43-35-5. Transfer of possession of personal property, with power of disposition, to another--Executed sale by transferee--Legal effect. Where the possession of personal property, together with a power to dispose thereof, is transferred by its owner to another person, an executed sale by the latter, while in possession, to a buyer in good faith and in the ordinary course of business, for value, transfers to such buyer the title of the former owner, though he may be entitled to rescind, and does rescind the transfer made by him.
Source: CivC 1877, § 638; CL 1887, § 3259; RCivC 1903, § 952; RC 1919, § 560; SDC 1939, § 51.1505.
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