No trustee who has not joined in exercising a power shall be liable to the beneficiaries or to others for the consequences of such exercise, nor shall a dissenting trustee be liable for the consequences of an act in which he joins at the direction of the majority trustees, if he expressed his dissent in writing to any of his cotrustees at or before the time of such joinder.
S.D. Codified Laws § 55-4-4
Liability of trustee not joining in exercise of power
Known as the Uniform Trusts Act
The act spans §§ 55–55 (57 sections).
Applied in 2 court decisions — leading case O'Brien v. Gridley (1990)
Most recently applied in Matter of Hadleigh D. Hyde Trust (July 1990)
Source: SL 1943, ch 308, § 11; SDC Supp 1960, § 59.0511 (1).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.