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2006 South Dakota Code - 55-1-22 — Provisions governing trusts for specific purposes selected by trustee and for care ofanimals.
55-1-22. Provisions governing trusts for specific purposes selected by trustee and for care of animals. Any trust provided for by §§ 55-1-20 and 55-1-21 is subject to the following provisions:
(1) Except as expressly provided otherwise
in the trust instrument, no portion of the principal or income may
be converted to the use of the trustee or to any use other than for
the trust's purposes or for the benefit of a covered
animal;
(2) Upon termination, the trustee shall
transfer the unexpended trust property in the following
order:
(a) As directed in the trust
instrument;
(b) If the trust was created in a
nonresiduary clause in the transferor's will or in a codicil to the
transferor's will, then under the residuary clause in the
transferor's will; and
(c) If no beneficiary results from the
application of subsection (a) or (b) of this subdivision, then to
the transferor's heirs under § 29A-2-711;
(3) For the purposes of
§ 29A-2-707, the residuary clause is treated as creating
a future interest under the terms of a trust;
(4) The intended use of the principal or
income may be enforced by a person designated for that purpose in
the trust instrument or, if none, by an individual appointed by a
court upon application to it by that person;
(5) Except as ordered by the court or
required by the trust instrument, no filing, report, registration,
periodic accounting, separate maintenance of funds, appointment, or
fee is required by reason of the existence of the fiduciary
relationship of the trustee;
(6) A court may reasonably reduce the
amount of the property transferred if it determines that that
amount substantially exceeds the amount required for the intended
use. The amount of the reduction, if any, passes as unexpended
trust property under subdivision (2) of this section;
(7) If no trustee is designated or no
designated trustee is willing or able to serve, a court shall name
a trustee. A court may order the transfer of the property to
another trustee if required to ensure that the intended use is
carried out and if no successor trustee is designated in the trust
instrument or if no designated successor trustee agrees to serve or
is able to serve. A court may also make such other orders and
determinations as are advisable to carry out the intent of the
transferor and the purpose of §§ 55-1-20 to 55-1-23,
inclusive.
Source: SL 2006, ch 247, § 3.
Source: SL 2006, ch 247, § 3.
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