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§ 53-12-43 Person having control of transferable record is holder with same rights and defenses as holder of equivalent record.

SD Codified L § 53-12-43 (2019) (N/A)
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53-12-43. Person having control of transferable record is holder with same rights and defenses as holder of equivalent record. Except as otherwise agreed, a person having control of a transferable record is the holder, as defined in subdivision 57A-1-201(20), of the transferable record and has the same rights and defenses as a holder of an equivalent record or writing under the Uniform Commercial Code, including, if the applicable statutory requirements under § 57A-3-302(a), 57A-7-501, or 57A-9-308 are satisfied, the rights and defenses of a holder in due course, a holder to which a negotiable document of title has been duly negotiated, or a purchaser, respectively. Delivery, possession, and indorsement are not required to obtain or exercise any of the rights under this section.

Source: SL 2000, ch 225, § 43.

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§ 53-12-42 Requirements for creation, storage, and assignment of transferable record--Authoritative copy.
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§ 53-12-44 Obligor under transferable record has same rights and defenses as obligor under equivalent records.