TITLE 18
Fiduciaries

CHAPTER 18-11
Simplification of Fiduciary Security Transfers

SECTION 18-11-3


§ 18-11-3 Registration in the name of a fiduciary.

A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship, and thereafter, the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as a fiduciary with respect to that particular security.

History of Section.
(P.L. 1959, ch. 85, § 3.)