STATE STATUTES & CODES

SOUTH DAKOTA STATUTES AND CODES

Chapter 14A - South Dakota Business Trust Act

• Section 47-14A-1 - Definitions.
• Section 47-14A-2 - Beneficial owner's contribution to business trust--Contribution not required.
• Section 47-14A-3 - Obligation of beneficial owner--Cash value of contribution as option in addition toother remedies.
• Section 47-14A-4 - Penalties or consequences for failure to make contribution.
• Section 47-14A-5 - Liability of beneficial owners.
• Section 47-14A-6 - Liability of trustees.
• Section 47-14A-7 - Liability of officers, employees, and others managing business of trust.
• Section 47-14A-8 - Usury not a defense against beneficial owner's obligation.
• Section 47-14A-9 - Power to sue and be sued--Liabilities--Property subject to attachment--Exception forseparately designed series.
• Section 47-14A-10 - Trustee may be served with process.
• Section 47-14A-11 - Service of process--Fee if service made on secretary of state.
• Section 47-14A-12 - Time for responsive pleading.
• Section 47-14A-13 - Trustee or beneficial owner may consent to jurisdiction.
• Section 47-14A-14 - Service of process not limited.
• Section 47-14A-15 - Circuit court jurisdiction over business trusts.
• Section 47-14A-16 - Doing business in state by reason of being trustee.
• Section 47-14A-17 - Beneficial owner to have undivided interest in trust property--Proportionate share inprofits and losses.
• Section 47-14A-18 - Creditors of beneficial owners have no rights in business trust property.
• Section 47-14A-19 - Beneficial owner's interest in business trust as personal property.
• Section 47-14A-20 - Beneficial owner's interest transferable.
• Section 47-14A-21 - Beneficial owner entitled to distribution becomes creditor of business trust.
• Section 47-14A-22 - Title to property of business trust may be held by trustee.
• Section 47-14A-23 - Creditors of trustee have no rights in business trust property.
• Section 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 orliabilities.
• Section 47-14A-25 - Provisions of governing instrument.
• Section 47-14A-26 - Trustee acting in reliance on governing instrument not liable to trust or beneficialowner--Duties determined by governing instrument.
• Section 47-14A-27 - Officer or employer acting in reliance on governing instrument not liable--Dutiesdetermined by governing instrument.
• Section 47-14A-28 - Action by beneficial owners--Notice and meeting not necessary if consent exists--Proxy.
• Section 47-14A-29 - Action by trustees--Notice and meeting not necessary if consent exists--Proxy.
• Section 47-14A-30 - One trustee required to have residence or principal place of business in state.
• Section 47-14A-31 - Exception to § 47-14A-30 for registered investment companies.
• Section 47-14A-32 - Change of registered agent or location of office--Amendment to certificate of trust.
• Section 47-14A-33 - Service of process on registered agent valid.
• Section 47-14A-34 - Change of name or address of trustee or registered agent--Fee--Certificate.
• Section 47-14A-35 - Business trust to have perpetual existence--Termination determined by governinginstrument.
• Section 47-14A-36 - Death or incapacity of beneficial owner need not terminate business trust.
• Section 47-14A-37 - Dissolution of trust determined by governing instrument.
• Sections 47-14A-38, 47-14A-39 - Powers of trust managers upon dissolution of trust. Payment of claims and obligations of trust upon dissolution--Distribution of remaining assets--Liability of persons
• Section 47-14A-40 - Dissolution of series need not cause dissolution of trust--Series dissolutiondetermined by governing instrument--Death or incapacity of beneficial owner neednot terminate series.
• Section 47-14A-41 - Powers of trust series managers upon dissolution of series--Liability.
• Section 47-14A-42 - Laws applicable to business trusts.
• Section 47-14A-43 - Certificate of trust to be filed with secretary--Contents--Trust formed upon filing.
• Section 47-14A-44 - Certificate of amendment--Contents--Certificate of trust may be freely amended.
• Section 47-14A-45 - Restated certificate of trust integrating all amendments--Contents.
