Section 55-2-18 - Exercise of power to distribute income or principal by written instrument--Notice tobeneficiaries of first trust. - South-dakota Statutes

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55-2-18. Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust. The exercise of the power to distribute the income or principal of the trust under § 55-2-15 shall be by an instrument in writing, signed and acknowledged by the trustee and filed with the records of the trust. The trustee of the first trust shall notify all beneficiaries of the first trust, in writing, at least twenty days prior to the effective date of the trustee's exercise of the power under § 55-2-15 (applying the South Dakota Virtual Representation Statutes, §§ 55-3-31 to 55-3-38, inclusive). If all beneficiaries entitled to notice waive the notice requirement by a signed writing delivered to the trustee, the trustee may exercise the power under § 55-2-15 immediately. A copy of the proposed exercise of this authority and the second trust agreement shall satisfy this notice obligation. For the purposes of this section, the term, beneficiaries, means those persons who would be entitled to notice and a copy of the first trust instrument under § 55-2-13.

Source: SL 2007, ch 281, § 4; SL 2009, ch 252, § 19.

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-02 > Statute-55-2-18

55-2-18. Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust. The exercise of the power to distribute the income or principal of the trust under § 55-2-15 shall be by an instrument in writing, signed and acknowledged by the trustee and filed with the records of the trust. The trustee of the first trust shall notify all beneficiaries of the first trust, in writing, at least twenty days prior to the effective date of the trustee's exercise of the power under § 55-2-15 (applying the South Dakota Virtual Representation Statutes, §§ 55-3-31 to 55-3-38, inclusive). If all beneficiaries entitled to notice waive the notice requirement by a signed writing delivered to the trustee, the trustee may exercise the power under § 55-2-15 immediately. A copy of the proposed exercise of this authority and the second trust agreement shall satisfy this notice obligation. For the purposes of this section, the term, beneficiaries, means those persons who would be entitled to notice and a copy of the first trust instrument under § 55-2-13.

Source: SL 2007, ch 281, § 4; SL 2009, ch 252, § 19.

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State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-02 > Statute-55-2-18

55-2-18. Exercise of power to distribute income or principal by written instrument--Notice to beneficiaries of first trust. The exercise of the power to distribute the income or principal of the trust under § 55-2-15 shall be by an instrument in writing, signed and acknowledged by the trustee and filed with the records of the trust. The trustee of the first trust shall notify all beneficiaries of the first trust, in writing, at least twenty days prior to the effective date of the trustee's exercise of the power under § 55-2-15 (applying the South Dakota Virtual Representation Statutes, §§ 55-3-31 to 55-3-38, inclusive). If all beneficiaries entitled to notice waive the notice requirement by a signed writing delivered to the trustee, the trustee may exercise the power under § 55-2-15 immediately. A copy of the proposed exercise of this authority and the second trust agreement shall satisfy this notice obligation. For the purposes of this section, the term, beneficiaries, means those persons who would be entitled to notice and a copy of the first trust instrument under § 55-2-13.

Source: SL 2007, ch 281, § 4; SL 2009, ch 252, § 19.