South Dakota § 55-2-12 Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.

South Dakota Statutes

§ 55-2-12 — Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-2 DUTIES AND LIABILITIES OF TRUSTEES

Unless otherwise provided in the trust agreement, a successor trustee:

(1)Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; and (2) Does not have a duty to:

(a)Confirm or validate such predecessor fiduciary's actions or inactions;

(b)Confirm the validity of the trust agreement; or (c) Prosecute or seek redress for any action or inaction by the predecessor fiduciary.

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Unless otherwise provided in the trust agreement, a successor trustee: (1) Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; and (2) Does not have a duty to: (a) Confirm or validate such predecessor fiduciary's actions or inactions; (b) Confirm the validity of the trust agreement; or (c) Prosecute or seek redress for any action or inaction by the predecessor fiduciary.

South Dakota § 55-2-12 (Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.