There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-15-1 — Definitions.
55-15-1. Definitions. Terms used in this chapter mean:
(1) "Disinterested person," any person who
is not a related or subordinate party, as defined in section 672(c)
of the Internal Revenue Code (26 U.S.C. section 1, et seq.), with
respect to the person then acting as trustee of the trust and
excludes the trustor of the trust and any interested
trustee;
(2) "Income trust," any trust, created by
either an inter vivos or a testamentary instrument, which directs
or permits the trustee to distribute the net income of the trust to
one or more persons, either in fixed proportions or in amounts or
proportions determined by the trustee. However, no trust that
otherwise is an income trust may qualify pursuant to this
subdivision, if it is subject to taxation under I.R.C. section 2001
or section 2501, until the expiration of the period for filing the
return therefor (including extensions);
(3) "Interested distributee," any person
to whom distributions of income or principal can currently be made
who has the power to remove the existing trustee and designate as
successor a person who may be a related or subordinate party, as
defined in I.R.C. section 672(c), with respect to such
distributee;
(4) "Interested trustee," (i) any
individual trustee to whom the net income or principal of the trust
can currently be distributed or would be distributed if the trust
were then to terminate and be distributed, or (ii) any trustee who
may be removed and replaced by an interested distributee, or (iii)
any individual trustee whose legal obligation to support a
beneficiary may be satisfied by distributions of income and
principal of the trust, or (iv) any of the above;
(5) "Total return unitrust," any income
trust which has been converted under and meets the provisions of
this chapter;
(6) "Trustee," all persons acting as
trustee of the trust, except where expressly noted otherwise,
whether acting in their discretion or on the direction of one or
more persons acting in a fiduciary capacity;
(7) "Trustor," any individual who created
an inter vivos or a testamentary trust;
(8) "Unitrust amount," an amount computed
as a percentage of the fair market value of the trust;
(9) "Current valuation year," the
accounting period of the trust for which the unitrust amount is
being determined;
(10) "Prior valuation year," each of the
two accounting periods of the trust immediately preceding the
current valuation year; and
(11) "I.R.C.," the Internal Revenue Code
(26 U.S.C. section 1, et seq.).
Source: SL 2002, ch 225, § 1.
Source: SL 2002, ch 225, § 1.
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