Except as otherwise agreed, an obligor under a transferable record has the same rights and defenses as an equivalent obligor under equivalent records or writings under the Uniform Commercial Code.
S.D. Codified Laws § 53-12-44
Obligor under transferable record has same rights and defenses as obligor under equivalent records
Source: SL 2000, ch 225, § 44.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.