reglab/housing_qa huggingface dataset:
SD Codified L § 57A-8-504 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 08 - Investment Securities|Section 57A-8-504 - Duty of securities intermediary to maintain financial asset.

57A-8-504. Duty of securities intermediary to maintain financial asset.(a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities intermediary may maintain those financial assets directly or through one or more other securities intermediaries.(b) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary may not grant any security interests in a financial asset it is obligated to maintain pursuant to subsection (a).(c) A securities intermediary satisfies the duty in subsection (a) if:(1)The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or(2)In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to obtain and maintain the financial asset.(d) This section does not apply to a clearing corporation that is itself the obligor of an option or similar obligation to which its entitlement holders have security entitlements. Source: SL 1998, ch 284, §1.
SD Codified L § 57A-8-505 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 08 - Investment Securities|Section 57A-8-505 - Duty of securities intermediary with respect to payments and distributions.

57A-8-505. Duty of securities intermediary with respect to payments and distributions.(a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:(1)The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or(2)In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.(b) A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary. Source: SL 1998, ch 284, §1.
SD Codified L § 57A-8-506 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 08 - Investment Securities|Section 57A-8-506 - Duty of securities intermediary to exercise rights as directed by entitlement holder.

57A-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder.A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if:(1)The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or(2)In the absence of agreement, the securities intermediary either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder. Source: SL 1998, ch 284, §1.
SD Codified L § 57A-8-507 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 08 - Investment Securities|Section 57A-8-507 - Duty of securities intermediary to comply with entitlement order.

57A-8-507. Duty of securities intermediary to comply with entitlement order.(a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A securities intermediary satisfies the duty if:(1)The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or(2)In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to comply with the entitlement order.(b) If a securities intermediary transfers a financial asset pursuant to an ineffective entitlement order, the securities intermediary shall reestablish a security entitlement in favor of the person entitled to it, and pay or credit any payments or distributions that the person did not receive as a result of the wrongful transfer. If the securities intermediary does not reestablish a security entitlement, the securities intermediary is liable to the entitlement holder for damages. Source: SL 1998, ch 284, §1.
SD Codified L § 57A-8-508 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 08 - Investment Securities|Section 57A-8-508 - Duty of securities intermediary to change entitlement holder's position to other form of security holding.

57A-8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding.A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities intermediary satisfies the duty if:(1)The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or(2)In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder. Source: SL 1998, ch 284, §1.
SD Codified L § 57A-8-509 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 08 - Investment Securities|Section 57A-8-509 - Specification of duties of securities intermediary by other statute or regulation; Manner of performance of duties of securities intermediary and exercise of rights of entitlement holder.

57A-8-509. Specification of duties of securities intermediary by other statute or regulation; Manner of performance of duties of securities intermediary and exercise of rights of entitlement holder.(a) If the substance of a duty imposed upon a securities intermediary by §§57A-8-504 to 57A-8-508, inclusive, is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty.(b) To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.(c) The obligation of a securities intermediary to perform the duties imposed by §§57A-8-504 to 57A-8-508, inclusive, is subject to:(1)Rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and(2)Rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.(d) Sections 57A-8-504 to 57A-8-508, inclusive, do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule. Source: SL 1998, ch 284, §1.
SD Codified L § 57A-8-510 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 08 - Investment Securities|Section 57A-8-510 - Rights of purchaser of security entitlement from entitlement holder.

57A-8-510. Rights of purchaser of security entitlement from entitlement holder.(a) In a case not covered by the priority rules in Article 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.(b) If an adverse claim could not have been asserted against an entitlement holder under §57A-8-502, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.(c) In a case not covered by the priority rules in chapter 57A-9, a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in subsection (d), purchasers who have control rank according to priority in time of:(1)The purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under §57A-8-106(d)(1);(2)The securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under §57A-8-106(d)(2); or(3)If the purchaser obtained control through another person under §57A-8-106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.(d) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary. Source: SL 1998, ch 284, §1; SL 2000, ch 231, §19.
SD Codified L § 57A-8-511 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 08 - Investment Securities|Section 57A-8-511 - Priority among security interests and entitlement holders.

57A-8-511. Priority among security interests and entitlement holders.(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.(b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.(c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders. Source: SL 1998, ch 284, §1.
SD Codified L § 57A-8-603 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 08 - Investment Securities|Section 57A-8-603 - Savings clause.

57A-8-603. Savings clause.(a) This chapter does not affect an action or proceeding commenced before this chapter takes effect.(b) If a security interest in a security is perfected at the date this chapter takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this chapter, no further action is required to continue perfection. If a security interest in a security is perfected at the date this chapter takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this chapter, the security interest remains perfected for a period of four months after the effective date and continues perfected thereafter if appropriate action to perfect under this chapter is taken within that period. If a security interest is perfected at the date this chapter takes effect and the security interest can be perfected by filing under this chapter, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect. Source: SL 1998, ch 284, §1.
SD Codified L § 57A-9-101 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-101 - Short title.

