South Dakota Codified Laws 10-50B-16. Amendment of escrow agreement to execute assignment–Requirements–Delivery
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The parties to a qualified escrow agreement may amend the agreement for the purposes of executing an assignment pursuant to § 10-50B-15.
An assignment executed pursuant to § 10-50B-15 shall be in writing and signed by the assignee and the assignor or by an authorized agent or representative of the assignor. An assignment in writing that is duly executed becomes enforceable after a copy of the assignment is delivered to the attorney general and the financial institution where the qualified escrow fund is maintained.
Terms Used In South Dakota Codified Laws 10-50B-16
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
Source: SL 2019, ch 67, § 2.