South Dakota Codified Laws 55-8-5. Assignment of security by fiduciary–Assumption as to authority and capacity
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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 assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties.
Terms Used In South Dakota Codified Laws 55-8-5
- 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
- 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 (1).