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§ 55-1-21.8 Distribution of property upon termination of purpose of trust.

SD Codified L § 55-1-21.8 (2019) (N/A)
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55-1-21.8. Distribution of property upon termination of purpose of trust. Upon termination of a purpose trust, the trustee shall distribute any remaining trust property as directed in the governing instrument. Only in the event that the governing instrument is silent shall the trustee, upon termination of a purpose trust, distribute any remaining trust property as follows:

(1) If the trust was created in a nonresiduary clause in a testator's will and the will fails to direct the distribution of unexpended trust property, then under the residuary clause of the testator's will, and for the purposes of § 29A-2-707, the residuary clause is treated as creating a future interest under the terms of a trust; and

(2) Otherwise, to the trustor's heirs under § 29A-2-711.Source: SL 2018, ch 275, § 11.

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§ 55-1-21.7 Judicial designation of trustee--Order to carry out intent of trustor and purpose of trust.
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§ 55-1-21.9 Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required.