South Dakota § 55-4-38 Limitation on trustee's power to make distributions to his or her benefit.

South Dakota Statutes

§ 55-4-38 — Limitation on trustee's power to make distributions to his or her benefit.

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

Unless the terms of the trust refer to this section and provide otherwise, a power, including the power to make a distribution to another trust under § 55-2-15 , that is exercisable by or attributable to a person, other than the settlor, in such person's capacity as a trustee to make discretionary distribution of either principal or income:

(1)To or for the benefit of himself or herself is exercisable by the person only for the person's health, education, maintenance, and support in the person's accustomed manner of living; or (2) To or for the benefit of others, is not exercisable to discharge any of the person's own legal obligations.

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Unless the terms of the trust refer to this section and provide otherwise, a power, including the power to make a distribution to another trust under § 55-2-15 , that is exercisable by or attributable to a person, other than the settlor, in such person's capacity as a trustee to make discretionary distribution of either principal or income: (1) To or for the benefit of himself or herself is exercisable by the person only for the person's health, education, maintenance, and support in the person's accustomed manner of living; or (2) To or for the benefit of others, is not exercisable to discharge any of the person's own legal obligations.

South Dakota § 55-4-38 (Limitation on trustee's power to make distributions to his or her benefit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.