There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-13-2 — Duty of trustee as to receipts and expenditures.
55-13-2. Duty of trustee as to receipts and expenditures. (a) A trust shall be administered with due regard to the respective interests of income beneficiaries and remaindermen. A trust is so administered with respect to the allocation of receipts and expenditures if a receipt is credited or an expenditure is charged to income or principal or partly to each
(1) in accordance with the terms of the
trust instrument, notwithstanding contrary provisions of this
chapter;
(2) in the absence of any contrary terms
of the trust instrument, in accordance with the provisions of this
chapter; or
(3) if neither of the preceding rules of
administration is applicable, in accordance with what is reasonable
and equitable in view of the interests of those entitled to income
as well as of those entitled to principal, and in view of the
manner in which men of ordinary prudence, discretion and judgment
would act in the management of their own affairs.
(b) If the trust instrument gives the
trustee discretion in crediting a receipt or charging an
expenditure to income or principal or partly to each, no inference
of imprudence or partiality arises from the fact that the trustee
has made an allocation contrary to a provision of this
chapter.
Source: SL 1984, ch 323, § 2.
Source: SL 1984, ch 323, § 2.
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