South Dakota Legislature

South Dakota abolishes Rule Against Perpetuities, enabling dynasty trusts and tax haven status

1983-07-01 00:00:00 +0000 UTC | Importance: 8/10

South Dakota became the first U.S. state to abolish the common-law Rule Against Perpetuities, ending centuries of legal precedent designed to prevent families from holding wealth in trusts forever. The legislature enacted SDCL Section 43-5-8 declaring “The common-law rule against perpetuities …

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