17-4905.   Assignment by a fiduciary.Except as otherwise provided in this act, a corporation or transferagent making a transfer of a security pursuant to an assignment by afiduciary:

      (a)   May assume without inquiry that the assignment, even though tothe fiduciary himself or to his nominee, is within his authority andcapacity and is not in breach of his fiduciary duties;

      (b)   May assume without inquiry that the fiduciary has complied withany controlling instrument and with the law of the jurisdictiongoverning the fiduciary relationship, including any law requiring thefiduciary to obtain court approval of the transfer; and

      (c)   It is not charged with notice of and is not bound to obtain orexamine any court record or any recorded or unrecorded document relatingto the fiduciary relationship or the assignment, even though the recordor document is in its possession.

      History:   L. 1961, ch. 123, § 3; July 1.