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2017 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 14A - South Dakota Business Trust Act
§ 47-14A-26 Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument.
Universal Citation: SD Codified L § 47-14A-26 (2017)
47-14A-26. Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument. To the extent that, at law or in equity, a trustee has duties (including fiduciary duties) and liabilities relating thereto to a business trust or to a beneficial owner:
(1) Any such trustee acting under a governing instrument is not liable to the business trust or to any such beneficial owner for the trustee's good faith reliance on the provisions of such governing instrument; and
(2) The trustee's duties and liabilities may be expanded or restricted by provisions in a governing instrument.
Source: SL 2001, ch 245, ยง 26.
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