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§ 55-1-36 Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary.

SD Codified L § 55-1-36 (2019) (N/A)
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55-1-36. Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary. If a settlor is also a beneficiary of the trust, and the transfer is a qualified transfer pursuant to chapter 55-16, the provisions of §§ 55-1-24 to 55-1-43, inclusive, also apply. Conversely, if the settlor is a beneficiary of the trust and the transfer is not a qualified transfer pursuant to chapter 55-16, a provision restraining the voluntary or involuntary transfer of the settlor's beneficial interest does not prevent the settlor's creditors from satisfying claims from the settlor's interest in the trust estate.

Source: SL 2007, ch 280, § 13; SL 2011, ch 212, § 35; SL 2015, ch 240, § 12.

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§ 55-1-36.1 Effect on creditor claims of trustee discretionary powers to pay taxes or make reimbursements for taxes.