South Dakota § 55-1-26 Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests.

South Dakota Statutes

§ 55-1-26 — Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-1 CLASSIFICATION AND CREATION OF TRUSTS

Regardless of whether or not a trust contains a spendthrift provision:

(1)No beneficial interest, power of appointment, or reserved power in a trust may be judicially foreclosed;

(2)No creditor may reach a power of appointment or a remainder interest at the trust level. The creditor shall wait until the funds are distributed before the creditor may reach the funds; and (3) No power of appointment is property or an interest in property. For purposes of this section, power of appointment is held by a person to whom a power has been given, not the settlor.

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Regardless of whether or not a trust contains a spendthrift provision: (1) No beneficial interest, power of appointment, or reserved power in a trust may be judicially foreclosed; (2) No creditor may reach a power of appointment or a remainder interest at the trust level. The creditor shall wait until the funds are distributed before the creditor may reach the funds; and (3) No power of appointment is property or an interest in property. For purposes of this section, power of appointment is held by a person to whom a power has been given, not the settlor.

South Dakota § 55-1-26 (Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.