14-7501. Definitions A. In this article, unless the context otherwise requires: 1. " Bank" includes commercial banks, savings banks, trust companies, and any person or association of persons, whether incorporated or not, carrying on the business of banking. 2. " Fiduciary" includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, […]
14-7502. Application of payments made to fiduciaries A person who in good faith pays or transfers to a fiduciary any 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 […]
14-7503. Transfer of negotiable instrument by fiduciary If any negotiable instrument payable or endorsed to a fiduciary as such is endorsed by the fiduciary, or if any negotiable instrument payable or endorsed to his principal is endorsed by a fiduciary empowered to endorse such instrument on behalf of his principal, the endorsee is not bound […]
14-7504. Check drawn by fiduciary payable to third person 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 instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary […]
14-7505. Check drawn by and payable to fiduciary 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 instrument in the name of his principal, payable to the fiduciary personally, or payable to a third person […]
14-7506. Deposit in name of fiduciary as such 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 such deposit is entered, […]
14-7507. Deposit in name of principal If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal’s account, the bank is authorized to pay such check without being liable to the principal, unless the bank pays the check with actual […]
14-7508. Deposit in fiduciary’s personal account If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his […]
14-7509. Deposit in names of two or more trustees 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 or trustees authorized by the other trustee or trustees to draw checks upon the trust account, […]
14-7510. Cases not provided for by article In any case not provided for in this article 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, shall continue to apply.
14-7511. Uniformity of interpretation This article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
14-7512. Short title This article may be cited as the uniform fiduciaries act.
