South Dakota Codified Laws 57A-3A-102. Instruments to be marked consumer paper–Holder not holder in due course
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If any contract for sale or lease of consumer goods or services on credit, entered into between a retail seller and a retail buyer, requires or involves the execution of a promissory note, instrument or other evidence of indebtedness, hereinafter called instrument, such instrument shall have printed conspicuously on the face thereof the words “consumer paper,” and a holder of such instrument shall not be deemed a holder in due course.
Terms Used In South Dakota Codified Laws 57A-3A-102
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Source: SL 1973, ch 295, § 2; SDCL Supp, § 57-10A-2.