South Dakota § 55-8-13 Participation in breach of fiduciary duty--Nonliability of third persons.

South Dakota Statutes

§ 55-8-13 — Participation in breach of fiduciary duty--Nonliability of third persons.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-8 REGISTRATION AND TRANSFER OF SECURITIES HELD BY FIDUCIARIES

No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty.

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No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty.

South Dakota § 55-8-13 (Participation in breach of fiduciary duty--Nonliability of third persons.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.