During the period of 12 months following their appointment and qualification, securities held by the following persons shall be exempt from SDCL 58-5-69, 58-5-71, 58-5-72, 58-5-73:

1. (1) Executors or administrators of the estate of a decedent;
2. (2) Guardians or committees for an incompetent; and
3. (3) Receivers, trustees in bankruptcy, assignees for the benefit of creditors, conservators, liquidating agents, and other similar persons duly authorized by law to administer the estate or assets of other persons.

Source: 4 SDR 6, effective August 9, 1977; 12 SDR 151, 12 SDR 155, effective July 1, 1986.

General Authority: SDCL 58-5-77.

Law Implemented: SDCL 58-5-73.