Section 55-1-25 - Distinction between discretionary trust and support trust--Creditor rights--Judicialreview. - South-dakota Statutes

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55-1-25. Distinction between discretionary trust and support trust--Creditor rights--Judicial review. The common law distinction between a discretionary trust and a support trust and the dual judicial review standards related to this distinction shall be maintained. In the area of creditor rights, the Restatement of Trusts (Third) and the Uniform Trust Code creates many new positions of law as well as adopts many minority positions of law. Sections 55-1-24 to 55-1-43, inclusive, affirmatively reject many of these positions. Therefore, the Legislature does not intend the courts to consult the Restatement (Third) of the Law of Trusts Articles § 50, § 56, § 58, § 59, or § 60 as approved by the American Law Institute of Uniform Trust Code Article 5 and Section 814(a) as approved by the National Conference of Commissioners on Uniform State Laws in 2004 with respect to subject matters addressed by §§ 55-1-24 to 55-1-43, inclusive.

Source: SL 2007, ch 280, § 2.

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-25

55-1-25. Distinction between discretionary trust and support trust--Creditor rights--Judicial review. The common law distinction between a discretionary trust and a support trust and the dual judicial review standards related to this distinction shall be maintained. In the area of creditor rights, the Restatement of Trusts (Third) and the Uniform Trust Code creates many new positions of law as well as adopts many minority positions of law. Sections 55-1-24 to 55-1-43, inclusive, affirmatively reject many of these positions. Therefore, the Legislature does not intend the courts to consult the Restatement (Third) of the Law of Trusts Articles § 50, § 56, § 58, § 59, or § 60 as approved by the American Law Institute of Uniform Trust Code Article 5 and Section 814(a) as approved by the National Conference of Commissioners on Uniform State Laws in 2004 with respect to subject matters addressed by §§ 55-1-24 to 55-1-43, inclusive.

Source: SL 2007, ch 280, § 2.

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State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-25

55-1-25. Distinction between discretionary trust and support trust--Creditor rights--Judicial review. The common law distinction between a discretionary trust and a support trust and the dual judicial review standards related to this distinction shall be maintained. In the area of creditor rights, the Restatement of Trusts (Third) and the Uniform Trust Code creates many new positions of law as well as adopts many minority positions of law. Sections 55-1-24 to 55-1-43, inclusive, affirmatively reject many of these positions. Therefore, the Legislature does not intend the courts to consult the Restatement (Third) of the Law of Trusts Articles § 50, § 56, § 58, § 59, or § 60 as approved by the American Law Institute of Uniform Trust Code Article 5 and Section 814(a) as approved by the National Conference of Commissioners on Uniform State Laws in 2004 with respect to subject matters addressed by §§ 55-1-24 to 55-1-43, inclusive.

Source: SL 2007, ch 280, § 2.