Section 55-3-27 - Termination of noncharitable trusts with value under fifty thousand dollars--Distribution of property--Effect of spendthrift provision. - South-dakota Statutes

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55-3-27. Termination of noncharitable trusts with value under fifty thousand dollars--Distribution of property--Effect of spendthrift provision. Except as otherwise provided by the terms of the trust, if the value of the trust property of a noncharitable trust is less than fifty thousand dollars, the trustee may terminate the trust. On petition by a trustee or beneficiary, the court may modify or terminate a noncharitable trust or appoint a new trustee if it determines that the value of the trust property is insufficient to justify the cost of administration involved. Upon termination of a trust under this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention. The existence of spendthrift or similar protective provisions in a trust does not make this section inapplicable. The court, when considering the termination of a trust containing spendthrift or similar protective provisions, shall consider the feasibility of appointing a new trustee to continue the trust.

Source: SL 1998, ch 282, § 5; SL 2004, ch 312, § 12.

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-03 > Statute-55-3-27

55-3-27. Termination of noncharitable trusts with value under fifty thousand dollars--Distribution of property--Effect of spendthrift provision. Except as otherwise provided by the terms of the trust, if the value of the trust property of a noncharitable trust is less than fifty thousand dollars, the trustee may terminate the trust. On petition by a trustee or beneficiary, the court may modify or terminate a noncharitable trust or appoint a new trustee if it determines that the value of the trust property is insufficient to justify the cost of administration involved. Upon termination of a trust under this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention. The existence of spendthrift or similar protective provisions in a trust does not make this section inapplicable. The court, when considering the termination of a trust containing spendthrift or similar protective provisions, shall consider the feasibility of appointing a new trustee to continue the trust.

Source: SL 1998, ch 282, § 5; SL 2004, ch 312, § 12.

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Statutes > South-dakota > Title-55 > Chapter-03 > Statute-55-3-27

55-3-27. Termination of noncharitable trusts with value under fifty thousand dollars--Distribution of property--Effect of spendthrift provision. Except as otherwise provided by the terms of the trust, if the value of the trust property of a noncharitable trust is less than fifty thousand dollars, the trustee may terminate the trust. On petition by a trustee or beneficiary, the court may modify or terminate a noncharitable trust or appoint a new trustee if it determines that the value of the trust property is insufficient to justify the cost of administration involved. Upon termination of a trust under this section, the trustee shall distribute the trust property in accordance with the trustor's probable intention. The existence of spendthrift or similar protective provisions in a trust does not make this section inapplicable. The court, when considering the termination of a trust containing spendthrift or similar protective provisions, shall consider the feasibility of appointing a new trustee to continue the trust.

Source: SL 1998, ch 282, § 5; SL 2004, ch 312, § 12.