55-16-8. Powers and rights of transferor--Effect on qualified disposition.A qualified disposition is subject to §§55-16-9 to 55-16-14, inclusive, notwithstanding a transferor's retention of any or all of the powers and rights described in subdivision 55-16-2(2) and the transferor's service as trust advisor pursuant to §55-16-5. The transferor has only such powers and rights as are conferred by the trust instrument. Except as permitted by §§55-16-2 and 55-16-5, a transferor has no rights or authority with respect to the property that is the subject of a qualified disposition or the income therefrom, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority is void. Source: SL 2005, ch 261, §8.
South Dakota Legal Code