Section 55-1-28 - Removal or replacement power over trustee not exercisable by beneficiary'screditors--Interests of trustee beneficiary not reachable. - South-dakota Statutes

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-28

55-1-28. Removal or replacement power over trustee not exercisable by beneficiary's creditors--Interests of trustee beneficiary not reachable. No creditor may reach an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee. This power is personal to the beneficiary and may not be exercised by the beneficiary's creditors. No court can direct a beneficiary to exercise the power.
No creditor may reach an interest of a beneficiary who is also a trustee or a co-trustee, or otherwise compel a distribution because the beneficiary is then serving as a trustee or co-trustee. No court may foreclose against such an interest.

Source: SL 2007, ch 280, § 5; SL 2009, ch 252, § 4.

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-28

55-1-28. Removal or replacement power over trustee not exercisable by beneficiary's creditors--Interests of trustee beneficiary not reachable. No creditor may reach an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee. This power is personal to the beneficiary and may not be exercised by the beneficiary's creditors. No court can direct a beneficiary to exercise the power.
No creditor may reach an interest of a beneficiary who is also a trustee or a co-trustee, or otherwise compel a distribution because the beneficiary is then serving as a trustee or co-trustee. No court may foreclose against such an interest.

Source: SL 2007, ch 280, § 5; SL 2009, ch 252, § 4.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-28

55-1-28. Removal or replacement power over trustee not exercisable by beneficiary's creditors--Interests of trustee beneficiary not reachable. No creditor may reach an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee. This power is personal to the beneficiary and may not be exercised by the beneficiary's creditors. No court can direct a beneficiary to exercise the power.
No creditor may reach an interest of a beneficiary who is also a trustee or a co-trustee, or otherwise compel a distribution because the beneficiary is then serving as a trustee or co-trustee. No court may foreclose against such an interest.

Source: SL 2007, ch 280, § 5; SL 2009, ch 252, § 4.