Everyone to whom property is transferred in violation of a trust holds the same as an implied trustee under such trust, unless he purchased it in good faith and for a valuable consideration.
S.D. Codified Laws § 55-1-9
Implied trust created by transfer of property in violation of trust
Applied in 1 court decision — leading case Gilbert v. United National Bank (1989)
Most recently applied in Gilbert v. United National Bank (February 1989)
Source: SDC 1939, § 59.0102 (3).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.