2006 South Dakota Code - 55-16-3 — Qualified trustee.

     55-16-3.   Qualified trustee. For the purposes of this chapter, a qualified trustee, is any person who in the case of a natural person, is a resident of this state other than the transferor or, in all other cases, is authorized by the law of this state to act as a trustee and whose activities are subject to supervision by the Division of Banking, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, or the Office of Thrift Supervision, or any successor thereto, and maintains or arranges for custody in this state of some or all of the property that is the subject of the qualified disposition, maintains records for the trust on an exclusive or nonexclusive basis, prepares or arranges for the preparation of fiduciary income tax returns for the trust, or otherwise materially participates in the administration of the trust.

Source: SL 2005, ch 261, § 3.