PocketLaw | South Dakota Codified Laws | Classification And Creation

Classification And Creation Of Trusts

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Purposes for which trust may be created.

Trusts classified.

Express trust defined.

Creation of express trust--Words or acts of trustor.

Express trust created as to trustee--Words and acts of trustee.

Section
55-1-5.1

Express trust need not be for exclusive benefit of beneficiaries.

Implied trust--Definition--Creation.

Section
55-1-6.1

Implied trust may not prejudice rights of real property purchaser or encumbrancer.

Wrongful detention creates implied trust.

Implied trust resulting from fraud, accident or wrongful act.

Implied trust created by transfer of property in violation of trust.

Section
55-1-10

Transfer of real property to one for money paid by another--Trust presumed.

Section
55-1-11

Implied trust--Declaration by court of equity.

Section
55-1-12

Trustor, trustee, beneficiary, power of appointment, and person defined.

Section
55-1-13

Voluntary trustee--Assumption of relationship.

Section
55-1-14

Interest in existing trust--Transfer by operation of law or written instrument.

Section
55-1-15

Certain trusts not terminated upon trustor's death.

Section
55-1-16

55-1-16 to 55-1-19.Repealed by SL 2007, ch 280, §§21 to 24.

Section
55-1-20

Trusts for noncharitable purposes.

Section
55-1-21

Trust for care of animal, care of other property, or other lawful noncharitable purpose.

Section
55-1-21.1

Termination of trust for care of animal.

Section
55-1-21.2

Judicial reduction of property transferred to trustee if trust corpus exceeds amount required for intended purposes.

Section
55-1-21.3

Court order where fulfillment of purposes are impossible, inexpedient, or unlawful.

Section
55-1-21.4

Enforcement of purpose of trust by enforcer.

Section
55-1-21.5

Removal of enforcer.

Section
55-1-21.6

Discretion of trustee of purpose trust.

Section
55-1-21.7

Judicial designation of trustee--Order to carry out intent of trustor and purpose of trust.

Section
55-1-21.8

Distribution of property upon termination of purpose of trust.

Section
55-1-21.9

Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required--Exceptions.

Section
55-1-21.10

Trustee may not use principal and income other than for trust's purposes.

Section
55-1-22

Hybrid purpose trusts valid.

Section
55-1-22.1

Separate shares for beneficiaries and purposes to be maintained in hybrid purpose trust.

Section
55-1-22.2

Beneficiaries' share of a hybrid purpose trust.

Section
55-1-22.3

Spendthrift provision in hybrid purpose trust--Qualified dispositions in trust.

Section
55-1-22.4

Application of §§ 55-1-21 to 55-1-21.9 to hybrid purpose trust--Exceptions.

Section
55-1-22.5

Discretion of trustee of hybrid purpose trust.

Section
55-1-22.6

Enforcer of hybrid purpose trust.

Section
55-1-23

55-1-23.Repealed by SL 2011, ch 212, §41.

Section
55-1-24

Definitions applicable to §§ 55-1-24 to 55-1-45.

Section
55-1-24.1

Improper motive.

Section
55-1-24.2

Withdrawal power.

Section
55-1-25

Distinction between discretionary trust and support trust--Creditor rights--Judicial review.

Section
55-1-26

Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited--Creditors may not reach powers of appointment or remainder interests.

Section
55-1-27

Certain remainder interests not property interests.

Section
55-1-28

Interest of beneficiary or others not reachable by creditors.

Section
55-1-29

Trust property not subject to personal obligations of trustee.

Section
55-1-30

Distribution and remainder interests not relevant to division of marital property.

Section
55-1-31

Resources of settlor's spouse to be considered in making distribution from support trust--Other beneficiary's resources need not be considered.

Section
55-1-32

Factors which are not dominion and control over trust.

Section
55-1-33

Factors which are insufficient evidence that settlor controls or is alter ego of trustee.

Section
55-1-34

Provision that beneficial interest in trust income or principal may not be transferred before payment to beneficiary permissible.

Section
55-1-35

Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.

Section
55-1-36

Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary.

Section
55-1-36.1

Effect on creditor claims of trustee discretionary powers to pay taxes or make reimbursements for taxes.

Section
55-1-37

Application of spendthrift provision.

Section
55-1-38

Classification of distribution interest.

Section
55-1-38.1

Classification of interest as support interest.

Section
55-1-39

Bifurcation of trust.

Section
55-1-40

Language resulting in classification of distribution interest.

Section
55-1-41

Effect of spendthrift provision.

Section
55-1-42

Mandatory or support interests.

Section
55-1-43

Discretionary interests.

Section
55-1-44

Action for fraudulent transfer of settlor's assets--Jurisdiction--Attorneys' fees and costs--Burden of proof.

Section
55-1-45

Limitation of action for fraudulent transfer of settlor's assets.

Section
55-1-46

No contest clause defined--Enforceability.

Section
55-1-47

Extrinsic evidence not admissible to establish settlor's intent concerning no contest clause.

Section
55-1-48

Circumstances under which no contest clause unenforceable.

Section
55-1-49

Contest regarding settlor's signature.

Section
55-1-50

Attorneys fees and costs.

Section
55-1-51

Applicability of §§ 55-1-46 to 55-1-50.

Section
55-1-52

Interest on general pecuniary devises.

Section
55-1-53

Expansion, restriction, elimination, or variance of provisions of general application.

Section
55-1-54

Arbitration.

Section
55-1-55

Trust enforceable although not funded or without res, corpus, or assets.

Section
55-1-56

Registration of trust in court at principal place of administration.

Section
55-1-57

Contents of registration statement.

Section
55-1-58

Confidentiality of registration.

Section
55-1-59

Trust registration form.