Michigan Compiled Laws § 441.102 Fiduciary Security Transfers; Registration.

441.102 Fiduciary security transfers; registration.

Sec. 2.

A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.

History: 1959, Act 239, Eff. Mar. 19, 1960

Section: 441.101  441.102  441.103  441.104  441.105  441.106  441.107  441.108  441.109  441.110  441.111  441.112    Next

Last modified: October 10, 2016