South Dakota Codified Laws 55-8-4. Registration of security in name of fiduciary
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A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.
Terms Used In South Dakota Codified Laws 55-8-4
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means a private or public corporation, association or trust issuing a security. 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
- Person: includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity. See South Dakota Codified Laws 55-8-1
- 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
- Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See South Dakota Codified Laws 55-8-1
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
Source: SL 1961, ch 22, § 2.