520.01 DEFINITIONS. Subdivision 1. Applicability. Unless the language or context clearly indicates that different meaning is intended, the following words, terms, and phrases, for the purposes of sections 520.01 to 520.13, shall be given the meanings subjoined to them. Subd. 2. Bank. “Bank” includes any person or association of persons, whether incorporated or not, carrying […]
520.02 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 […]
520.07 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, […]
520.08 DEPOSIT IN NAME OF PRINCIPAL. If a check is drawn upon the account of the principal in a bank by a fiduciary who is empowered to draw checks upon the 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 […]
520.09 DEPOSIT IN FIDUCIARY’S PERSONAL ACCOUNT. If a person who is a fiduciary makes a deposit in a bank to the person’s personal credit of checks drawn by the person upon an account in the person’s name as fiduciary, or of checks payable to the person as fiduciary, or of checks drawn by the person […]
520.10 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, […]
520.11 APPLICATION. The provisions of sections 520.01 to 520.13 shall not apply to transactions taking place prior to the time when Laws 1945, chapter 202, takes effect. History: 1945 c 202 s 11
520.12 CASES NOT PROVIDED FOR IN SECTIONS 520.01 TO 520.13. In any case not provided for in sections 520.01 to 520.13 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. History: 1945 c 202 s […]
520.13 CITATION, UNIFORM FIDUCIARIES ACT. Sections 520.01 to 520.13 may be cited as the “Uniform Fiduciaries Act.” History: 1945 c 202 s 13
