Section 55-4-13 - Trustee not to buy from or sell to self--Exception

55-4-13. Trustee not to buy from or sell to self--Exception.No trustee, unless expressly authorized by the trust instrument, shall directly or indirectly lease, buy or sell any property for the trust from or to itself or an affiliate; or from or to a director, officer, or employee of such trustee or of an affiliate; or from or to a relative, employer, partner, or other business associate. Notwithstanding this provision or any statute to the contrary, a trustee may lease, purchase or sell property from or to the trust he represents as trustee if specifically authorized to do so in a decedent's will or the instrument creating the trustee relationship, including the establishment of a trust service office as provided by chapter 51A-5. Source: SL 1943, ch 308, §5; SDC Supp 1960, §59.0505; SL 1980, ch 343; SL 1981, ch 354, §2; SL 1984, ch 314, §7.