<HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS 55-7 THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 55-7 THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS "> <META NAME="Description" Content="South Dakota Codified Laws 55-7"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 55-7 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-1">55-7-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Liability of third persons dealing with trustees. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-2">55-7-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Definition of terms. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-3">55-7-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> A thing done &quot;in good faith&quot; defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-4">55-7-4</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Payment or transfer to fiduciary--Nonliability of transferor for improper application. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-5">55-7-5</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Check or bill of exchange drawn by fiduciary payable to third person--Liability of payee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-6">55-7-6</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or transferee. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-7">55-7-7</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Bank account in name of fiduciary--Check drawn by fiduciary--Bank's liability to principal. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-8">55-7-8</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Bank account in name of principal--Check drawn by fiduciary--Bank's liability to principal. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-9">55-7-9</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Deposit in bank to fiduciary's personal account--Bank's liability to principal. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-10">55-7-10</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Deposit in bank in names of two or more trustees--Check drawn by one. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-11">55-7-11</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Negotiable instrument transferred by fiduciary. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-12">55-7-12</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Law governing transactions not within Uniform Fiduciaries Act. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-13">55-7-13</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Act not retroactive. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-14">55-7-14</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Uniformity of interpretation. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=55-7-15">55-7-15</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Citation of uniform act.<p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072787Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072787SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072787CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072787Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072787DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072787000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072787SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072787SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072787Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-1"><span class="s2072787SENU">55-7-1</span></a><span xml:space="preserve" class="s2072787SENU">. </span><span class="s2072787CL">Liability of third persons dealing with trustees.</span></p><p dir="ltr" class="s2072787Normal-000000"><span class="s2072787DefaultParagraphFont">One who actually and in good faith transfers any money or other property to a trustee as such is not bound to see to the application thereof; and his rights can in no way be prejudiced by a misapplication thereof by the trustee. Other persons must at their peril see to the proper application of money or other property paid or delivered by them.</span></p><p dir="ltr" class="s2072787Normal"><span xml:space="preserve" class="s2072787000001"> </span></p><p dir="ltr" class="s2072787Normal"><span class="s2072787SCL">Source:</span><span xml:space="preserve" class="s2072787SCL-000002"> SDC 1939, § 59.0117.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072788Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072788SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072788CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072788Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072788DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072788Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072788000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072788SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072788SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072788Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072788SENU">55-7-2</span></a><span xml:space="preserve" class="s2072788SENU">. </span><span class="s2072788CL">Definition of terms.</span></p><p dir="ltr" class="s2072788Normal-000000"><span xml:space="preserve" class="s2072788DefaultParagraphFont">Terms used in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072788DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072788DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072788DefaultParagraphFont">55-7-15</span></a><span class="s2072788DefaultParagraphFont">, inclusive, mean:</span></p><p dir="ltr" class="s2072788Normal-000001"><span class="s2072788DefaultParagraphFont">(1)    "Bank," any person or association of persons, whether incorporated or not, carrying on the business of banking;</span></p><p dir="ltr" class="s2072788Normal-000001"><span class="s2072788DefaultParagraphFont">(2)    "Fiduciary," any trustee under any trust, express, implied, resulting or constructive, personal representative, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate;</span></p><p dir="ltr" class="s2072788Normal-000001"><span class="s2072788DefaultParagraphFont">(3)    "Person," any corporation, limited liability company, partnership, or other association, or two or more persons having a joint or common interest; and</span></p><p dir="ltr" class="s2072788Normal-000001"><span class="s2072788DefaultParagraphFont">(4)    "Principal," any person to whom a fiduciary as such owes an obligation.</span></p><p dir="ltr" class="s2072788Normal"><span xml:space="preserve" class="s2072788000002"> </span></p><p dir="ltr" class="s2072788Normal"><span class="s2072788SCL">Source:</span><span xml:space="preserve" class="s2072788SCL-000003"> SL 1943, ch 19, § 1; SDC Supp 1960, § 6.0701 (1); SL 1994, ch 351, § 154.