There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-8-8 — Assignment of security by fiduciary not the registered owner--Evidence ofappointment or incumbency.
55-8-8. Assignment of security by fiduciary not the registered owner--Evidence of appointment or incumbency. A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:
(1) In the case of a fiduciary appointed
or qualified by a court, a certificate issued by or under the
direction or supervision of that court or an officer thereof and
dated within sixty days before the transfer; or
(2) In any other case, a copy of a
document showing the appointment or a certificate issued by or on
behalf of a person reasonably believed by the corporation or
transfer agent to be responsible or, in the absence of such a
document or certificate, other evidence reasonably deemed by the
corporation or transfer agent to be appropriate. Corporations and
transfer agents may adopt standards with respect to evidence of
appointment or incumbency under this subdivision provided such
standards are not manifestly unreasonable. Neither the corporation
nor transfer agent is charged with notice of the contents of any
document obtained pursuant to this subdivision (2) except to the
extent that the contents relate directly to the appointment or
incumbency.
Source: SL 1961, ch 22, § 4.
Source: SL 1961, ch 22, § 4.
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