In case of an assignment of a thing in action, the action by the assignee shall be without prejudice to any setoff or other defense existing at the time of, or before notice of the assignment; but this section shall not apply to a negotiable promissory note or bill of exchange, transferred in good faith and upon good consideration before due.
S.D. Codified Laws § 15-9-23
Action by assignee subject to setoff or defense--Negotiable instruments excepted
Applied in 1 court decision — leading case Olsen-Frankman Livestock Marketing Service, Inc. v. Citizens National Bank (1979)
Most recently applied in Olsen-Frankman Livestock Marketing Service, Inc. v. Citizens National Bank (September 1979)
Source: SDC 1939 & Supp 1960, § 33.0404.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.