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§ 55-7-4 Payment or transfer to fiduciary--Nonliability of transferor for improper application.

SD Codified L § 55-7-4 (2019) (N/A)
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55-7-4. Payment or transfer to fiduciary--Nonliability of transferor for improper application. A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.

Source: SL 1943, ch 19, § 2; SDC Supp 1960, § 6.0702.

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§ 55-7-3 A thing done "in good faith" defined.
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§ 55-7-5 Check or bill of exchange drawn by fiduciary payable to third person--Liability of payee.