Property Ownership
In South Dakota, when a property is held in a trust, the trustee's authority is defined by:
ASouth Dakota license law
BThe trust document (trust agreement or declaration of trust)✓ Correct
CThe county assessor's office
DFederal banking regulations
Explanation
A trustee's authority is defined by the trust document, which specifies what actions the trustee can take regarding trust property, including buying, selling, and mortgaging.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
State-Specific Concepts
License Law
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