South Dakota Codified Laws 55-8-6. Assignment of security by fiduciary–Compliance with controlling instrument andlaw governing fiduciary relationship assumed
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Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary may assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer.
Terms Used In South Dakota Codified Laws 55-8-6
- Assignment: includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. See South Dakota Codified Laws 55-8-1
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a personal representative, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee. See South Dakota Codified Laws 55-8-1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Security: includes any share of stock, bond, debenture, note, or other security issued by a corporation which is registered as to ownership on the books of the corporation. See South Dakota Codified Laws 55-8-1
- Transfer: means a change on the books of a corporation in the registered ownership of a security. See South Dakota Codified Laws 55-8-1
Source: SL 1961, ch 22, § 3 (2).