James Thomson, of Lathrop GPM, has made available for download his article, “South Dakota Supreme Court Limits Ability of Trust Beneficiaries to Sue on Behalf of Trust”, published in JDSUPRA. The abstract is as follows:
In a recent opinion, the South Dakota Supreme Court held that trust beneficiaries lacked standing to bring claims against a third party on behalf of the trust. In so holding, the court explained that trustees typically are the only parties with standing to bring claims on behalf of the trusts they administer, and it declined to adopt a broader exception to this rule urged by the beneficiaries. This ruling has important implications for trustees and trust beneficiaries alike.
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.