An accounting by a trustee of a court supervised trust and the final approval thereof by a court, whether or not such accounting is contested, is conclusive against all persons in any way interested in the trust, and the trustee, absent fraud, intentional misrepresentation, or material omission, shall be released and discharged from any and all liability as to all matters set forth in the accounting. For purposes of this section, the term, accounting, means any annual, interim, or final report or other statement provided by a trustee reflecting all transactions, receipts, and disbursements during the reporting period and a list of assets as of the end of the period covered by the report or statement.
S.D. Codified Laws § 21-22-30
Court approval of trustee's accounting is conclusive--Accounting defined
Applied in 1 court decision — leading case In Re the Trust Fund Created Under the Terms of the Last Will & Testament of Baumgart (2015)
Most recently applied in In Re the Trust Fund Created Under the Terms of the Last Will & Testament of Baumgart (July 2015)
Source: SL 2000, ch 229, § 3; SL 2017, ch 204, § 25.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.