• Section 47-14A-46 - Certificate of cancellation to be filed upon termination of trust--Contents.
• Section 47-14A-47 - Certificate of correction or corrected certificate of trust to be filed to correct defectiveinformation--Contents--Effective date.
• Section 47-14A-48 - Termination of certificate containing future effective date.
• Section 47-14A-49 - Execution of certificates.
• Section 47-14A-50 - Execution by agent--Authorization of agent.
• Section 47-14A-51 - Execution of certificate by trustee constitutes oath as to truth of contents.
• Section 47-14A-52 - Certificates to be delivered to secretary's office--Duties of secretary upon receipt offiling.
• Section 47-14A-53 - Certificates effective upon filing or upon effective date contained in certificate.
• Section 47-14A-54 - Fees paid at request of secretary or upon filing of certificate.
• Section 47-14A-55 - Signature may be facsimile or electronically transmitted--Certificate may beelectronically transmitted.
• Section 47-14A-56 - Certificate of trust on file with secretary is notice of business trust.
• Section 47-14A-57 - Fees-Documents not effective until fee paid.
• Section 47-14A-58 - Name of business trust to be distinguishable from other businesses--Exception.
• Section 47-14A-59 - Name of person in name of business trust.
• Section 47-14A-60 - Terms contained in name of business trust.
• Section 47-14A-61 - Reservation of name.
• Section 47-14A-62 - Reservation of name--Application--Duration--Transfer--Cancellation.
• Section 47-14A-63 - Fees for reservation--When paid.
• Section 47-14A-64 - Merger or consolidation of business trusts.
• Section 47-14A-65 - Certificate of merger or consolidation to be filed with secretary--Contents.
• Section 47-14A-66 - Validity of certain mergers not affected by failure to file certificate.
• Section 47-14A-67 - Effective date of merger or consolidation.
• Section 47-14A-68 - Certificate of merger or consolidation as certificate of cancellation.
• Section 47-14A-69 - Amendment to or adoption of governing instrument upon merger--Effective date.
• Section 47-14A-70 - Rights, property, and obligations of merging entities vest in resulting entity.
• Section 47-14A-71 - Provision for contractual appraisal rights.
• Section 47-14A-72 - Authority of beneficial owner to bring derivative action.
• Section 47-14A-73 - Qualifications of plaintiff in derivative action.
• Section 47-14A-74 - Complaint to specify efforts to secure action by trustees.
• Section 47-14A-75 - Costs and attorney's fees of successful derivative action.
• Section 47-14A-76 - Beneficial owner's right to bring derivative action determined by governinginstrument.
• Section 47-14A-77 - Indemnification of trustee or beneficial owner.
• Section 47-14A-78 - Absence of indemnity provision in governing instrument not conclusive.
• Section 47-14A-79 - Power of business trust to acquire interest held by beneficial owner.
• Section 47-14A-80 - Beneficial owners entitled to obtain certain information.
• Sections 47-14A-81, 47-14A-82 - Trustees entitled to examine certain information. Trustees authorized to keep certain information confidential
• Section 47-14A-83 - Records maintained in other than written form--Demand for information to be inwriting.
• Section 47-14A-84 - Conversion of existing business entity to business trust--Filing requirements.
• Section 47-14A-85 - Certificate of conversion--Contents.
• Section 47-14A-86 - Effective of date of conversion to business trust--Effective date of commencementof business.
• Section 47-14A-87 - Conversion to business trust not to affect liabilities incurred prior to conversion.
• Section 47-14A-88 - Rights, property, and obligations of converting entities vest in resulting entity.
• Section 47-14A-89 - Conversion deemed continuation of business entity as business trust.
• Section 47-14A-90 - Conversion to be approved under business entity's governing instrument.
• Section 47-14A-91 - Construction of chapter with other laws.
• Section 47-14A-92 - Disposition of rights and interests of business entity upon conversion.
• Section 47-14A-93 - Conversion of business trust to other business entity.
• Section 47-14A-94 - Provisions of law subject to change.
• Section 47-14A-95 - Construction.