South Dakota § 55-15-13 Trustee acting in good faith not liable--Remedy.

South Dakota Statutes

§ 55-15-13 — Trustee acting in good faith not liable--Remedy.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-14A TOTAL RETURN UNITRUSTS

Any trustee or disinterested person who in good faith takes or fails to take any action under this chapter is not liable to any person affected by such action or inaction, regardless of whether such person received written notice as provided in this chapter and regardless of whether such person was under a legal disability at the time of the delivery of such notice. Such person's exclusive remedy shall be to obtain an order of the court directing the trustee to convert an income trust to a total return unitrust, to reconvert from a total return unitrust to an income trust or to change the percentage used to calculate the unitrust amount.

Free access — add to your briefcase to read the full text and ask questions with AI

Any trustee or disinterested person who in good faith takes or fails to take any action under this chapter is not liable to any person affected by such action or inaction, regardless of whether such person received written notice as provided in this chapter and regardless of whether such person was under a legal disability at the time of the delivery of such notice. Such person's exclusive remedy shall be to obtain an order of the court directing the trustee to convert an income trust to a total return unitrust, to reconvert from a total return unitrust to an income trust or to change the percentage used to calculate the unitrust amount.

South Dakota § 55-15-13 (Trustee acting in good faith not liable--Remedy.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.