South Dakota § 55-4-10 Loan of trust funds.

South Dakota Statutes

§ 55-4-10 — Loan of trust funds.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-4 UNIFORM TRUSTS ACT

Except as provided in §§ 55-4-11 and 55-4-12 , or except as may be expressly authorized by a court order, by the written consent of all qualified beneficiaries which may be given notwithstanding the provisions of § 55-4-31 , by the written authorization from or direction by a trust protector, or by the terms of the governing instrument, which may be given by the settlor notwithstanding the provisions of § 55-4-30 :

(1)No corporate trustee may lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate;

(2)No noncorporate trustee may lend trust funds to himself or herself, or to any relative, employer, employee, partner, or other business associate.

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Except as provided in §§ 55-4-11 and 55-4-12 , or except as may be expressly authorized by a court order, by the written consent of all qualified beneficiaries which may be given notwithstanding the provisions of § 55-4-31 , by the written authorization from or direction by a trust protector, or by the terms of the governing instrument, which may be given by the settlor notwithstanding the provisions of § 55-4-30 : (1) No corporate trustee may lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate; (2) No noncorporate trustee may lend trust funds to himself or herself, or to any relative, employer, employee, partner, or other business associate.

South Dakota § 55-4-10 (Loan of trust funds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.