Section 55-8-13 - Participation in breach of fiduciary duty--Nonliability of third persons. - South-dakota Statutes

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

Source: SL 1961, ch 22, § 7 (1).

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-08 > Statute-55-8-13

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

Source: SL 1961, ch 22, § 7 (1).

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-08 > Statute-55-8-13

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

Source: SL 1961, ch 22, § 7 (1).