-dealing by trustee prohibited.
- Section 55-9-9 - Distributions required to avoid taxes.
Chapter 10 - Custodial Gifts To Minors [Repealed]
Chapter 10A - Uniform Transfers To Minors Act
- Section 55-10A-1 - Definitions.
- Section 55-10A-10 - Designation of initial custodian.
- Section 55-10A-11 - Control.
- Section 55-10A-12 - Single custodianship.
- Section 55-10A-13 - Validity and effect of transfer.
- Section 55-10A-14 - Care of custodial property.
- Section 55-10A-15 - Powers of custodian.
- Section 55-10A-16 - Use of custodial property.
- Section 55-10A-17 - Custodian's expenses, compensation, and bond.
- Section 55-10A-18 - Exemption of third person from liability.
- Section 55-10A-19 - Liability to third persons.
- Section 55-10A-2 - Scope and jurisdiction.
- Section 55-10A-20 - Renunciation, resignation, death, or removal of custodian--Designation of successorcustodian.
- Section 55-10A-21 - Accounting by and determination of liability of custodian.
- Section 55-10A-22 - Termination of custodianship.
- Section 55-10A-23 - Applicability.
- Section 55-10A-24 - Effect on existing custodianships.
- Section 55-10A-25 - Short title.
- Section 55-10A-3 - Nomination of custodian.
- Section 55-10A-4 - Transfer by gift or exercise of power of appointment.
- Section 55-10A-5 - Transfer authorized by will or trust.
- Section 55-10A-6 - Other transfer by fiduciary.
- Section 55-10A-7 - Transfer by obligor.
- Section 55-10A-8 - Receipt for custodial property.
- Section 55-10A-9 - Manner of creating custodial property and effecting transfer.
Chapter 11 - Prearranged Funeral Trusts
- Section 55-11-1 - Prearranged funeral contract--Portion of money paid under contract held in trust.
- Section 55-11-1.1 - Personal property and professional services to be provided under prearranged funeraltrust contract.
- Section 55-11-10 - Applicability of § 37-24-5.4.
- Section 55-11-11 - Prearranged funeral contract pooled funds trust--Creation--Separate accounts--Whenconsent of purchaser required.
- Section 55-11-12 - Death or relocation of beneficiary of irrevocable prearranged funeral trust--Seller'soption to provide comparable services or return deposits and interest--Disposition offunds.
- Section 55-11-12.1 - Disbursement of funds in irrevocable prearranged funeral trust.
- Section 55-11-13 - Prearranged funeral contract not burial insurance.
- Section 55-11-14 - Applicability of act to certain contracts.
- Section 55-11-2 - Deposit of trust fund in banking institution or association--Violation as misdemeanor.
- Section 55-11-3 - Contract to be in writing--Copies furnished depository and personal representativeof contracting party--Clause concerning trust fund required.
- Section 55-11-3.1 - Clause required in contract not providing guaranteed price.
- Section 55-11-4 - Financial institution receiving money in trust--Acknowledgment on copy ofprearranged funeral contract.
- Section 55-11-5 - Cancellation of contract creating revocable trust.
- Section 55-11-5.1 - Return of payments required on revocation under contract with guaranteed price.
- Section 55-11-6 - Repealed.
- Section 55-11-7 - Solicitation of funeral trust contracts--Annual registration required--Exception--Unauthorized solicitation or sale prohibited--Violation as misdemeanor.
- Section 55-11-8 - Information to be submitted upon registration.
- Section 55-11-9 - Annual report required--Contents--Filing fee--Confidentiality--Violation asmisdemeanor.
Chapter 12 - Cemetery Perpetual Care Funds
- Section 55-12-1 - Cemeteries subject to provisions of chapter.
- Section 55-12-10 - Nonperpetual care cemetery sign--Requirements as to display.
- Section 55-12-11 - Forms to disclose status as nonperpetual care cemetery--Information to purchaser oflot.
- Section 55-12-12 - Nonperpetual care cemetery becoming a perpetual care cemetery--Creation andmaintenance of perpetual care fund.
- Section 55-12-13 - Commission, bonus, rebate or other thing of value in connection with sale ofinterment space in perpetual care cemetery prohibited--Exceptions.
- Section 55-12-14 - Representations in connection with sale of interment space as to speculativeinvestment prohibited.
- Section 55-12-15 - Violations as petty offenses.
- Section 55-12-2 - Classification of cemeteries.
- Section 55-12-3 - Operation of perpetual care cemetery--Creation of perpetual care fund required.
- Section 55-12-4 - Perpetual care cemetery--Continuance of operation--Additions to perpetual care fund.
- Section 55-12-5 - Previously existing cemetery becoming a perpetual care cemetery--Creation andmaintenance of perpetual care fund.
- Section 55-12-6 - Initial perpetual care fund--Withdrawals.
- Section 55-12-7 - Perpetual care and maintenance guarantee fund--Establishment--Administration--Jurisdiction of circuit court.
