Primacy of trust instrument - grantor can provide indemnities, powers, etc. Any governing instrument providing for a trust advisor or trust protector may also provide such trust adviser or trust protector with some, none, or all the rights, powers, privileges, benefits, immunities, or authorities available to a trustee under South Dakota law or under the governing instrument.
The settlor of any (express) trust may be provision in the instrument creating the trust if the trust was created by a writing; relieve the trustee from any or all of the duties, restrictions, and liabilities which would otherwise be imposed upon the trustee by this chapter; or alter or deny to the trustee any or all all the privileges and powers conferred upon the trustee by this chapter; or add duties, restrictions, liabilities, privileges, or powers to those imposed or granted by this chapter.
With respoect to investment and management powers, 55-5-12 provides the provisions of this chapter may be expanded, restricted, eliminiated or otherwise altered by express provisions of the trust instrument. The trustee is not liable to a beneficiary for the trustee's reasonable and good faith reliance on those express provisions.
The terms of a governing instrument may expans, restrict, eliminate, or otherwise vary any provisions of general application to trusts and trust administration.
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