South Dakota Codified Laws 55-1A-22. Holding stock in nominee’s name without disclosing fiduciary relationship
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A trustee may hold any stock or other security in the name of a nominee or nominees, without disclosure of any fiduciary relationship, but he shall be liable for any and all acts and omissions of the nominee relating to such assets.
Terms Used In South Dakota Codified Laws 55-1A-22
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
Source: SL 1979, ch 336, § 22.