§ 18-4-16. Payments or transfers to fiduciaries Effect of misapplication by fiduciary.
A person who in good faith pays or transfers to a fiduciary any money or other property, which the fiduciary is authorized to receive, is not responsible for the proper application of the money or other property by the fiduciary; and any right or title acquired from the fiduciary in consideration of the payment or transfer is not invalid in consequence of a misapplication by the fiduciary.
(P.L. 1960, ch. 147, § 3.)