There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-3-39 — When state law or jurisdiction provision valid, effective and conclusive.
55-3-39. When state law or jurisdiction provision valid, effective and conclusive. A general law or a state jurisdiction provision stating that the laws of this state govern is valid, effective, and conclusive for the trust if all of the following are true:
(1) Some or all of the trust assets are
deposited in this state or physical evidence of such assets is held
in this state and the trust is being administered by a qualified
person; in this subdivision, deposited in this state, includes
being held in a checking account, time deposit, certificate of
deposit, brokerage account, trust company fiduciary account, or
other similar account or deposit that is located in this state
including South Dakota investments;
(2) A trustee is a qualified person who is
designated as a trustee under the governing instrument, a successor
trusteeship, or designated by a court having jurisdiction over the
trust; and
(3) The administration, for example,
physically maintaining trust records in this state and preparing or
arranging for the preparation of, on an exclusive basis or a
nonexclusive basis, an income tax return that must be filed by the
trust, occurs wholly or partly in this state.
The State of
South Dakota and its courts have jurisdiction over a trust created
in a foreign jurisdiction if the administration of the trust meets
the three requirements set forth in this section.
Nothing in
this section may be construed to be the exclusive means of
providing a valid effective and conclusive state jurisdiction
provision.
Source: SL 1998, ch 282, § 20; SL 2004, ch 312, § 6.
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