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2016 Statute



Prev Article 10. - LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEENext


58a-1012.Protection of person dealing with trustee. (a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.

(b) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.

(c) A person who in good faith delivers assets to a trustee need not ensure their proper application.

(d) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.

(e) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.

History: L. 2002, ch. 133, § 87; Jan. 1, 2003.



Prev Article 10. - LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEENext
2017. Powered by KLISS. Rendered: 2017-11-29T14:10:26. Head Rev No: 339771