Section 55-1-26 - Judicial foreclosure of beneficial interests, powers of appointment, and reservedpowers prohibited--Creditors may not reach powers of appointment or remainderinterests. - South-dakota Statutes

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Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-26

55-1-26. Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests. Regardless of whether or not a trust contains a spendthrift provision:
(1) No beneficial interest, power of appointment, or reserved power in a trust may be judicially foreclosed;
(2) No creditor may reach a power of appointment or a remainder interest at the trust level. The creditor shall wait until the funds are distributed before the creditor may reach the funds; and
(3) No power of appointment is a property interest.

Source: SL 2007, ch 280, § 3; SL 2009, ch 252, § 3.

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-26

55-1-26. Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests. Regardless of whether or not a trust contains a spendthrift provision:
(1) No beneficial interest, power of appointment, or reserved power in a trust may be judicially foreclosed;
(2) No creditor may reach a power of appointment or a remainder interest at the trust level. The creditor shall wait until the funds are distributed before the creditor may reach the funds; and
(3) No power of appointment is a property interest.

Source: SL 2007, ch 280, § 3; SL 2009, ch 252, § 3.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-26

55-1-26. Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests. Regardless of whether or not a trust contains a spendthrift provision:
(1) No beneficial interest, power of appointment, or reserved power in a trust may be judicially foreclosed;
(2) No creditor may reach a power of appointment or a remainder interest at the trust level. The creditor shall wait until the funds are distributed before the creditor may reach the funds; and
(3) No power of appointment is a property interest.

Source: SL 2007, ch 280, § 3; SL 2009, ch 252, § 3.