Full Statute Name:  South Dakota Codified Laws. Title 55. Fiduciaries and Trusts. Chapter 55-1. Classification and Creation of Trusts. 55-1-21. Trust for care of animal, care of other property, or other lawful noncharitable purpose

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Primary Citation:  S D C L § 55-1-21 Country of Origin:  United States Last Checked:  November, 2018 Alternate Citation:  SD ST § 55-1-21 Date Adopted:  2006
Summary:

South Dakota's pet trust law was enacted in 2006. Amendments to the law in 2018 provide that trusts for the care of a designated animal or animals are valid.

55-1-21. Trust for care of animal, care of other property, or other lawful noncharitable purpose 

The following purpose trusts are valid:

(1) A trust for the care of a designated animal or animals;

(2) A trust for the care, maintenance, promotion, continuation, conservation, upkeep, protection, furtherance, or preservation of any other property; and

(3) A trust for any other lawful noncharitable purpose or purposes.

Credits

Source: SL 2006, ch 247, § 2; SL 2018, ch 275, § 3.

 

55-1-21.2. Judicial reduction of property transferred to trustee if trust corpus exceeds amount required for intended purposes

A court may reasonably reduce the amount of the property transferred to the trustee of a purpose trust if the court determines that the trust corpus substantially exceeds the amount required for the intended purposes. The court should consider allowing the trust to be administered for a reasonable period of time before undertaking a determination. The amount of the reduction, if any, passes as unexpended trust property, as set forth in § 55-1-21.8.

Credits

Source: SL 2018, ch 275, § 5.

 

55-1-21.3. Court order where fulfillment of purposes are impossible, inexpedient, or unlawful

If the court finds that the fulfillment of the purposes are or have become impossible, inexpedient, or unlawful, the court shall make an order directing that the trust be administered in such manner as, in the judgment of the court, will, as nearly as can be, accomplish the general purposes, the objects, and intentions of the trustor.

Credits

Source: SL 2018, ch 275, § 6.

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