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S.D. Codified Laws § 57A-8-204

Effect of issuer's restriction on transfer

Known as the Uniform Commercial Code

The act spans §§ 57A-1-101 to 57A-9-809 (574 sections).

Source: SL 1998, ch 284, § 1.

A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:

(1) The security is certificated and the restriction is noted conspicuously on the security certificate; or

(2) The security is uncertificated and the registered owner has been notified of the restriction.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.