54-9-2. Instrument of assignment--Execution--Acknowledgment or proof--Recording--Defective execution invalidates assignment. An assignment for the benefit of creditors must be in writing, subscribed by the assignor, or by his agent thereto authorized by writing. It must be acknowledged or proved and certified, in the mode prescribed by this code for recording transfers of real property and recorded as required by § 54-9-8. Unless such provisions are complied with, an assignment for the benefit of creditors is void against every creditor of the assignor not assenting thereto.
Source: CivC 1877, §§ 2031, 2032; CL 1887, §§ 4664, 4665; RCivC 1903, §§ 2376, 2377; RC 1919, §§ 2049, 2050; Supreme Court Rule 617, 1939; SDC 1939 & Supp 1960, § 37.5104.
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