South Dakota § 55-17-13 Bona fide purchaser defined.

South Dakota Statutes

§ 55-17-13 — Bona fide purchaser defined.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-17 SPECIAL SPOUSAL TRUSTS

For purposes of § 55-17-12 , the term, bona fide purchaser, means a purchaser of property for value who has not knowingly been a party to fraud or illegality affecting the interest of the spouses or other parties to the transaction, does not have notice of an adverse claim by a spouse, and has acted in the transaction in good faith. For purposes of this section, the term, purchaser, means a person who acquires property by sale, lease, discount, negotiation, mortgage, pledge, or lien, or otherwise deals with property in a voluntary transaction other than making a gift. A purchaser gives value for property if the property is acquired:

(1)In return for a binding commitment to extend credit;

(2)As security for or in total or partial satisfaction of a preexisting claim;

(3)By accept

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For purposes of § 55-17-12 , the term, bona fide purchaser, means a purchaser of property for value who has not knowingly been a party to fraud or illegality affecting the interest of the spouses or other parties to the transaction, does not have notice of an adverse claim by a spouse, and has acted in the transaction in good faith. For purposes of this section, the term, purchaser, means a person who acquires property by sale, lease, discount, negotiation, mortgage, pledge, or lien, or otherwise deals with property in a voluntary transaction other than making a gift. A purchaser gives value for property if the property is acquired: (1) In return for a binding commitment to extend credit; (2) As security for or in total or partial satisfaction of a preexisting claim; (3) By accepting delivery under a preexisting contract for purchase; or (4) In return for other consideration sufficient to support a contract.

South Dakota § 55-17-13 (Bona fide purchaser defined.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.