There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-16-4 — Persons and entities not eligible to be considered qualified trustee--Appointment ofco-trustee, trust advisor, trust protector, or other fiduciary.
55-16-4. Persons and entities not eligible to be considered qualified trustee--Appointment of co-trustee, trust advisor, trust protector, or other fiduciary. Neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in § 55-16-3 may be considered a qualified trustee. However, nothing in this chapter precludes a transferor from appointing one or more co-trustees, trust advisors, trust protectors, or other fiduciaries as defined in subdivision 55-1B-1(4), including:
(1) A fiduciary who has authority under
the terms of the trust instrument to remove and appoint qualified
trustees or trust advisors;
(2) A fiduciary who has authority under
the terms of the trust instrument to direct, consent to, or
disapprove distribution from the trust; and
(3) A fiduciary whether or not such
fiduciary would meet the requirements imposed by § 55-
16-3.
Source: SL 2005, ch 261, § 4; SL 2006, ch 243, § 5.
Source: SL 2005, ch 261, § 4; SL 2006, ch 243, § 5.
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