Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties.
S.D. Codified Laws § 55-8-5
Assignment of security by fiduciary--Assumption as to authority and capacity
Known as the Uniform Act
The act spans §§ 55–55 (18 sections).
Source: SL 1961, ch 22, § 3 (1).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.