Regulatory Alerts2020-01-01
South Dakota Division of Banking Memorandum on New Trust Legislation HB 1046 and HB 1051
The South Dakota Division of Banking issued a memorandum summarizing House Bills 1046 and 1051, which were signed into law by Governor Dennis Daugaard and became effective on July 1, 2017. HB 1046 introduces technical amendments and new provisions regarding trust company naming, the registration of trusts, trustee indemnification, and the decanting of assets, while repealing outdated real property trust statutes. HB 1051 establishes a comprehensive framework for virtual representation to streamline notice requirements for unknown or unborn beneficiaries, thereby reducing administrative costs and legal delays in trust administration.
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