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072789Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072789SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072789CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072789Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072789DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072789000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072789SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072789SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072789Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-3"><span class="s2072789SENU">55-7-3</span></a><span xml:space="preserve" class="s2072789SENU">. </span><span class="s2072789CL">A thing done "in good faith" defined.</span></p><p dir="ltr" class="s2072789Normal-000000"><span xml:space="preserve" class="s2072789DefaultParagraphFont">A thing is done "in good faith" within the meaning of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072789DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072789DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072789DefaultParagraphFont">55-7-15</span></a><span class="s2072789DefaultParagraphFont">, inclusive, when it is in fact done honestly, whether it be done negligently or not.</span></p><p dir="ltr" class="s2072789Normal"><span xml:space="preserve" class="s2072789000001"> </span></p><p dir="ltr" class="s2072789Normal"><span class="s2072789SCL">Source:</span><span xml:space="preserve" class="s2072789SCL-000002"> SL 1943, ch 19, § 1; SDC Supp 1960, § 6.0701 (2).</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072790Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072790SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072790CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072790Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072790DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072790000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072790SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072790SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072790Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-4"><span class="s2072790SENU">55-7-4</span></a><span xml:space="preserve" class="s2072790SENU">. </span><span class="s2072790CL">Payment or transfer to fiduciary--Nonliability of transferor for improper application.</span></p><p dir="ltr" class="s2072790Normal-000000"><span class="s2072790DefaultParagraphFont">A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.</span></p><p dir="ltr" class="s2072790Normal"><span xml:space="preserve" class="s2072790000001"> </span></p><p dir="ltr" class="s2072790Normal"><span class="s2072790SCL">Source:</span><span xml:space="preserve" class="s2072790SCL-000002"> SL 1943, ch 19, § 2; SDC Supp 1960, § 6.0702.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072791Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072791SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072791CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072791Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072791DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072791000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072791SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072791SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072791Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-5"><span class="s2072791SENU">55-7-5</span></a><span xml:space="preserve" class="s2072791SENU">. </span><span class="s2072791CL">Check or bill of exchange drawn by fiduciary payable to third person--Liability of payee.</span></p><p dir="ltr" class="s2072791Normal-000000"><span class="s2072791DefaultParagraphFont">If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in drawing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith. If, however, such instrument is payable to a personal creditor of the fiduciary and delivered to the creditor in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is drawn and delivered in any transaction known by the payee to be for the personal benefit of the fiduciary, the creditor or other payee is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the instrument.</span></p><p dir="ltr" class="s2072791Normal"><span xml:space="preserve" class="s2072791000001"> </span></p><p dir="ltr" class="s2072791Normal"><span class="s2072791SCL">Source:</span><span xml:space="preserve" class="s2072791SCL-000002"> SL 1943, ch 19, § 5; SDC Supp 1960, § 6.0705.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072792Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072792SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072792CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072792Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072792DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072792000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072792SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072792SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072792Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-6"><span class="s2072792SENU">55-7-6</span></a><span xml:space="preserve" class="s2072792SENU">. </span><span class="s2072792CL">Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or transferee.</span></p><p dir="ltr" class="s2072792Normal-000000"><span class="s2072792DefaultParagraphFont">If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally, or payable to a third person and by him transferred to the fiduciary, and is thereafter transferred by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise, the transferee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in transferring the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith.</span></p><p dir="ltr" class="s2072792Normal"><span xml:space="preserve" class="s2072792000001"> </span></p><p dir="ltr" class="s2072792Normal"><span class="s2072792SCL">Source:</span><span xml:space="preserve" class="s2072792SCL-000002"> SL 1943, ch 19, § 6; SDC Supp 1960, § 6.0706.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072793Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072793SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072793CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072793Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072793DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072793000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072793SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072793SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072793Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-7"><span class="s2072793SENU">55-7-7</span></a><span xml:space="preserve" class="s2072793SENU">. </span><span class="s2072793CL">Bank account in name of fiduciary--Check drawn by fiduciary--Bank's liability to principal.