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Can you summarize SDCL Chapter 51A-5?
BANKS AND BANKING > Trust Business Of Banks
Short Summary
The legal document reviewed pertains to the trust business of banks in South Dakota. It outlines the powers and operations of banks engaging in the trust business. The document applies to banks that are authorized to engage in the trust business as defined in the South Dakota Codified Laws. Banks engaging in the trust business have various powers, including acting as fiduciaries, custodians, managing agents, and attorneys-in-fact. They are also allowed to establish and maintain common trust funds or collective investment funds. The document does not mention any specific exemptions or penalties. It provides a framework for banks to conduct trust business in compliance with the relevant laws and regulations.
Whom does it apply to?
The document applies to banks that are authorized to engage in the trust business as defined in the South Dakota Codified Laws.
What does it govern?
The legal document governs the powers and operations of banks engaging in the trust business in South Dakota. It covers various aspects of the trust business, including acting as fiduciaries, custodians, managing agents, and attorneys-in-fact. It also allows banks to establish and maintain common trust funds or collective investment funds.
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
South Dakota