{"data":{"id":"us-sd/sdcl-57a-8-304","jurisdiction":"us-sd","citation":"SDCL § 57A-8-304","heading":"Indorsement.","body":"(a) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank indorsement to a special indorsement.\n(b) An indorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the indorsement.\n(c) An indorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the indorsement is on a separate document, until delivery of both the document and the certificate.\n(d) If a security certificate in registered form has been delivered to a purchaser without a necessary indorsement, the purchaser may become a protected purchaser only when the indorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary indorsement supplied.\n(e) An indorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses.\n(f) Unless otherwise agreed, a person making an indorsement assumes only the obligations provided in § 57A-8-108 and not an obligation that the security will be honored by the issuer.\nSource: SL 1998, ch 284, § 1.","path":["TITLE 57A. UNIFORM COMMERCIAL CODE","CHAPTER 57A-8. INVESTMENT SECURITIES"],"source_url":"https://sdlegislature.gov/Statutes/57A-8-304","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"0aee07d1f3814b4da3fe7259b459d7e6fbacd192d2434552ba380aa0b0caa386","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-57a-8-303","next":"us-sd/sdcl-57a-8-305"},"notice":"GroundRules: Original legal text. Not legal advice."}