[§514B-155]  Association as trustee.  With respect to a third person dealing with the
association in the association's capacity as a trustee, the existence of trust
powers and their proper exercise by the association may be assumed without
inquiry.  A third person shall not be bound to inquire whether the association
has power to act as trustee or is properly exercising trust powers.  A third
person, without actual knowledge that the association is exceeding or
improperly exercising its powers, shall be fully protected in dealing with the
association as if it possessed and properly exercised the powers it purports to
exercise.  A third person shall not be bound to assure the proper application
of trust assets paid or delivered to the association in its capacity as
trustee. [L 2004, c 164, pt of §2]