South Dakota Statutes
§ 55-4-11 — Corporate trustee depositing trust funds with self--Interest.
A corporate trustee which is subject to regulation and supervision by state or federal authorities may deposit with itself trust funds which are being held necessarily pending investment, distribution, or the payment of debts, provided it pays into the trust for such deposit such interest as it is required by statute to pay on uninvested trust funds, or, if there be no such statute, the same rate of interest it pays upon similar nontrust deposits, and maintains in its trust department as security for all such deposits a separate fund consisting of securities legal for trust investments and at all times equal in total market value to the amount of the deposits. But no such security shall be required to the extent that the deposit is insured or given a preference by any state or federal law.
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South Dakota § 55-4-11 (Corporate trustee depositing trust funds with self--Interest.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Matter of Guardianship of Rich
520 N.W.2d 63 (South Dakota Supreme Court, 1994)
Legislative History
SL 1943, ch 308, § 4; SDC Supp 1960, § 59.0504 (1).
Nearby Sections
15
§ 55-1-2
Trusts classified.§ 55-1-20
Trusts for noncharitable purposes.§ 55-1-21.1
Termination of trust for care of animal.§ 55-1-21.11
Co-enforcer appointment--Powers.