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 fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer.
S.D. Codified Laws § 55-8-6
Assignment of security by fiduciary--Compliance with controlling instrument and law governing fiduciary relationship assumed
Known as the Uniform Act
The act spans §§ 55–55 (18 sections).
Source: SL 1961, ch 22, § 3 (2).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.