S.D. Codified Laws § 55-2-12
This is the official text of S.D. Codified Laws § 55-2-12, 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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Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary
Official statutory text
Unless otherwise provided in the trust agreement, a successor trustee:
(1) Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; and
(2) Does not have a duty to:
(a) Confirm or validate such predecessor fiduciary's actions or inactions;
(b) Confirm the validity of the trust agreement; or
(c) Prosecute or seek redress for any action or inaction by the predecessor fiduciary.
Source: SL 1991, ch 229, § 2; SL 2021, ch 207, § 10.
(1) Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; and
(2) Does not have a duty to:
(a) Confirm or validate such predecessor fiduciary's actions or inactions;
(b) Confirm the validity of the trust agreement; or
(c) Prosecute or seek redress for any action or inaction by the predecessor fiduciary.
Source: SL 1991, ch 229, § 2; SL 2021, ch 207, § 10.
Status: in_force · Read it on the official government site
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