South Dakota Codified Laws 55-7-1. Liability of third persons dealing with trustees
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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 their peril see to the proper application of money or other property paid or delivered by them.
Terms Used In South Dakota Codified Laws 55-7-1
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Trustee: A person or institution holding and administering property in trust.
Source: SDC 1939, § 59.0117.