South Dakota Codified Laws 53-12-44. Obligor under transferable record has same rights and defenses as obligor underequivalent records
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Except as otherwise agreed, an obligor under a transferable record has the same rights and defenses as an equivalent obligor under equivalent records or writings under the Uniform Commercial Code.
Terms Used In South Dakota Codified Laws 53-12-44
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
Source: SL 2000, ch 225, § 44.