55-4-10. Loan of trust funds.
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/sd/title-55/chapter-55-4/55-4-10A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as provided in §§ 55-4-11 and 55-4-12 , or except as may be expressly authorized by a court order, by the written consent of all qualified beneficiaries which may be given notwithstanding the provisions of § 55-4-31 , by the written authorization from or direction by a trust protector, or by the terms of the governing instrument, which may be given by the settlor notwithstanding the provisions of § 55-4-30 :
(1)No corporate trustee may lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate;
(2)No noncorporate trustee may lend trust funds to himself or herself, or to any relative, employer, employee, partner, or other business associate.