Notwithstanding the terms of a trust instrument, if a settlor has a power to substitute property of equivalent value, a trustee has a fiduciary duty to determine that the substituted property is of equivalent value, prior to allowing the substitution.
S.D. Codified Laws § 55-2-22
Fiduciary duty to determine that substituted property is of equivalent value
Source: SL 2009, ch 252, § 21.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.