There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-4-9 — Holding stock in name of nominee.
55-4-9. Holding stock in name of nominee. A trustee owning any stocks, bonds, notes, debentures, or other written obligations of any public or private corporation may hold the same in the name of a nominee, without mention of the trust in the records of such corporation or in the stock certificate or stock registration book of such corporation; provided that
(1) The trust records and all reports or
accounts rendered by the trustee clearly show the ownership of such
stocks, bonds, notes, debentures, or other written obligations of
such public or private corporation by the trustee and the facts
regarding its holding; and
(2) The nominee shall deposit with the
trustee a signed statement showing the trust ownership, shall
endorse the stock certificate or other said instrument in blank,
and shall not have possession of the stock certificate or other
said instrument or access thereto except under the immediate
supervision of the trustee.
The trustee
shall be personally liable for any loss to the trust resulting from
any act of such nominee in connection with stocks, bonds, notes,
debentures, or other written obligations of any public or private
corporation so held.
Source: SL 1943, ch 308, § 9; SDC Supp 1960, § 59.0509; SL 1967, ch 338.
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