South Dakota Statutes
§ 54-9-13 — Assignee takes subject to rights of third parties--Nonliability for acts done in good faith under void assignment.
An assignee for the benefit of creditors is not to be regarded as a purchaser for value, and has no greater right than his assignor had, in respect to things in action transferred by the assignment. He is not to be held liable for his acts done in good faith in the execution of the trust, merely for the reason that the assignment is afterward adjudged void.
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South Dakota § 54-9-13 (Assignee takes subject to rights of third parties--Nonliability for acts done in good faith under void assignment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
CivC 1877, §§ 2033, 2045; CL 1887, §§ 4666, 4679; RCivC 1903, §§ 2378, 2391; RC 1919, §§ 2051, 2064; SDC 1939 & Supp 1960, § 37.5105.
Nearby Sections
15
§ 54-1-2
Loan of money defined.§ 54-1-6
"Open account" defined.§ 54-1-7
Open account--Interest rates.§ 54-1-9
"Securitization" defined.§ 54-10-1
Definition of terms.§ 54-10-10
Value of security, determination by liquidator's sale of assets--Order of sale, requirements.§ 54-10-13
Uniformity of interpretation of chapter.