- Section 55-12-8 - Perpetual care and maintenance fund--Use of income.
- Section 55-12-9 - Nonperpetual care cemeteries.
Chapter 13 - Revised Uniform Principal And Income Act
- Section 55-13-1 - Definitions.
- Section 55-13-10 - Timber.
- Section 55-13-11 - Other property subject to depletion.
- Section 55-13-12 - Reserved.
- Section 55-13-13 - Charges against income and principal.
- Section 55-13-14 - Application of chapter.
- Section 55-13-15 - Uniformity of interpretation.
- Section 55-13-16 - Short title.
- Section 55-13-17 - Severability.
- Section 55-13-2 - Duty of trustee as to receipts and expenditures.
- Section 55-13-3 - Income--Principal--Charges.
- Section 55-13-4 - When right to income arises--Apportionment of income.
- Section 55-13-5 - Income earned during administration of a decedent's estate.
- Section 55-13-6 - Corporate distributions.
- Section 55-13-7 - Increase in value of certain trust investments distributable as income.
- Section 55-13-8 - Business and farming operations.
- Section 55-13-9 - Disposition of natural resources.
Chapter 13A - Uniform Principal And Income Act
- Section 55-13A-101 - Short title.
- Section 55-13A-102 - Definitions.
- Section 55-13A-103 - Fiduciary duties--General principles.
- Section 55-13A-104 - Trustee's power to adjust.
- Section 55-13A-105 - Judicial control of discretionary power.
- Section 55-13A-201 - Determination and distribution of net income.
- Section 55-13A-202 - Distribution to residuary and remainder beneficiaries.
- Section 55-13A-301 - When right to income begins and ends.
- Section 55-13A-302 - Apportionment of receipts and disbursements when decedent dies or income interestbegins.
- Section 55-13A-303 - Apportionment when income interest ends.
- Section 55-13A-401 - Character of receipts.
- Section 55-13A-402 - Distribution from trust or estate.
- Section 55-13A-403 - Business and other activities conducted by trustee.
- Section 55-13A-404 - Principal receipts.
- Section 55-13A-405 - Rental property.
- Section 55-13A-406 - Obligation to pay money.
- Section 55-13A-407 - Insurance policies and similar contracts.
- Section 55-13A-408 - Insubstantial allocations not required.
- Section 55-13A-409 - Deferred compensation, annuities, and similar payments.
- Section 55-13A-410 - Liquidating asset.
- Section 55-13A-411 - Minerals, water, and other natural resources.
- Section 55-13A-412 - Timber.
- Section 55-13A-413 - Property not productive of income.
- Section 55-13A-414 - Derivatives and options.
- Section 55-13A-415 - Asset-backed securities.
- Section 55-13A-501 - Disbursements from income.
- Section 55-13A-502 - Disbursements from principal.
- Section 55-13A-503 - Transfers from income to principal for depreciation.
- Section 55-13A-504 - Transfers from income to reimburse principal.
- Section 55-13A-505 - Income taxes.
- Section 55-13A-506 - Adjustments between principal and income because of taxes.
- Section 55-13A-601 - Uniformity of application and construction.
Chapter 14 - Management Of Institutional Funds [Repealed]
Chapter 14A - Uniform Prudent Management Of Institutional Funds Act
- Section 55-14A-1 - Short title.
- Section 55-14A-2 - Definitions.
- Section 55-14A-3 - Standard of conduct in managing and investing institutional fund.
- Section 55-14A-4 - Appropriation for expenditure or accumulation of endowment fund--Rules ofconstruction.
- Section 55-14A-5 - Delegation of management and investment functions.
- Section 55-14A-6 - Release or modification of restrictions on management, investment, or purpose.
- Section 55-14A-7 - Reviewing compliance.
- Section 55-14A-8 - Application to existing institutional funds.
- Section 55-14A-9 - Relation to Electronic Signatures in Global and National Commerce Act.
Chapter 15 - Total Return Unitrusts
- Section 55-15-1 - Definitions.
- Section 55-15-10 - Distributions of principal not affected by conversion.
- Section 55-15-11 - Spouse may compel reconversion to income trust for certain trusts--Writteninstrument required.
- Section 55-15-12 - Applicability of chapter.
- Section 55-15-13 - Trustee acting in good faith not liable--Remedy.
- Section 55-15-14 - No duty to act created.
- Section 55-15-2 - Trustee's authority to convert income trust, total return unitrust--Calculate trustamount, value--Conditions.
- Section 55-15-3 - Interested trustee's authority over actions enumerated in § 55-15-2--Conditions.
- Section 55-15-4 - Trustee may petition court--Appointment of disinterested person.
- Section 55-15-5 - Annual valuation of trust required.
- Section 55-15-6 - Calculation of unitrust amount.
- Section 55-15-7 - Repealed.
- Section 55-15-8 - Unitrust amount as net income of trust--Allocation of capital gains to trust income.
- Section 55-15-9 - Administration of total return unitrust--Authority of trustee.