Liability of officers, employees, and others managing business of trust.

  1. Law
  2. South Dakota Codified Laws
  3. Corporations
  4. South Dakota Business Trust Act
  5. Liability of officers, employees, and others managing business of trust.

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47-14A-7. Liability of officers, employees, and others managing business of trust.

Except to the extent otherwise provided in the governing instrument of a business trust, an officer, employee, manager, or other person acting pursuant to subdivision 47-14A-25(7), when acting in such capacity, is not personally liable to any person other than the business trust or a beneficial owner for any act, omission, or obligation of the business trust or any trustee thereof.

Source: SL 2001, ch 245, §7.


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