S.D. Codified Laws § 54-9-13

Current through the 2024 Legislative Session

Section 54-9-13 - Assignee takes subject to rights of third parties-Nonliability for acts done in good faith under void assignment

An assignee for the benefit of creditors is not to be regarded as a purchaser for value, and has no greater right than his assignor had, in respect to things in action transferred by the assignment. He is not to be held liable for his acts done in good faith in the execution of the trust, merely for the reason that the assignment is afterward adjudged void.

SDCL 54-9-13

CivC 1877, §§ 2033, 2045; CL 1887, §§ 4666, 4679; RCivC 1903, §§ 2378, 2391; RC 1919, §§ 2051, 2064; SDC 1939 & Supp 1960, § 37.5105.