57A-3A-106. Notice to buyer of assignment of paper--Contents--Defenses waived by failure to notify holder. The assignee shall give written notice of the fact of assignment to the retail buyer. Such notification shall contain conspicuous notice to the retail buyer that the retail buyer has sixty days within which to notify the holder in writing of any complaint or defense the retail buyer may have against the retail seller; and that if such written notification of the complaint or defense is not received by the holder within such sixty-day period, the holder shall have the right to enforce such instrument free of any such defenses or setoff the retail buyer may have against the retail seller, and thereafter such instrument shall not be deemed consumer paper.
Source: SL 1973, ch 295, § 4; SDCL Supp, § 57-10A-6.
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