(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, is not liable for acts of the trustee that exceed the trustee’s powers or for the improper exercise of the trustee’s powers, unless the person knows that the trustee has exceeded the trustee’s powers or improperly exercised those powers.
(2) A person other than a beneficiary who deals with a trustee in good faith is not required to inquire about the extent of the trustee’s powers or about the propriety of the trustee’s exercise of those powers.
(3) A person who in good faith delivers assets to a trustee need not ensure that the assets are properly applied.
(4) Any 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 not liable solely because the former trustee is no longer 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. [2005 c.348 §94]
Section: Previous 130.805 130.810 130.815 130.820 130.825 130.830 130.835 130.840 130.845 130.850 130.855 130.860 130.900 130.905 130.910 NextLast modified: August 7, 2008