</span></p><p dir="ltr" class="s2072793Normal-000000"><span class="s2072793DefaultParagraphFont">If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.</span></p><p dir="ltr" class="s2072793Normal"><span xml:space="preserve" class="s2072793000001"> </span></p><p dir="ltr" class="s2072793Normal"><span class="s2072793SCL">Source:</span><span xml:space="preserve" class="s2072793SCL-000002"> SL 1943, ch 19, § 7; SDC Supp 1960, § 6.0707.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072794Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072794SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072794CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072794Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072794DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072794000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072794SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072794SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072794Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-8"><span class="s2072794SENU">55-7-8</span></a><span xml:space="preserve" class="s2072794SENU">. </span><span class="s2072794CL">Bank account in name of principal--Check drawn by fiduciary--Bank's liability to principal.</span></p><p dir="ltr" class="s2072794Normal-000000"><span class="s2072794DefaultParagraphFont">If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing such check, or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of its obligation as fiduciary in drawing or delivering the check.</span></p><p dir="ltr" class="s2072794Normal"><span xml:space="preserve" class="s2072794000001"> </span></p><p dir="ltr" class="s2072794Normal"><span class="s2072794SCL">Source:</span><span xml:space="preserve" class="s2072794SCL-000002"> SL 1943, ch 19, § 8; SDC Supp 1960, § 6.0708.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072795Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072795SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072795CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072795Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072795DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072795000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072795SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072795SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072795Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-9"><span class="s2072795SENU">55-7-9</span></a><span xml:space="preserve" class="s2072795SENU">. </span><span class="s2072795CL">Deposit in bank to fiduciary's personal account--Bank's liability to principal.</span></p><p dir="ltr" class="s2072795Normal-000000"><span class="s2072795DefaultParagraphFont">If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks thereon, or of checks payable to his principal and endorsed by him, if he is empowered to endorse such checks, or if he otherwise makes a deposit of funds held by him as fiduciary, the bank receiving such deposit is not bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary; and the bank is authorized to pay the amount of the deposit or any part thereof upon the personal check of the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in making such deposit or in drawing such check, or with knowledge of such facts that its action in receiving the deposit or paying the check amounts to bad faith.</span></p><p dir="ltr" class="s2072795Normal"><span xml:space="preserve" class="s2072795000001"> </span></p><p dir="ltr" class="s2072795Normal"><span class="s2072795SCL">Source:</span><span xml:space="preserve" class="s2072795SCL-000002"> SL 1943, ch 19, § 9; SDC Supp 1960, § 6.0709.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072796Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072796SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072796CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072796Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072796DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072796000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072796SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072796SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072796Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-10"><span class="s2072796SENU">55-7-10</span></a><span xml:space="preserve" class="s2072796SENU">. </span><span class="s2072796CL">Deposit in bank in names of two or more trustees--Check drawn by one.</span></p><p dir="ltr" class="s2072796Normal-000000"><span class="s2072796DefaultParagraphFont">When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.</span></p><p dir="ltr" class="s2072796Normal"><span xml:space="preserve" class="s2072796000001"> </span></p><p dir="ltr" class="s2072796Normal"><span class="s2072796SCL">Source:</span><span xml:space="preserve" class="s2072796SCL-000002"> SL 1943, ch 19, § 10; SDC Supp 1960, § 6.0710.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072797Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072797SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072797CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072797Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072797DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072797000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072797SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072797SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072797Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-11"><span class="s2072797SENU">55-7-11</span></a><span xml:space="preserve" class="s2072797SENU">. </span><span class="s2072797CL">Negotiable instrument transferred by fiduciary.</span></p><p dir="ltr" class="s2072797Normal-000000"><span class="s2072797DefaultParagraphFont">If any negotiable instrument payable or endorsed to a fiduciary as such is endorsed by the fiduciary, or if any negotiable instrument payable or endorsed to his principal is endorsed by a fiduciary empowered to endorse such instrument on behalf of his principal, the endorsee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in endorsing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith. If, however, such instrument is transferred by the fiduciary in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is transferred in any transaction known by the transferee to be for the personal benefit of the fiduciary, the creditor or other transferee is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in transferring the instrument.