A person who in good faith pays or transfers to a fiduciary money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof 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.

History

Sept. 14, 1965, 79 Stat. 776, Pub. L. 89-183, § 1

Editor's Notes

Uniform Law: This section is based upon § 2 of the Uniform Fiduciaries Act.

Prior Codifications

1973 Ed., § 21-1702.

1981 Ed., § 21-1702.

Cross References

Joint or trust accounts, safe deposit boxes, etc., see § 26-801 et seq.