S.D. Codified Laws § 55-1-35

Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.

Find cases: SyfertCases citing this section SD-LEGsdlegislature.gov JustiaS.D. Codified Laws CornellLII Search CasesGoogle Scholar

55-1-35. Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.

A declaration in a trust that the interest of a beneficiary shall be held subject to a spendthrift trust is sufficient to restrain voluntary or involuntary alienation of a beneficial interest by a beneficiary to the maximum extent provided by law. Regardless of whether a beneficiary has any outstanding creditor, a trustee of a spendthrift trust may directly pay any expense on behalf of such beneficiary and may exhaust the income and principal of the trust for the benefit of such beneficiary. No trustee is liable to any creditor for paying the expenses of a beneficiary of a spendthrift trust.

Source: SL 2007, ch 280, § 12; SL 2011, ch 212, § 34.

Notes of Decisions

Cited in 3 cases (1 in the last 5 years), 2019–2023 · leading case: PLAINS COMMERCE BANK, INC. v. BECK

Sort: Relevance Newest Treatment

PLAINS COMMERCE BANK, INC. v. BECK (2023) sd “] The spendthrift provision in the Trust Agreement embodies these principles, and Plains Commerce has not directed this Court to any authority supporting its claim that the self-dealing exception for trustees in SDCL 55-2-3(1) can override the spendthrift provision in this Trust…”

In re Cleopatra Cameron Gift Trust (2019) sd “"); SDCL 55-1-35 ("No trustee is liable to any creditor for paying the expenses of a spendthrift trust.”

Matter of Cameron Trust (2019) sd “”); SDCL 55-1-35 (“No trustee is liable to any creditor for paying the expenses of a spendthrift trust.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.