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Association as trustee - 68 Pa. Cons. Stat. § 3317

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     § 3317.  Association as trustee.
        With respect to a third person dealing with the association
     in the association's capacity as a trustee, the existence of
     trust powers and their proper exercise by the association may be
     assumed without inquiry. A third person is not bound to inquire
     whether the association has power to act as trustee or is
     properly exercising trust powers and a third person, without
     actual knowledge that the association is exceeding or improperly
     exercising its powers, is fully protected in dealing with the
     association as if it possessed and properly exercised the powers
     it purports to exercise. A third person is not bound to assure
     the proper application of trust assets paid or delivered to the
     association in its capacity as trustee.

Last modified: November 27, 2007