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