A corporate trustee may sell stocks, bonds and other securities listed on all exchange supervised by the securities and exchange commission as well as obligations of the U.S. treasury and obligations of U.S. government agencies held by it in one account to itself as trustee of another account if the transaction is fair to both accounts and if such transaction is not prohibited by the instruments creating the trustee relationships.
S.D. Codified Laws § 55-4-14
Permitted sales between trusts held by same corporate trustee
Known as the Uniform Trusts Act
The act spans §§ 55–55 (57 sections).
Source: SL 1943, ch 308, § 6; SDC Supp 1960, § 59.0506; SL 1979, ch 337.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.