55-7-1. Liability of third persons dealing with trustees. One who actually and in good faith transfers any money or other property to a trustee as such is not bound to see to the application thereof; and his rights can in no way be prejudiced by a misapplication thereof by the trustee. Other persons must at […]
55-7-10. Deposit in bank in names of two or more trustees–Check drawn by one. When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw […]
55-7-12. Law governing transactions not within Uniform Fiduciaries Act. In any case not provided for in §§55-7-2 to 55-7-15, inclusive, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply. Source: SL 1943, ch 19, §12; […]
55-7-13. Act not retroactive. The provisions of §§55-7-2 to 55-7-15, inclusive, shall not apply to transactions taking place prior to July 1, 1943. Source: SL 1943, ch 19, §11; SDC Supp 1960, §6.0711.
55-7-14. Uniformity of interpretation. Sections 55-7-2 to 55-7-15, inclusive, shall be so interpreted and construed as to effectuate their general purpose to make uniform the law of those states which enact them. Source: SL 1943, ch 19, §13; SDC Supp 1960, §6.0713.
55-7-15. Citation of uniform act. Sections 55-7-2 to 55-7-15, inclusive, may be cited as the Uniform Fiduciaries Act. Source: SL 1943, ch 19, §14; SDC Supp 1960, §6.0714.
55-7-2. Definition of terms. Terms used in §§55-7-2 to 55-7-15, inclusive, mean: (1)”Bank,” any person or association of persons, whether incorporated or not, carrying on the business of banking; (2)”Fiduciary,” any trustee under any trust, express, implied, resulting or constructive, personal representative, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, […]
55-7-3. A thing done “in good faith” defined. A thing is done “in good faith” within the meaning of §§55-7-2 to 55-7-15, inclusive, when it is in fact done honestly, whether it be done negligently or not. Source: SL 1943, ch 19, §1; SDC Supp 1960, §6.0701 (2).
55-7-4. Payment or transfer to fiduciary–Nonliability of transferor for improper application. A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from […]
55-7-5. Check or bill of exchange drawn by fiduciary payable to third person–Liability of payee. If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not […]
55-7-6. Transfer of check or bill of exchange drawn by fiduciary who holds it as payee or transferee. If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable […]
55-7-7. Bank account in name of fiduciary–Check drawn by fiduciary–Bank’s liability to principal. If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in […]
55-7-8. Bank account in name of principal–Check drawn by fiduciary–Bank’s liability to principal. If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal’s account, the bank is authorized to pay such check without being liable to the principal, unless […]
55-7-9. Deposit in bank to fiduciary’s personal account–Bank’s liability to principal. If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account […]
