§ 55-4-1 — Definition of terms.

Terms used in this chapter mean: (1) "Affiliate," any person directly or indirectly controlling or controlled by another person, or any person under direct or indirect common control with another person. It includes any person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by each from the other, directly or indirectly, except a broker or stock exchange; (2) "Person," an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a business trust, a trust, an unincorporated organization, or two or more persons having a joint or common interest; (3) "Relative," a spouse, ancestor, descendant, brother, or sister; (4) "Trust," an express trust only; (5) "Trustee," includes trustees, a corporate as well as a natural person and a successor or substitute trustee.

Legislative History

SL 1943, ch 308, § 1; SDC Supp 1960, § 59.0501; SL 1998, ch 282, § 41; SL 2015, ch 240, § 19.