Section 19-1-1 – Short Title.

Section 19-1-1 Short title. This chapter may be cited as the Uniform Fiduciaries Act. (Acts 1943, No. 557, p. 544, §14.)

Section 19-1-10 – Deposit in Names of Two or More Fiduciaries.

Section 19-1-10 Deposit in names of two or more fiduciaries. When a deposit is made in a bank in the name of two or more persons as fiduciaries and a check is drawn upon the trust account by any fiduciary or fiduciaries authorized by the other fiduciary or fiduciaries to draw checks upon the trust […]

Section 19-1-11 – Chapter Not Retroactive.

Section 19-1-11 Chapter not retroactive. The provisions of this chapter shall not apply to transactions taking place prior to July 7, 1943. (Acts 1943, No. 557, p. 544, §11.)

Section 19-1-12 – Cases Not Provided for in Chapter.

Section 19-1-12 Cases not provided for in chapter. In any case not provided for in this chapter the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, fiduciaries, agency, negotiable instruments and banking, shall continue to apply. (Acts 1943, No. 557, p. 544, §12.)

Section 19-1-13 – Uniformity of Interpretation.

Section 19-1-13 Uniformity of interpretation. This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. (Acts 1943, No. 557, p. 544, §13.)

Section 19-1-2 – Definitions.

Section 19-1-2 Definitions. In this chapter, unless the context or subject matter otherwise requires, the following terms shall have the meanings respectively ascribed to them by this section: (1) BANK. Any person or association of persons, whether incorporated or not, carrying on the business of banking or trust company. (2) FIDUCIARY. A trustee under any […]

Section 19-1-3 – Application of Payments Made to Fiduciaries.

Section 19-1-3 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 […]

Section 19-1-4 – Transfer of Negotiable Instrument by Fiduciary.

Section 19-1-4 Transfer of negotiable instrument by fiduciary. If any negotiable instrument payable or indorsed to a fiduciary as such is indorsed by the fiduciary, or if any negotiable instrument payable or indorsed to his principal is indorsed by a fiduciary, or if any negotiable instrument payable or indorsed to his principal is indorsed by […]

Section 19-1-5 – Check Drawn by Fiduciary Payable to Third Person.

Section 19-1-5 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 […]

Section 19-1-6 – Check Drawn by and Payable to Fiduciary.

Section 19-1-6 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 […]

Section 19-1-7 – Deposit in Name of Fiduciary as Such.

Section 19-1-7 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 […]

Section 19-1-8 – Deposit in Name of Principal.

Section 19-1-8 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 […]

Section 19-1-9 – Deposit in Fiduciary’s Personal Account.

Section 19-1-9 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 […]