LegalFix
Sign In

§ 55-8-4 Registration of security in name of fiduciary.

SD Codified L § 55-8-4 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

55-8-4. Registration of security in name of fiduciary. A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.

Source: SL 1961, ch 22, § 2.

Previous Section
§ 55-8-3 Application of chapter.
Next Section
§ 55-8-5 Assignment of security by fiduciary--Assumption as to authority and capacity.