17-4905. Assignment by a fiduciary.
17-4905
17-4905. Assignment by a fiduciary.
Except as otherwise provided in this act, a corporation or transfer
agent making a transfer of a security pursuant to an assignment by a
fiduciary:
(a) May assume without inquiry that the assignment, even though to
the fiduciary himself or to his nominee, is within his authority and
capacity and is not in breach of his fiduciary duties;
(b) May assume without inquiry that the fiduciary has complied with
any controlling instrument and with the law of the jurisdiction
governing the fiduciary relationship, including any law requiring the
fiduciary to obtain court approval of the transfer; and
(c) It is not charged with notice of and is not bound to obtain or
examine any court record or any recorded or unrecorded document relating
to the fiduciary relationship or the assignment, even though the record
or document is in its possession.
History: L. 1961, ch. 123, § 3; July 1.