One who actually and in good faith transfers any money or other property to a trustee as such is not bound to see to the application thereof; and his rights can in no way be prejudiced by a misapplication thereof by the trustee. Other persons must at their peril see to the proper application of money or other property paid or delivered by them.
S.D. Codified Laws § 55-7-1
Liability of third persons dealing with trustees
Known as the Uniform Fiduciaries Act
The act spans §§ 55–55 (15 sections).
Source: SDC 1939, § 59.0117.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.