South Dakota Codified Laws 56-1-9. Holder of instrument for the payment of money, upon which third person liable,transferring it in payment of precedent debt entering into a promise respecting suchinstrument–Writin
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A promise to answer for the obligation of another is deemed an original obligation of the promiser and need not be in writing where the holder of an instrument for the payment of money, upon which a third person is or may become liable to him, transfers it in payment of a precedent debt of his own or for a new consideration, and in connection with such transfer enters into a promise respecting such instrument.
Terms Used In South Dakota Codified Laws 56-1-9
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- 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
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Source: SDC 1939, § 26.0105 (5).