55-16-4 Persons and entities not to be considered qualified person--Appointment, removal, or repla...
Persons and entities not to be considered qualified person--Appointment, removal,
or replacement of co-trustee, trust advisor, or trust protector.
Neither the transferor nor any other
natural person who is a nonresident of this state nor an entity that is not authorized by the law of this
state to act as a trustee or whose activities are not subject to supervision as provided in § 55-16-3
may be considered a qualified person. However, nothing in this chapter precludes a transferor from
appointing, removing, or replacing one or more co-trustees, trust advisors, or trust protectors,
regardless of whether or not such trust advisor or trust protector is a fiduciary.
Source: SL 2005, ch 261, § 4; SL 2006, ch 243, § 5; SL 2011, ch 212, § 6.