2006 South Dakota Code - 55-1B-2 — Liability limits of excluded fiduciary.

             (1)      Any loss that results from compliance with a direction of the trust advisor, custodial account owner, or authorized designee of a custodial account owner;

             (2)      Any loss that results from a failure to take any action proposed by an excluded fiduciary that requires a prior authorization of the trust advisor if that excluded fiduciary timely sought but failed to obtain that authorization.

     Any excluded fiduciary is also relieved from any obligation to perform investment or suitability reviews, inquiries, or investigations or to make recommendations or evaluations with respect to any investments to the extent the trust advisor, custodial account owner, or authorized designee of a custodial account owner had authority to direct the acquisition, disposition, or retention of any such investment.

     Nothing in subdivision (2) imposes an obligation or liability with respect to a custodian of a custodial account.

Source: SL 1997, ch 280, § 2; SL 2006, ch 248, § 2.