A depository, who believes that a thing deposited with him is wrongfully detained from its true owner, may give him notice of the deposit; and if, within a reasonable time afterward he does not claim it, and sufficiently establish his right thereto, and indemnify the depository against the claim of the depositor, the depository is exonerated from liability to the person to whom he gave the notice, upon returning the thing to the depositor, or assuming in good faith a new obligation changing his position in respect to the thing, to his prejudice.
Terms Used In South Dakota Codified Laws 43-39-19
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: CivC 1877, § 1043; CL 1887, § 3667; RCivC 1903, § 1362; RC 1919, § 979; SDC 1939, § 60.0102 (5).