</span></p><p dir="ltr" class="s2072797Normal"><span xml:space="preserve" class="s2072797000001"> </span></p><p dir="ltr" class="s2072797Normal"><span class="s2072797SCL">Source:</span><span xml:space="preserve" class="s2072797SCL-000002"> SL 1943, ch 19, § 4; SDC Supp 1960, § 6.0704.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072798Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072798SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072798CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072798Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072798DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072798000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072798SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072798SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072798Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-12"><span class="s2072798SENU">55-7-12</span></a><span xml:space="preserve" class="s2072798SENU">. </span><span class="s2072798CL">Law governing transactions not within Uniform Fiduciaries Act.</span></p><p dir="ltr" class="s2072798Normal-000000"><span xml:space="preserve" class="s2072798DefaultParagraphFont">In any case not provided for in §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072798DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072798DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072798DefaultParagraphFont">55-7-15</span></a><span class="s2072798DefaultParagraphFont">, inclusive, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply.</span></p><p dir="ltr" class="s2072798Normal"><span xml:space="preserve" class="s2072798000001"> </span></p><p dir="ltr" class="s2072798Normal"><span class="s2072798SCL">Source:</span><span xml:space="preserve" class="s2072798SCL-000002"> SL 1943, ch 19, § 12; SDC Supp 1960, § 6.0712.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072799Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072799SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072799CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072799Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072799DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072799000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072799SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072799SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072799Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-13"><span class="s2072799SENU">55-7-13</span></a><span xml:space="preserve" class="s2072799SENU">. </span><span class="s2072799CL">Act not retroactive.</span></p><p dir="ltr" class="s2072799Normal-000000"><span xml:space="preserve" class="s2072799DefaultParagraphFont">The provisions of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072799DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072799DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072799DefaultParagraphFont">55-7-15</span></a><span class="s2072799DefaultParagraphFont">, inclusive, shall not apply to transactions taking place prior to July 1, 1943.</span></p><p dir="ltr" class="s2072799Normal"><span xml:space="preserve" class="s2072799000001"> </span></p><p dir="ltr" class="s2072799Normal"><span class="s2072799SCL">Source:</span><span xml:space="preserve" class="s2072799SCL-000002"> SL 1943, ch 19, § 11; SDC Supp 1960, § 6.0711.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072800Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072800SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072800CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072800Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072800DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072800000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072800SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072800SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072800Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-14"><span class="s2072800SENU">55-7-14</span></a><span xml:space="preserve" class="s2072800SENU">. </span><span class="s2072800CL">Uniformity of interpretation.</span></p><p dir="ltr" class="s2072800Normal-000000"><span xml:space="preserve" class="s2072800DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072800DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072800DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072800DefaultParagraphFont">55-7-15</span></a><span class="s2072800DefaultParagraphFont">, inclusive, shall be so interpreted and construed as to effectuate their general purpose to make uniform the law of those states which enact them.</span></p><p dir="ltr" class="s2072800Normal"><span xml:space="preserve" class="s2072800000001"> </span></p><p dir="ltr" class="s2072800Normal"><span class="s2072800SCL">Source:</span><span xml:space="preserve" class="s2072800SCL-000002"> SL 1943, ch 19, § 13; SDC Supp 1960, § 6.0713.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-7 - THIRD-PARTY RESPONSIBILITY FOR FIDUCIARY ACTS </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072801Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072801SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072801CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072801Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072801DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072801000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072801SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072801SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2072801Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072801SENU">55-7-15</span></a><span xml:space="preserve" class="s2072801SENU">. </span><span class="s2072801CL">Citation of uniform act.</span></p><p dir="ltr" class="s2072801Normal-000000"><span xml:space="preserve" class="s2072801DefaultParagraphFont">Sections </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-2"><span class="s2072801DefaultParagraphFont">55-7-2</span></a><span xml:space="preserve" class="s2072801DefaultParagraphFont"> to </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-7-15"><span class="s2072801DefaultParagraphFont">55-7-15</span></a><span class="s2072801DefaultParagraphFont">, inclusive, may be cited as the Uniform Fiduciaries Act.</span></p><p dir="ltr" class="s2072801Normal"><span xml:space="preserve" class="s2072801000001"> </span></p><p dir="ltr" class="s2072801Normal"><span class="s2072801SCL">Source:</span><span xml:space="preserve" class="s2072801SCL-000002"> SL 1943, ch 19, § 14; SDC Supp 1960, § 6.0714.</span></p></div></body></html>