There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-15-2 — Trustee\'s authority to convert income trust, total return unitrust--Calculate trustamount, value--Conditions.
55-15-2. Trustee's authority to convert income trust, total return unitrust--Calculate trust amount, value--Conditions. A trustee, other than an interested trustee, or, if two or more persons are acting as trustee, a majority of the trustees who are not an interested trustee (in either case hereafter "trustee"), may, in its sole discretion and without the approval of any court, (i) convert an income trust to a total return unitrust, (ii) reconvert a total return unitrust to an income trust, or (iii) change the percentage used to calculate the unitrust amount and the method used to determine the fair market value of the trust if:
(1) The trustee adopts a written policy
for the trust providing (i) in the case of a trust being
administered as an income trust, that future distributions from the
trust will be unitrust amounts rather than net income, (ii) in the
case of a trust being administered as a total return unitrust, that
future distributions from the trust will be net income rather than
unitrust amounts, or (iii) that the percentage used to calculate
the unitrust amount or the method used to determine the fair market
value of the trust will be changed as stated in the
policy;
(2) The trustee sends written notice of
its intention to take such action, along with copies of such
written policy and this chapter, to (i) the trustor, if living,
(ii) all living persons who are currently receiving or eligible to
receive distributions of income of the trust, (iii) all living
persons who would receive principal of the trust if the trust were
to terminate at the time of the giving of such notice (without
regard to the exercise of any power of appointment) or, if the
trust does not provide for its termination, all living persons who
would receive or be eligible to receive distributions of income or
principal of the trust if the persons identified in subclause (ii)
of this subdivision were deceased, and (iv) all persons acting as
adviser or protector of the trust;
(3) At least one person receiving notice
under each of subclauses (ii) and (iii) of subdivision (2) is, to
the best information and belief of the trustee, legally competent;
and
(4) No person receiving such notice
objects, by written instrument delivered to the trustee, to the
proposed action of the trustee within sixty days of receipt of such
notice.
Source: SL 2002, ch 225, § 2.
Source: SL 2002, ch 225, § 2.
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