§ 43-30B-4 — Administration of trust.

South Dakota § 43-30B-4

• Jurisdiction: South Dakota
• Title 43: PROPERTY
• Ch. 43-30B: TRUST FOR UNLOCATED OR UNIDENTIFIED MINERAL INTEREST OWNERS

Text

Except as otherwise provided in this chapter, the trustee shall administer the trust in compliance with title 55. The trustee may engage agents to assist in the administration of the trust. Trustee fees, agent fees, and any other administrative costs must be reasonable and may be paid from the trust upon approval by the court. All bonuses, rental payments, royalties, and other income shall be paid to the trustee until the trust is terminated. If the county treasurer or other county official or employee is the trustee, the trustee's fee shall be paid to the general fund of the county. A county official acting as trustee shall account for, keep, and invest the funds in the same manner as other county funds. If the bonuses, rental payments, royalties, and other income paid to the trust are not sufficient to pay trustee fees, agent fees, and any other administrative costs paid by the trustee, the petitioner shall indemnify the fund for such costs and expenses.

Legislative History

SL 2013, ch 223, § 4; SL 2015, ch 222, § 1; SL 2017, ch 189, § 4.