South Dakota § 51A-5-1 Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor.

South Dakota Statutes

§ 51A-5-1 — Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor.

South Dakota § 51A-5-1

Title 51ABANKS AND BANKING

Ch. 51A-2TRUST BUSINESS OF BANKS

This text of South Dakota § 51A-5-1 (Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 51A-5-1 (2026).

Text

No person may assume or use the word "trust" in such person's name in any manner which infers or suggests that the person has authority to transact such business unless the person is authorized to transact trust business pursuant to this title. A violation of this paragraph is a Class 2 misdemeanor. No bank may exercise trust powers unless it is so authorized by its articles of incorporation and approved by the director and it has qualified by making the deposit required by § 51A-5-4 . Any person who exercises trust powers in violation of this section is guilty of a Class 2 misdemeanor.

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No person may assume or use the word "trust" in such person's name in any manner which infers or suggests that the person has authority to transact such business unless the person is authorized to transact trust business pursuant to this title. A violation of this paragraph is a Class 2 misdemeanor. No bank may exercise trust powers unless it is so authorized by its articles of incorporation and approved by the director and it has qualified by making the deposit required by § 51A-5-4 . Any person who exercises trust powers in violation of this section is guilty of a Class 2 misdemeanor.

Legislative History

SDC 1939, §§ 6.0504, 6.9906; SDCL § 51-7-1; SL 1969, ch 11, § 5.1; SL 1970, ch 265, § 35; SL 1975, ch 291; SL 1980, ch 24, § 86; SL 1988, ch 377, § 109; SL 1990, ch 158, § 5; SL 1990, ch 158, § 5; SDCL § 51-19-1; SL 1994, ch 364, § 1; SL 2008, ch 258, § 1.