(a) A person commits an offense if he applies or disposes of property that has been entrusted to him as a fiduciary, or property of the government or of a financial institution, in a manner which he knows is unlawful and involves substantial risk of loss or detriment to the owner of the property or to a person for whose benefit the property was entrusted. (b) The offense is a misdemeanor if the amount involved exceeds $50; otherwise it is a petty misdemeanor. (c) Fiduciary includes trustee, guardian, executor, administrator, receiver and any person carrying on fiduciary functions on behalf of a corporation or other organization which is a fiduciary. (d) Financial institution has the meaning provided in Subsection (a) of § 46.65. SOURCE: See Guam §§ 74a, 425-427, 561a, 561d; *M.P.C. § 224.13; N.J. § 2C:21-15.
CROSS-REFERENCES: See § 43.15 - Theft. COMMENT: Section 46.70 provides an alternative to prosecution for theft where a fiduciary or person entrusted with government property or property of a financial institution, misapplies rather than misappropriates property entrusted to him. This Section satisfies the legitimate demand for a sanction deterring a person from wrongfully dealing with government property even though the conduct may involve no gain for himself or both public and private properties, but requires disposition in the manner which the defendant knows is unlawful.