South Dakota § 55-1-28 Interest of beneficiary or others not reachable by creditors.

South Dakota Statutes

§ 55-1-28 — Interest of beneficiary or others not reachable by creditors.

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

No creditor may reach an interest of a beneficiary or of any other person on the grounds that the beneficiary or other person holds, either alone or in conjunction with another person, either or both of the following:

(1)An unconditional or conditional power to remove a trustee; or (2) An unconditional or conditional power to replace a trustee. The powers to remove or replace a trustee are personal to the power holder. No court may order, direct, or otherwise compel a power holder to directly or indirectly exercise the power to remove or replace a trustee for the purpose of directly or indirectly satisfying, either in whole or in part, any claim or judgment against the power holder or a beneficiary. The powers to remove or replace a trustee, whether exercisable alone or in conjuncti

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No creditor may reach an interest of a beneficiary or of any other person on the grounds that the beneficiary or other person holds, either alone or in conjunction with another person, either or both of the following: (1) An unconditional or conditional power to remove a trustee; or (2) An unconditional or conditional power to replace a trustee. The powers to remove or replace a trustee are personal to the power holder. No court may order, direct, or otherwise compel a power holder to directly or indirectly exercise the power to remove or replace a trustee for the purpose of directly or indirectly satisfying, either in whole or in part, any claim or judgment against the power holder or a beneficiary. The powers to remove or replace a trustee, whether exercisable alone or in conjunction with another person, are not a property interest. No creditor may reach an interest of a beneficiary on the grounds that the beneficiary is also a trustee or a co-trustee and no court may foreclose against such an interest. No court may order, direct, or otherwise compel a distribution because the beneficiary is then serving as a trustee or co-trustee.

South Dakota § 55-1-28 (Interest of beneficiary or others not reachable by creditors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.