South Dakota Codified Laws 55-8-7. Assignment of security by fiduciary–Corporation or transfer agent not charged withnotice of records or documents
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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 is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.
Terms Used In South Dakota Codified Laws 55-8-7
- 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 (3).