55-7-2. Definition of terms.Terms used in §§55-7-2 to 55-7-15, inclusive, mean:(1)'Bank,' any person or association of persons, whether incorporated or not, carrying on the business of banking;(2)'Fiduciary,' any trustee under any trust, express, implied, resulting or constructive, personal representative, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate;(3)'Person,' any corporation, limited liability company, partnership, or other association, or two or more persons having a joint or common interest; and(4)'Principal,' any person to whom a fiduciary as such owes an obligation. Source: SL 1943, ch 19, §1; SDC Supp 1960, §6.0701 (1); SL 1994, ch 351, §154.
South Dakota Legal Code