S.D. Codified Laws § 55-16-4

Current through the 2024 Legislative Session

Section 55-16-4 - Persons and entities not to be considered qualified person-Appointment, removal, or replacement of co-trustee, trust advisor, or trust protector

Neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in § 55-16-3 may be considered a qualified person. However, nothing in this chapter precludes a transferor from appointing, removing, or replacing one or more co-trustees, trust advisors, or trust protectors, regardless of whether or not such trust advisor or trust protector is a fiduciary.

SDCL 55-16-4

SL 2005, ch 261, §4; SL 2006, ch 243, §5; SL 2011, ch 212, §6.