South Dakota Codified Laws 55-7-4. Payment or transfer to fiduciary–Nonliability of transferor for improper application
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A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.
Terms Used In South Dakota Codified Laws 55-7-4
- Fiduciary: A trustee, executor, or administrator.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1943, ch 19, § 2; SDC Supp 1960, § 6.0702.