43-42-3. Nonnegotiable contract--Transfer by endorsement. A nonnegotiable written contract for the payment of money or personal property may be transferred by endorsement in like manner with negotiable instruments. Such endorsement shall transfer all the rights of the assignor under the instrument to the assignee subject to all equities and defenses existing in favor of the maker at the time of the endorsement, or arising in his favor before notice of the assignment or endorsement.
Source: CivC 1877, § 818; CL 1887, § 3442; RCivC 1903, § 1135; RC 1919, § 742; SDC 1939, § 51.0803; SL 1945, ch 213.
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