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, ยง2.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 08 - Registration And Transfer Of Securities Held By Fiduciaries
Section 55-8-1 - Definition of terms.
Section 55-8-2 - Rights and duties of corporation and transfer agent--Law governing.
Section 55-8-3 - Application of chapter.
Section 55-8-4 - Registration of security in name of fiduciary.
Section 55-8-5 - Assignment of security by fiduciary--Assumption as to authority and capacity.
Section 55-8-11 - Liability of corporation or transfer agent for making or refusing transfer.
Section 55-8-12 - Nonliability of corporation or transfer agent for authorized acts.
Section 55-8-13 - Participation in breach of fiduciary duty--Nonliability of third persons.
Section 55-8-14 - Liability of guarantor of signature of fiduciary.
Section 55-8-16 - Tax obligations of corporation or transfer agent not affected by chapter.