S.D. Codified Laws § 55-2-12

Current through the 2024 Legislative Session

Section 55-2-12 - Liability and duties of successor trustee for agreements, contracts or actions of predecessor fiduciary

Unless otherwise provided in the trust agreement, a successor trustee:

(1) Is not individually liable for actions or inactions of a predecessor fiduciary, including agreements, contracts accountings, records, distributions, investments, modifications, reformations, or other acts entered into by its predecessor fiduciary; and

(2) Does not have a duty to:

(a) Confirm or validate such predecessor fiduciary's actions or inactions;

(b) Confirm the validity of the trust agreement; or

(c) Prosecute or seek redress for any action or inaction by the predecessor fiduciary.

SDCL 55-2-12

SL 1991, ch 229, § 2; SL 2021, ch 207, §10.

Amended by S.L. 2021, ch. 207,s. 10, eff. 7/1/2021.