§ 55-1-21.4 — Enforcement of purpose of trust by enforcer.

South Dakota § 55-1-21.4

• Jurisdiction: South Dakota
• Title 55: FIDUCIARIES AND TRUSTS
• Ch. 55-1: CLASSIFICATION AND CREATION OF TRUSTS

Text

The purposes of a purpose trust shall be enforced by an enforcer designated in the governing instrument. An enforcer may demand reasonable information related to the administration of the trust from the trustee, including a periodic accounting. If no enforcer or successor enforcer is acting pursuant to the terms of the governing instrument the court shall appoint one or more enforcers and successor enforcers. No purpose trust may fail for want of an enforcer. An enforcer may petition for, consent to, waive, or object to any matter regarding a purpose trust with regard to the purpose of the trust which the enforcer represents or concerning the administration of the purpose trust. An enforcer is a fiduciary whose duty is to enforce the trust's purpose as set forth in the governing instrument and, except as otherwise provided in the governing instrument, is entitled to reasonable compensation. An enforcer may also serve as a trust protector or a family advisor pursuant to chapter 55-1B . However, an enforcer may not serve as an enforcer while serving as a trustee or a distribution trust advisor of the same trust. Except as otherwise provided in the governing instrument, if more than one enforcer is acting, action may be taken by a majority of the enforcers.

Legislative History

SL 2018, ch 275, § 7; SL 2020, ch 206, § 1.