75-7-1012 - Protection of person dealing with trustee. - Utah Statutes

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Statutes > Utah > Title-75 > Chapter-07 > 75-7-1012

75-7-1012. Protection of person dealing with trustee.
(1) A person other than a beneficiary who in good faith assists a trustee, or who in goodfaith and for value deals with a trustee, without knowledge that the trustee is exceeding orimproperly exercising the trustee's powers is protected from liability as if the trustee properlyexercised the power.
(2) A person other than a beneficiary who in good faith deals with a trustee is notrequired to inquire into the extent of the trustee's powers or the propriety of their exercise.
(3) A person who in good faith delivers assets to a trustee need not ensure their properapplication.
(4) A person other than a beneficiary who in good faith assists a former trustee, or who ingood faith and for value deals with a former trustee, without knowledge that the trusteeship hasterminated is protected from liability as if the former trustee were still a trustee.
(5) Comparable protective provisions of other laws relating to commercial transactionsor transfer of securities by fiduciaries prevail over the protection provided by this section.

Enacted by Chapter 89, 2004 General Session

State Codes and Statutes

Statutes > Utah > Title-75 > Chapter-07 > 75-7-1012

75-7-1012. Protection of person dealing with trustee.
(1) A person other than a beneficiary who in good faith assists a trustee, or who in goodfaith and for value deals with a trustee, without knowledge that the trustee is exceeding orimproperly exercising the trustee's powers is protected from liability as if the trustee properlyexercised the power.
(2) A person other than a beneficiary who in good faith deals with a trustee is notrequired to inquire into the extent of the trustee's powers or the propriety of their exercise.
(3) A person who in good faith delivers assets to a trustee need not ensure their properapplication.
(4) A person other than a beneficiary who in good faith assists a former trustee, or who ingood faith and for value deals with a former trustee, without knowledge that the trusteeship hasterminated is protected from liability as if the former trustee were still a trustee.
(5) Comparable protective provisions of other laws relating to commercial transactionsor transfer of securities by fiduciaries prevail over the protection provided by this section.

Enacted by Chapter 89, 2004 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-75 > Chapter-07 > 75-7-1012

75-7-1012. Protection of person dealing with trustee.
(1) A person other than a beneficiary who in good faith assists a trustee, or who in goodfaith and for value deals with a trustee, without knowledge that the trustee is exceeding orimproperly exercising the trustee's powers is protected from liability as if the trustee properlyexercised the power.
(2) A person other than a beneficiary who in good faith deals with a trustee is notrequired to inquire into the extent of the trustee's powers or the propriety of their exercise.
(3) A person who in good faith delivers assets to a trustee need not ensure their properapplication.
(4) A person other than a beneficiary who in good faith assists a former trustee, or who ingood faith and for value deals with a former trustee, without knowledge that the trusteeship hasterminated is protected from liability as if the former trustee were still a trustee.
(5) Comparable protective provisions of other laws relating to commercial transactionsor transfer of securities by fiduciaries prevail over the protection provided by this section.

Enacted by Chapter 89, 2004 General Session