An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under § 57A-8-501 for value and without notice of the adverse claim.
S.D. Codified Laws § 57A-8-502
Assertion of adverse claim against entitlement holder
Known as the Uniform Commercial Code
The act spans §§ 57A-1-101 to 57A-9-809 (574 sections).
Source: SL 1998, ch 284, § 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.