There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-2-3 — Transactions involving interest of trustee adverse to beneficiary prohibited--Exceptions.
55-2-3. Transactions involving interest of trustee adverse to beneficiary prohibited-- Exceptions. Neither a trustee nor any of his agents may take part in any transaction concerning the trust in which he or anyone for whom he acts as agent has an interest, present or contingent, adverse to that of his beneficiary, except as follows:
(1) When the beneficiary does have the
capacity to contract and, with a full knowledge of the motives of
the trustee and of all other facts concerning the transaction which
might affect his own decision and without the use of any influence
on the part of the trustee, permits the trustee to do
so;
(2) When the beneficiary does not have the
capacity to contract but the circuit court, upon the like
information of the facts, grants the like permission;
(3) When some of the beneficiaries have
the capacity to contract and some do not have it and the former
grant permission for themselves and the circuit court for the
latter in the manner above prescribed; or
(4) When the instrument creating the trust
expressly grants permission to the trustee to buy, sell or lease
property for the trust from or to the trust.
Source: SDC 1939, § 59.0108; SL 1981, ch 354, § 1.
Source: SDC 1939, § 59.0108; SL 1981, ch 354, § 1.
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