A beneficial owner's beneficial interest in the business trust is personal property notwithstanding the nature of the property of the trust. Except to the extent otherwise provided in the governing instrument of a business trust, a beneficial owner has no interest in specific business trust property.
S.D. Codified Laws § 47-14A-19
Beneficial owner's interest in business trust as personal property
Known as the South Dakota Business Trust Act
The act spans §§ 47–47 (95 sections).
Source: SL 2001, ch 245, § 19.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.