53-9-9. Sale of good will--Seller's agreement with buyer to refrain from carrying on similar business, validity.

Any person who sells the good will of a business may agree with the buyer to refrain from carrying on a similar business within a specified county, city, or other specified area, as long as the buyer or person deriving title to the good will from the seller carries on a like business within the specified geographical area.

Source: SDC 1939, § 10.0706 (1); SL 1992, ch 60, § 2; SL 1997, ch 274, § 1.