Except to the extent otherwise provided in the governing instrument of a business trust, a trustee, when acting in such capacity, is not personally liable to any person other than the business trust or a beneficial owner for any act, omission, or obligation of the business trust or any trustee thereof.
S.D. Codified Laws § 47-14A-6
Liability of trustees
Known as the South Dakota Business Trust Act
The act spans §§ 47-14A-1 to 47-14A-96 (95 sections).
Source: SL 2001, ch 245, § 6.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.