South Dakota Codified Laws 55-8-10. Claim of beneficial interest adverse to transfer of security–Notice of presentment toclaimant–Restraining order
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As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him. If the corporation or transfer agent so mails such a notice it shall withhold the transfer for thirty days after the mailing and shall then make the transfer unless restrained by a court order.
Terms Used In South Dakota Codified Laws 55-8-10
- Assignment: includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. See South Dakota Codified Laws 55-8-1
- Claim of beneficial interest: includes a claim of any interest by a decedent's legatee, distributee, heir, or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties. See South Dakota Codified Laws 55-8-1
- Corporation: means a private or public corporation, association or trust issuing a security. See South Dakota Codified Laws 55-8-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Security: includes any share of stock, bond, debenture, note, or other security issued by a corporation which is registered as to ownership on the books of the corporation. See South Dakota Codified Laws 55-8-1
- Transfer: means a change on the books of a corporation in the registered ownership of a security. See South Dakota Codified Laws 55-8-1
- Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See South Dakota Codified Laws 55-8-1
Source: SL 1961, ch 22, § 5 (2).