2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 05 - Trust Business Of Banks
§ 51A-5-32 Trust service office--Persons to whom notice required--Denial of substitution.
51A-5-32. Trust service office--Persons to whom notice required--Denial of substitution. Not less than sixty days prior to the effective date of a proposed substitution, the parties shall send written notice thereof to each cofiduciary, each surviving settlor of a trust, each ward under guardianship or conservatorship, each person who alone or in conjunction with others has the power to remove the fiduciary being substituted and each adult beneficiary currently receiving or entitled to receive a distribution of principal or income from a trust or estate with respect to which such substitution is to be effected. Such substitution may be denied without cause upon petition by the cofiduciary, by a beneficiary of a trust or estate, by the settlor of a trust or on behalf of a ward under guardianship or conservatorship if the trust company bank files a written consent to its removal or a written declination to act, or if the court having jurisdiction over the fiduciary relations, upon notice and hearing, approves the petition as in the best interests of the petitioner and all other parties interested therein.
Source: SL 1984, ch 314, § 5; SDCL, § 51-19-17; SL 1993, ch 213, § 250.
