South Dakota § 55-7-10 Deposit in bank in names of two or more trustees--Check drawn by one.

South Dakota Statutes

§ 55-7-10 — Deposit in bank in names of two or more trustees--Check drawn by one.

South Dakota § 55-7-10

Title 55FIDUCIARIES AND TRUSTS

Ch. 55-7THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS

This text of South Dakota § 55-7-10 (Deposit in bank in names of two or more trustees--Check drawn by one.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 55-7-10 (2026).

Text

When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.

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When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.