South Dakota § 47-14A-27 Officer or employer acting in reliance on governing instrument not liable--Duties determined by governing instrument.

South Dakota Statutes

§ 47-14A-27 — Officer or employer acting in reliance on governing instrument not liable--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, an officer, employee, manager, or other person designated pursuant to subdivision 47-14A-25(7) has duties (including fiduciary duties) and liabilities relating thereto to a business trust, a beneficial owner, or a trustee:

(1)Any such officer, employee, manager, or other person acting under a governing instrument is not liable to the business trust, any beneficial owner, or any trustee for such person's good faith reliance on the provisions of such governing instrument; and (2) The duties and liabilities of an officer, employee, manager, or other person acting pursuant to subdivision 47-14A-25(7) may be expanded or restricted by provisions in a governing instrument.

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To the extent that, at law or in equity, an officer, employee, manager, or other person designated pursuant to subdivision 47-14A-25(7) has duties (including fiduciary duties) and liabilities relating thereto to a business trust, a beneficial owner, or a trustee: (1) Any such officer, employee, manager, or other person acting under a governing instrument is not liable to the business trust, any beneficial owner, or any trustee for such person's good faith reliance on the provisions of such governing instrument; and (2) The duties and liabilities of an officer, employee, manager, or other person acting pursuant to subdivision 47-14A-25(7) may be expanded or restricted by provisions in a governing instrument.

South Dakota § 47-14A-27 (Officer or employer acting in reliance on governing instrument not liable--Duties determined by governing instrument.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.