Officer or employer acting in reliance on governing instrument not liable--Duties determined by governing instrument.
SDCL § 47-14A-27
in effect47-14A-27. Officer or employer acting in reliance on governing instrument not liable--Duties determined by governing instrument.
To the extent that, at law or in equity, an officer, employee, manager, or other person designated pursuant to subdivision 47-14A-25(7) has duties (including fiduciary duties) and liabilities relating thereto to a business trust, a beneficial owner, or a trustee:
(1) Any such officer, employee, manager, or other person acting under a governing instrument is not liable to the business trust, any beneficial owner, or any trustee for such person's good faith reliance on the provisions of such governing instrument; and
(2) The duties and liabilities of an officer, employee, manager, or other person acting pursuant to subdivision 47-14A-25(7) may be expanded or restricted by provisions in a governing instrument.
SL 2001, ch 245, § 27.
Source: South Dakota Legislature (sdlegislature.gov)URL: https://sdlegislature.gov/Statutes/47-14A-27Fetched: 10/20/2026