South Dakota § 47-14A-26 Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument.

South Dakota Statutes

§ 47-14A-26 — Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument.

South Dakota·Title 47 CORPORATIONS·Ch. 47-14A SOUTH DAKOTA BUSINESS TRUST ACT

To the extent that, at law or in equity, a trustee has duties (including fiduciary duties) and liabilities relating thereto to a business trust or to a beneficial owner:

(1)Any such trustee acting under a governing instrument is not liable to the business trust or to any such beneficial owner for the trustee's good faith reliance on the provisions of such governing instrument; and (2) The trustee's duties and liabilities may be expanded or restricted by provisions in a governing instrument.

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To the extent that, at law or in equity, a trustee has duties (including fiduciary duties) and liabilities relating thereto to a business trust or to a beneficial owner: (1) Any such trustee acting under a governing instrument is not liable to the business trust or to any such beneficial owner for the trustee's good faith reliance on the provisions of such governing instrument; and (2) The trustee's duties and liabilities may be expanded or restricted by provisions in a governing instrument.

South Dakota § 47-14A-26 (Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.