South Dakota § 55-1B-4 Trust advisor, tax trust advisor as fiduciary.

South Dakota Statutes

§ 55-1B-4 — Trust advisor, tax trust advisor as fiduciary.

South Dakota § 55-1B-4

Title 55FIDUCIARIES AND TRUSTS

Ch. 55-1BDIRECTED TRUSTS

This text of South Dakota § 55-1B-4 (Trust advisor, tax trust advisor as fiduciary.) 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 § 55-1B-4 (2026).

Text

If one or more trust advisors and tax trust advisors are given authority by the terms of a governing instrument to direct, consent to, or disapprove a fiduciary's investment, distribution, or tax decisions, or proposed investment, distribution, or tax decisions, such trust advisors and tax trust advisors are considered to be fiduciaries when exercising such authority. For investment decisions, so long as there is at least one fiduciary exercising the authority of the investment advisor pursuant to § 55-1B-10 for the investment, except in the case of willful misconduct or gross negligence by the fiduciary investment advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that such other trust advisors acting pursuant to this section ar

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If one or more trust advisors and tax trust advisors are given authority by the terms of a governing instrument to direct, consent to, or disapprove a fiduciary's investment, distribution, or tax decisions, or proposed investment, distribution, or tax decisions, such trust advisors and tax trust advisors are considered to be fiduciaries when exercising such authority. For investment decisions, so long as there is at least one fiduciary exercising the authority of the investment advisor pursuant to § 55-1B-10 for the investment, except in the case of willful misconduct or gross negligence by the fiduciary investment advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that such other trust advisors acting pursuant to this section are not acting in a fiduciary capacity. For distribution decisions, so long as there is at least one fiduciary exercising the authority of the distribution advisor pursuant to § 55-1B-11 for the distribution, except in the case of willful misconduct or gross negligence by the fiduciary distribution advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that the other trust advisors acting pursuant to this section are not acting in a fiduciary capacity. For tax decisions, so long as there is at least one fiduciary exercising the authority of the tax trust advisor pursuant to § 55-1B-13 for the tax decision, except in the case of willful misconduct or gross negligence by the fiduciary tax trust advisor in the selection or monitoring of the nonfiduciary tax trust advisors, the governing instrument may provide that such other tax trust advisors acting pursuant to this section are not acting in a fiduciary capacity.