57A-3A-101. Definition of terms. Terms as used in this chapter, unless the context otherwise requires mean: (1)”Consumer goods or services,” all goods and services purchased at retail and bought for use primarily for personal, family or household purposes. (2)”Retail seller,” as “Retailer” is defined in § 10-45-1. (3)”Retail buyer,” any person purchasing consumer goods or […]
57A-3A-102. Instruments to be marked consumer paper–Holder not holder in due course. If any contract for sale or lease of consumer goods or services on credit, entered into between a retail seller and a retail buyer, requires or involves the execution of a promissory note, instrument or other evidence of indebtedness, hereinafter called instrument, such […]
57A-3A-103. Failure to mark consumer paper as misdemeanor. Any retail seller or other responsible person who fails to imprint conspicuously the words “consumer paper” on an instrument arising out of a consumer credit sale as described in this chapter shall be guilty of a Class 2 misdemeanor. Source: SL 1973, ch 295, §5; SDCL Supp, […]
57A-3A-104. Assignee of consumer paper not holder in due course though instrument unmarked–Contrary agreement void. Notwithstanding the absence of such notice on an instrument arising out of a consumer credit sale or consumer lease as described in this chapter, an assignee of the rights of the seller or lessor shall not be deemed a holder […]
57A-3A-105. Assignee’s liability restricted to amount owed–Defense or setoff. The assignee’s liability under this part may not exceed the amount owing to the assignee at the time the defense is asserted against the assignee, and the rights of the retail buyer can only be asserted as a matter of defense to or setoff against a […]
57A-3A-106. Notice to buyer of assignment of paper–Contents–Defenses waived by failure to notify holder. The assignee shall give written notice of the fact of assignment to the retail buyer. Such notification shall contain conspicuous notice to the retail buyer that the retail buyer has sixty days within which to notify the holder in writing of […]
57A-3A-107. Holder as holder in due course after notice given and complaint or defense not asserted. The holder of an instrument, defined as “consumer paper” by §57A-3A-102 may be deemed a holder in due course if the assignee gives written notice to the retail buyer as provided in §57A-3A-106, and the assignee receives no written […]
