S.D. Codified Laws § 55-1-21.8
This is the official text of S.D. Codified Laws § 55-1-21.8, part of South Dakota’s Codified Laws — part of the compiled statutory law of South Dakota, published by the state as "Codified Laws." Browse the sections below, each linked to its official government source.
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Distribution of property upon termination of purpose of trust
Official statutory text
Upon termination of a purpose trust, the trustee shall distribute any remaining trust property as directed in the governing instrument. Only in the event that the governing instrument is silent shall the trustee, upon termination of a purpose trust, distribute any remaining trust property as follows:
(1) If the trust was created in a nonresiduary clause in a testator's will and the will fails to direct the distribution of unexpended trust property, then under the residuary clause of the testator's will, and for the purposes of § 29A-2-707 , the residuary clause is treated as creating a future interest under the terms of a trust; and
(2) Otherwise, to the trustor's heirs under § 29A-2-711 .
Source: SL 2018, ch 275, § 11.
(1) If the trust was created in a nonresiduary clause in a testator's will and the will fails to direct the distribution of unexpended trust property, then under the residuary clause of the testator's will, and for the purposes of § 29A-2-707 , the residuary clause is treated as creating a future interest under the terms of a trust; and
(2) Otherwise, to the trustor's heirs under § 29A-2-711 .
Source: SL 2018, ch 275, § 11.
Status: in_force · Read it on the official government site
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