Section 55-1-38.1 - Classification of interest as support interest. - South-dakota Statutes

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55-1-38.1. Classification of interest as support interest. If a trust instrument containing the distribution language specifically provides that the trustee exercise discretion in a reasonable manner with regard to a discretionary interest, then notwithstanding any other provision of §§ 55-1-38 to 55-1-43, inclusive, the distribution interest shall be classified as a support interest. A beneficiary's right to a distribution as well as a creditor's right regarding a beneficiary's support interest is governed by § 55-1-42.

Source: SL 2009, ch 252, § 8.

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-38-1

55-1-38.1. Classification of interest as support interest. If a trust instrument containing the distribution language specifically provides that the trustee exercise discretion in a reasonable manner with regard to a discretionary interest, then notwithstanding any other provision of §§ 55-1-38 to 55-1-43, inclusive, the distribution interest shall be classified as a support interest. A beneficiary's right to a distribution as well as a creditor's right regarding a beneficiary's support interest is governed by § 55-1-42.

Source: SL 2009, ch 252, § 8.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-01 > Statute-55-1-38-1

55-1-38.1. Classification of interest as support interest. If a trust instrument containing the distribution language specifically provides that the trustee exercise discretion in a reasonable manner with regard to a discretionary interest, then notwithstanding any other provision of §§ 55-1-38 to 55-1-43, inclusive, the distribution interest shall be classified as a support interest. A beneficiary's right to a distribution as well as a creditor's right regarding a beneficiary's support interest is governed by § 55-1-42.

Source: SL 2009, ch 252, § 8.