57A-9-101. Short title.This chapter may be cited as Uniform Commercial Code--Secured Transactions. Source: SL 2000, ch 231.
SD Codified L § 57A-9-104 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-104 - Control of deposit account.

57A-9-104. Control of deposit account.(a) A secured party has control of a deposit account if:(1)The secured party is the bank with which the deposit account is maintained;(2)The debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or(3)The secured party becomes the bank's customer with respect to the deposit account.(b) A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account. Source: SL 2000, ch 231.
SD Codified L § 57A-9-105 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-105 - Control of electronic chattel paper.

57A-9-105. Control of electronic chattel paper.(a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.(b) A system satisfies subsection (a) and a secured party has control of electronic chattel paper, if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:(1)A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;(2)The authoritative copy identifies the secured party as the assignee of the record or records;(3)The authoritative copy is communicated to and maintained by the secured party or its designated custodian;(4)Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;(5)Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and(6)Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. Source: SL 2000, ch 231; SL 2012, ch 238, §2, eff. July 1, 2013.
SD Codified L § 57A-9-106 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-106 - Control of security, security settlement, or commodity contract.

57A-9-106. Control of security, security settlement, or commodity contract.(a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in §57A-8-106.(b) A secured party has control of a commodity contract if:(1)The secured party is the commodity intermediary with which the commodity contract is carried; or(2)The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account. Source: SL 2000, ch 231.
SD Codified L § 57A-9-107 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-107 - Control of letter-of-credit right.

57A-9-107. Control of letter-of-credit right.A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under §57A-5-114(c) or otherwise applicable law or practice. Source: SL 2000, ch 231.
SD Codified L § 57A-9-108 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-108 - Sufficiency of description of property.

57A-9-108. Sufficiency of description of property.(a) Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.(b) Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by:(1)Specific listing;(2)Category;(3)Except as otherwise provided in subsection (e), a type of collateral defined in the Uniform Commercial Code;(4)Quantity;(5)Computational or allocational formula or procedure; or(6)Except as otherwise provided in subsection (c), any other method, if the identity of the collateral is objectively determinable.(c) A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral.(d) Except as otherwise provided in subsection (e), a description of a security entitlement, securities account, or commodity account is sufficient if it describes:(1)The collateral by those terms or as investment property; or(2)The underlying financial asset or commodity contract.(e) A description only by type of collateral defined in the Uniform Commercial Code is an insufficient description of:(1)A commercial tort claim; or(2)A consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account. Source: SL 2000, ch 231.
SD Codified L § 57A-9-110 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-110 - Provisions governing security interests arising under other sections.

57A-9-110. Provisions governing security interests arising under other sections.A security interest arising under §57A-2-401, 57A-2-505, 57A-2-711(3), or 57A-2A-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods:(1)The security interest is enforceable, even if §57A-9-203(b)(3) has not been satisfied;(2)Filing is not required to perfect the security interest;(3)The rights of the secured party after default by the debtor are governed by chapter 57A-2 or 57A-2A; and(4)The security interest has priority over a conflicting security interest created by the debtor. Source: SL 2000, ch 231.
SD Codified L § 57A-9-201 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-201 - Effectiveness of security interest in general--Applicability of other laws--Conflict of law.

57A-9-201. Effectiveness of security interest in general--Applicability of other laws--Conflict of law.(a) Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.(b) A transaction subject to this chapter is subject to any applicable rule of law which establishes a different rule for consumers, any other statute or regulation that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit, and any consumer-protection statute or regulation.(c) In case of conflict between this chapter and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) has only the effect the statute or regulation specifies.(d) This chapter does not:(1)Validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b); or(2)Extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it. Source: SL 2000, ch 231.
SD Codified L § 57A-9-202 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-202 - Immateriality of title to collateral.

57A-9-202. Immateriality of title to collateral.Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. Source: SL 2000, ch 231.
SD Codified L § 57A-9-204 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-204 - Interest in after-acquired collateral.

57A-9-204. Interest in after-acquired collateral.(a) Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral.(b) A security interest does not attach under a term constituting an after-acquired property clause to:(1)Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or(2)A commercial tort claim.(c) A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment. Source: SL 2000, ch 231.
SD Codified L § 57A-9-204.1 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 09 - Secured Transactions|Section 57A-9-204.1 - Attachment of security interest in transactions entered into between June 30, 1978, and July 1, 1979.

57A-9-204.1. Attachment of security interest in transactions entered into between June 30, 1978, and July 1, 1979.In transactions entered into after June 30, 1978, and prior to July 1, 1979, whereby the intent of the transaction was to create a security interest pursuant to this title, that security interest shall be deemed to have attached at the time there was agreement that it attach, when value was given, and when the debtor had rights in the collateral, unless an explicit agreement postponed the time of attaching. Source: SL 2000, ch 231.