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2018 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 14A - South Dakota Business Trust Act
- § 47-14A-1 Definitions.
- § 47-14A-2 Beneficial owner's contribution to business trust--Contribution not required.
- § 47-14A-3 Obligation of beneficial owner--Cash value of contribution as option in addition to other remedies.
- § 47-14A-4 Penalties or consequences for failure to make contribution.
- § 47-14A-5 Liability of beneficial owners.
- § 47-14A-6 Liability of trustees.
- § 47-14A-7 Liability of officers, employees, and others managing business of trust.
- § 47-14A-8 Usury not a defense against beneficial owner's obligation.
- § 47-14A-9 Power to sue and be sued--Liabilities--Property subject to attachment--Exception for separately designed series.
- § 47-14A-10 Trustee may be served with process.
- § 47-14A-11 Service of process--Fee if service made on secretary of state.
- § 47-14A-12 Time for responsive pleading.
- § 47-14A-13 Trustee or beneficial owner may consent to jurisdiction.
- § 47-14A-14 Service of process not limited.
- § 47-14A-15 Circuit court jurisdiction over business trusts.
- § 47-14A-16 Doing business in state by reason of being trustee.
- § 47-14A-17 Beneficial owner to have undivided interest in trust property--Proportionate share in profits and losses.
- § 47-14A-18 Creditors of beneficial owners have no rights in business trust property.
- § 47-14A-19 Beneficial owner's interest in business trust as personal property.
- § 47-14A-20 Beneficial owner's interest transferable.
- § 47-14A-21 Beneficial owner entitled to distribution becomes creditor of business trust.
- § 47-14A-22 Title to property of business trust may be held by trustee.
- § 47-14A-23 Creditors of trustee have no rights in business trust property.
- § 47-14A-24 Trustees to manage affairs of business trust--Persons entitled to direct trustees--Power to direct trustees does not cause person to be trustee nor to create duties or liabilities.
- § 47-14A-25 Provisions of governing instrument.
- § 47-14A-26 Trustee acting in reliance on governing instrument not liable to trust or beneficial owner--Duties determined by governing instrument.
- § 47-14A-27 Officer or employer acting in reliance on governing instrument not liable--Duties determined by governing instrument.
- § 47-14A-28 Action by beneficial owners--Notice and meeting not necessary if consent exists--Proxy.
- § 47-14A-29 Action by trustees--Notice and meeting not necessary if consent exists--Proxy.
- § 47-14A-30 One trustee required to have residence or principal place of business in state.
- § 47-14A-31 Exception to ยง 47-14A-30 for registered investment companies.
- § 47-14A-32 Change of registered agent or location of office--Amendment to certificate of trust.
- § 47-14A-33 Service of process on registered agent valid.
- § 47-14A-34 Change of name or address of trustee or registered agent--Fee--Certificate.
- § 47-14A-35 Business trust to have perpetual existence--Termination determined by governing instrument.
- § 47-14A-36 Death or incapacity of beneficial owner need not terminate business trust.
- § 47-14A-37 Dissolution of trust determined by governing instrument.
- § 47-14A-38 Powers of trust managers upon dissolution of trust.
- § 47-14A-39 Payment of claims and obligations of trust upon dissolution--Distribution of remaining assets--Liability of persons winding up business.
- § 47-14A-40 Dissolution of series need not cause dissolution of trust--Series dissolution determined by governing instrument--Death or incapacity of beneficial owner need not terminate series.
- § 47-14A-41 Powers of trust series managers upon dissolution of series--Liability.
- § 47-14A-42 Laws applicable to business trusts.
- § 47-14A-43 Certificate of trust to be filed with secretary--Contents--Trust formed upon filing.
- § 47-14A-44 Certificate of amendment--Contents--Certificate of trust may be freely amended.
- § 47-14A-45 Restated certificate of trust integrating all amendments--Contents.
- § 47-14A-46 Certificate of cancellation to be filed upon termination of trust--Contents.
- § 47-14A-47 Certificate of correction or corrected certificate of trust to be filed to correct defective information--Contents--Effective date.
- § 47-14A-48 Termination of certificate containing future effective date.
- § 47-14A-49 Execution of certificates.
- § 47-14A-50 Execution by agent--Authorization of agent.
- § 47-14A-51 Execution of certificate by trustee constitutes oath as to truth of contents.
- § 47-14A-52 Certificates to be delivered to secretary's office--Duties of secretary upon receipt of filing.
- § 47-14A-53 Certificates effective upon filing or upon effective date contained in certificate.
- § 47-14A-54 Fees paid at request of secretary or upon filing of certificate.
- § 47-14A-55 Signature may be facsimile or electronically transmitted--Certificate may be electronically transmitted.
- § 47-14A-56 Certificate of trust on file with secretary is notice of business trust.
- § 47-14A-57 Fees-Documents not effective until fee paid.
- § 47-14A-58 Name of business trust to be distinguishable from other businesses--Exception.
- § 47-14A-59 Name of person in name of business trust.
- § 47-14A-60 Terms contained in name of business trust.
- § 47-14A-61 Reservation of name.
- § 47-14A-62 Reservation of name--Application--Duration--Transfer--Cancellation.
- § 47-14A-63 Fees for reservation--When paid.
- § 47-14A-64 Merger or consolidation of business trusts.
- § 47-14A-65 Certificate of merger or consolidation to be filed with secretary--Contents.
- § 47-14A-66 Validity of certain mergers not affected by failure to file certificate.
- § 47-14A-67 Effective date of merger or consolidation.
- § 47-14A-68 Certificate of merger or consolidation as certificate of cancellation.
- § 47-14A-69 Amendment to or adoption of governing instrument upon merger--Effective date.
- § 47-14A-70 Rights, property, and obligations of merging entities vest in resulting entity.
- § 47-14A-71 Provision for contractual appraisal rights.
- § 47-14A-72 Authority of beneficial owner to bring derivative action.
- § 47-14A-73 Qualifications of plaintiff in derivative action.
- § 47-14A-74 Complaint to specify efforts to secure action by trustees.
- § 47-14A-75 Costs and attorney's fees of successful derivative action.
- § 47-14A-76 Beneficial owner's right to bring derivative action determined by governing instrument.
- § 47-14A-77 Indemnification of trustee or beneficial owner.
- § 47-14A-78 Absence of indemnity provision in governing instrument not conclusive.
- § 47-14A-79 Power of business trust to acquire interest held by beneficial owner.
- § 47-14A-80 Beneficial owners entitled to obtain certain information.
- § 47-14A-81 Trustees entitled to examine certain information.
- § 47-14A-82 Trustees authorized to keep certain information confidential.
- § 47-14A-83 Records maintained in other than written form--Demand for information to be in writing.
- § 47-14A-84 Conversion of existing business entity to business trust--Filing requirements.
- § 47-14A-85 Certificate of conversion--Contents.
- § 47-14A-86 Effective of date of conversion to business trust--Effective date of commencement of business.
- § 47-14A-87 Conversion to business trust not to affect liabilities incurred prior to conversion.
- § 47-14A-88 Rights, property, and obligations of converting entities vest in resulting entity.
- § 47-14A-89 Conversion deemed continuation of business entity as business trust.
- § 47-14A-90 Conversion to be approved under business entity's governing instrument.
- § 47-14A-91 Construction of chapter with other laws.
- § 47-14A-92 Disposition of rights and interests of business entity upon conversion.
- § 47-14A-93 Conversion of business trust to other business entity.
- § 47-14A-94 Provisions of law subject to change.
- § 47-14A-95 Construction.
- § 47-14A-96 Citation of chapter.
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