Title 55 — FIDUCIARIES AND TRUSTS

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…

When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the ban…

If any negotiable instrument payable or endorsed to a fiduciary as such is endorsed by the fiduciary, or if any negotiable instrument payable or endorsed to his principal is endorsed by a fiduciary empowered to endorse such instrument on behalf of his principal, the endorsee is n…

In any case not provided for in §§ 55-7-2 to 55-7-15 , inclusive, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply. Source: SL 1943, ch 19 , § 12; SDC …

The provisions of §§ 55-7-2 to 55-7-15 , inclusive, shall not apply to transactions taking place prior to July 1, 1943. Source: SL 1943, ch 19 , § 11; SDC Supp 1960, § 6.0711.

Sections 55-7-2 to 55-7-15 , inclusive, shall be so interpreted and construed as to effectuate their general purpose to make uniform the law of those states which enact them. Source: SL 1943, ch 19 , § 13; SDC Supp 1960, § 6.0713.

Sections 55-7-2 to 55-7-15 , inclusive, may be cited as the Uniform Fiduciaries Act. Source: SL 1943, ch 19 , § 14; SDC Supp 1960, § 6.0714.

Terms used in §§ 55-7-2 to 55-7-15 , inclusive, mean: (1) "Bank," any person or association of persons, whether incorporated or not, carrying on the business of banking; (2) "Fiduciary," any trustee under any trust, express, implied, resulting or constructive, personal representa…

A thing is done "in good faith" within the meaning of §§ 55-7-2 to 55-7-15 , inclusive, when it is in fact done honestly, whether it be done negligently or not. Source: SL 1943, ch 19 , § 1; SDC Supp 1960, § 6.0701 (2).

A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideratio…

If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his obligation as…

If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally, or payable to a third person and by him transferred to the fidu…

If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered, without being liable to the principal, unless t…

If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the bank pays the check with actual knowledge that t…

If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks …