Section 47-14A-41 - Powers of trust series managers upon dissolution of series--Liability. - South Dakota Statutes

47-14A-41. Powers of trust series managers upon dissolution of series--Liability. Upon dissolution of a series of a business trust, the persons who under the governing instrument of the business trust are responsible for winding up such series affairs may, in the name of the business trust and for and on behalf of the business trust and such series, take all actions with respect to the series as are permitted under § 47-14A-38 and shall provide for the claims and obligations of the series and distribute the assets of the series as provided under § 47-14A-39. Any person, including any trustee, who under the governing instrument is responsible for winding up such series affairs who has complied with § 47-14A-39 is not personally liable to the claimants of the dissolved series by reason of such person's actions in winding up the series.

Source: SL 2001, ch 245, § 41.