736.1016 Protection of person dealing with trustee.—
(1) A person other than a beneficiary who in good faith assists a trustee or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee’s powers, is protected from liability as if the trustee properly exercised the power.
(2) A person other than a beneficiary who in good faith deals with a trustee is not required 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 proper application.
(4) A person other than a beneficiary who in good faith assists a former trustee or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated, is protected from liability as if the former trustee were still a trustee.
(5) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.
History.—s. 10, ch. 2006-217.
Section: Previous 736.1005 736.1006 736.1007 736.1008 736.1009 736.1010 736.1011 736.1012 736.1013 736.1014 736.1015 736.1016 736.1017 736.1018 NextLast modified: September 23, 2016