SOUTH DAKOTA BUSINESS TRUST ACT
Beneficial owner's contribution to business trust--Contribution not required.
Obligation of beneficial owner--Cash value of contribution as option in addition to
Penalties or consequences for failure to make contribution.
Liability of beneficial owners.
Liability of trustees.
Liability of officers, employees, and others managing business of trust.
Usury not a defense against beneficial owner's obligation.
Power to sue and be sued--Liabilities--Property subject to attachment--Exception for
separately designed series.
Trustee may be served with process.
Service of process--Fee if service made on secretary of state.
Time for responsive pleading.
Trustee or beneficial owner may consent to jurisdiction.
Service of process not limited.
Circuit court jurisdiction over business trusts.
Doing business in state by reason of being trustee.
Beneficial owner to have undivided interest in trust property--Proportionate share in
profits and losses.
Creditors of beneficial owners have no rights in business trust property.
Beneficial owner's interest in business trust as personal property.
Beneficial owner's interest transferable.
Beneficial owner entitled to distribution becomes creditor of business trust.
Title to property of business trust may be held by trustee.
Creditors of trustee have no rights in business trust property.
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
Provisions of governing instrument.
Trustee acting in reliance on governing instrument not liable to trust or beneficial
owner--Duties determined by governing instrument.
Officer or employer acting in reliance on governing instrument not liable--Duties
determined by governing instrument.
Action by beneficial owners--Notice and meeting not necessary if consent exists--Proxy.
Action by trustees--Notice and meeting not necessary if consent exists--Proxy.
One trustee required to have residence or principal place of business in state.
Exception to § 47-14A-30 for registered investment companies.
Change of registered agent or location of office--Amendment to certificate of trust.
Service of process on registered agent valid.
Change of name or address of trustee or registered agent--Fee--Certificate.
Business trust to have perpetual existence--Termination determined by governing
Death or incapacity of beneficial owner need not terminate business trust.
Dissolution of trust determined by governing instrument.
Powers of trust managers upon dissolution of trust.
Payment of claims and obligations of trust upon dissolution--Distribution of
remaining assets--Liability of persons winding up business.
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.
Powers of trust series managers upon dissolution of series--Liability.
Laws applicable to business trusts.
Certificate of trust to be filed with secretary--Contents--Trust formed upon filing.
Certificate of amendment--Contents--Certificate of trust may be freely amended.
Restated certificate of trust integrating all amendments--Contents.
Certificate of cancellation to be filed upon termination of trust--Contents.
Certificate of correction or corrected certificate of trust to be filed to correct defective
Termination of certificate containing future effective date.
Execution of certificates.
Execution by agent--Authorization of agent.
Execution of certificate by trustee constitutes oath as to truth of contents.
Certificates to be delivered to secretary's office--Duties of secretary upon receipt of
Certificates effective upon filing or upon effective date contained in certificate.
Fees paid at request of secretary or upon filing of certificate.
Signature may be facsimile or electronically transmitted--Certificate may be
Certificate of trust on file with secretary is notice of business trust.
Fees-Documents not effective until fee paid.
Name of business trust to be distinguishable from other businesses--Exception.
Name of person in name of business trust.
Terms contained in name of business trust.
Reservation of name.
Reservation of name--Application--Duration--Transfer--Cancellation.
Fees for reservation--When paid.
Merger or consolidation of business trusts.
Certificate of merger or consolidation to be filed with secretary--Contents.
Validity of certain mergers not affected by failure to file certificate.
Effective date of merger or consolidation.
Certificate of merger or consolidation as certificate of cancellation.
Amendment to or adoption of governing instrument upon merger--Effective date.
Rights, property, and obligations of merging entities vest in resulting entity.
Provision for contractual appraisal rights.
Authority of beneficial owner to bring derivative action.
Qualifications of plaintiff in derivative action.
Complaint to specify efforts to secure action by trustees.
Costs and attorney's fees of successful derivative action.
Beneficial owner's right to bring derivative action determined by governing
Indemnification of trustee or beneficial owner.
Absence of indemnity provision in governing instrument not conclusive.
Power of business trust to acquire interest held by beneficial owner.
Beneficial owners entitled to obtain certain information.
Trustees entitled to examine certain information.
Trustees authorized to keep certain information confidential.
Records maintained in other than written form--Demand for information to be in
Conversion of existing business entity to business trust--Filing requirements.
Certificate of conversion--Contents.
Effective of date of conversion to business trust--Effective date of commencement
Conversion to business trust not to affect liabilities incurred prior to conversion.
Rights, property, and obligations of converting entities vest in resulting entity.
Conversion deemed continuation of business entity as business trust.
Conversion to be approved under business entity's governing instrument.
Construction of chapter with other laws.
Disposition of rights and interests of business entity upon conversion.
Conversion of business trust to other business entity.
Provisions of law subject to change.
Citation of chapter.