44-10-3. Real owner cannot defeat pledge of property transferred to apparent owner for the purpose of pledge.
57 words·~1 min read·
/sd/title-44/chapter-44-10/44-10-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
One who has allowed another to assume the apparent ownership of property for the purpose of making any transfer of it cannot set up his own title to defeat a pledge of the property made by the other to a pledgee who received the property in good faith in the ordinary course of business and for value.