Rule 20:07:22:03 Private trust company defined.
20:07:22:03. Private trust
company defined. A private trust company is one that does not engage in
trust company business with the general public or otherwise hold itself out as
a trustee or fiduciary for hire by advertising, solicitation, or other means
and instead operates for the benefit of a family or families, regardless of
whether compensation is received or anticipated.
Source: 36 SDR 208, effective June 30,
General Authority: SDCL 51A-2-13.
Law Implemented: SDCL 51A-6A-1.
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