57A-8-208. Effect of signature of authenticating trustee, registrar, or transfer agent.(a) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value of the certificated security, if the purchaser is without notice of a particular defect, that:(1)The certificate is genuine;(2)The person's own participation in the issue of the security is within the person's capacity and within the scope of the authority received by the person from the issuer; and(3)The person has reasonable grounds to believe that the certificated security is in the form and within the amount the issuer is authorized to issue.(b) Unless otherwise agreed, a person signing under subsection (a) does not assume responsibility for the validity of the security in other respects. Source: SL 1998, ch 284, §1.
South Dakota Legal Code