S.D. Codified Laws § 55-1B-4
This is the official text of S.D. Codified Laws § 55-1B-4, 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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Trust advisor, tax trust advisor as fiduciary
Official statutory text
If one or more trust advisors and tax trust advisors are given authority by the terms of a governing instrument to direct, consent to, or disapprove a fiduciary's investment, distribution, or tax decisions, or proposed investment, distribution, or tax decisions, such trust advisors and tax trust advisors are considered to be fiduciaries when exercising such authority.
For investment decisions, so long as there is at least one fiduciary exercising the authority of the investment advisor pursuant to § 55-1B-10 for the investment, except in the case of willful misconduct or gross negligence by the fiduciary investment advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that such other trust advisors acting pursuant to this section are not acting in a fiduciary capacity.
For distribution decisions, so long as there is at least one fiduciary exercising the authority of the distribution advisor pursuant to § 55-1B-11 for the distribution, except in the case of willful misconduct or gross negligence by the fiduciary distribution advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that the other trust advisors acting pursuant to this section are not acting in a fiduciary capacity.
For tax decisions, so long as there is at least one fiduciary exercising the authority of the tax trust advisor pursuant to § 55-1B-13 for the tax decision, except in the case of willful misconduct or gross negligence by the fiduciary tax trust advisor in the selection or monitoring of the nonfiduciary tax trust advisors, the governing instrument may provide that such other tax trust advisors acting pursuant to this section are not acting in a fiduciary capacity.
Source: SL 1997, ch 280, § 4; SL 2018, ch 275, § 24; SL 2021, ch 207, § 9; SL 2025, ch 196, § 3.
For investment decisions, so long as there is at least one fiduciary exercising the authority of the investment advisor pursuant to § 55-1B-10 for the investment, except in the case of willful misconduct or gross negligence by the fiduciary investment advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that such other trust advisors acting pursuant to this section are not acting in a fiduciary capacity.
For distribution decisions, so long as there is at least one fiduciary exercising the authority of the distribution advisor pursuant to § 55-1B-11 for the distribution, except in the case of willful misconduct or gross negligence by the fiduciary distribution advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that the other trust advisors acting pursuant to this section are not acting in a fiduciary capacity.
For tax decisions, so long as there is at least one fiduciary exercising the authority of the tax trust advisor pursuant to § 55-1B-13 for the tax decision, except in the case of willful misconduct or gross negligence by the fiduciary tax trust advisor in the selection or monitoring of the nonfiduciary tax trust advisors, the governing instrument may provide that such other tax trust advisors acting pursuant to this section are not acting in a fiduciary capacity.
Source: SL 1997, ch 280, § 4; SL 2018, ch 275, § 24; SL 2021, ch 207, § 9; SL 2025, ch 196, § 3.
Status: in_force · Read it on the official government site
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