55-1-24. Definitions applicable to §§55-1-24 to 55-1-45.Terms used in §§55-1-24 to 55-1-45, inclusive, mean:(1)'Beneficial interest,' is limited to mean a distribution interest or a remainder interest. A beneficial interest specifically excludes a power of appointment or a power reserved by the settlor;(2)'Distribution beneficiary,' a beneficiary who is an eligible distributee or permissible distributee of trust income or principal;(3)'Distribution interest,' a distribution interest held by a distribution beneficiary. A distribution interest may be a current distribution interest or a future distribution interest. A distribution interest may be classified as a mandatory interest, a support interest, or a discretionary interest;(4)'Power of appointment,' as defined in §55-1-12;(5)'Reach,' with respect to a distribution interest or power, to subject the distribution interest or power to a judgment, decree, garnishment, attachment, execution, levy, creditor's bill or other legal, equitable, or administrative process, relief, or control of any court, tribunal, agency, or other entity as provided by law;(6)'Remainder interest,' an interest where a trust beneficiary receives the equitable, or administrative process, relief, or control of any court, tribunal, agency, or other entity as provided by law;(6)'Remainder interest,' an interest where a trust beneficiary receives the property outright at some time during the future;(7)'Reserved power,' a power held by the settlor. Source: SL 2007, ch 280, §1; SL 2008, ch 257, §2; SL 2009, ch 252, §2; SL 2011, ch 212, §30; SL 2015, ch 240, §10; SL 2016, ch 231, §10.
South Dakota Legal Code