Title 21 — Fiduciary Relations and Persons with Mental Illness. [Enacted title]

(a) In this chapter unless the context otherwise requires: “bank” includes a person or association of persons, whether incorporated or not, carrying on the business of banking; “fiduciary” includes a trustee under a trust, express, implied, resulting or constructive, executor, ad…

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…

If a negotiable instrument payable or indorsed to a fiduciary as such is indorsed by the fiduciary, or if a negotiable instrument payable or indorsed to his principal is indorsed by a fiduciary empowered to indorse the instrument on behalf of his principal, the indorsee is not bo…

If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such an instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his obligation…

If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such an instrument in the name of his principal, payable to the fiduciary personally, or payable to a third person and by him transferred to the f…

If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which the deposit is entered, without being liable to the principal, unless th…

If a check is drawn upon a bank account of his principal by a fiduciary who is empowered to draw checks upon his principal’s account, the bank is authorized to pay the checks without being liable to the principal, unless the bank pays the check with actual knowledge that the fidu…

When a fiduciary deposits in a bank to his personal credit checks: (1) drawn by him upon an account in his own name as fiduciary; or (2) payable to him as fiduciary; or (3) drawn by him upon an account in the name of his principal if he is empowered to draw checks thereon; or (4)…

When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee authorized by the others to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether i…

This chapter does not apply to transactions that took place prior to May 14, 1928.

In a case not provided for by this chapter the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments, and banking, continue to apply.

This subchapter may be cited as the “Uniform Fiduciaries Act”.

Repealed Repealed.

(a) For purposes of this section, the term: (1) “Adverse party” shall have the same meaning as construed under § 672 of the Internal Revenue Code and the regulations promulgated thereunder. (2) “Ascertainable standard relating to the trustee’s health, education, support, and main…