520.21 DEFINITIONS. In sections 520.21 to 520.31, unless the context otherwise requires: (a) “Assignment” includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. (b) “Claim of beneficial interest” includes a claim of any interest by a decedent’s legatee, distributee, heir, or creditor, a beneficiary under […]
520.22 REGISTRATION IN THE NAME OF A FIDUCIARY. A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship; and thereafter the corporation and its […]
520.23 ASSIGNMENT BY A FIDUCIARY. Except as otherwise provided in sections 520.21 to 520.31, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary: (a) May assume without inquiry that the assignment, even though to the fiduciary personally or to a nominee, is within the fiduciary’s authority […]
520.24 EVIDENCE OF APPOINTMENT OR INCUMBENCY. A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency: (a) In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under […]
520.25 ADVERSE CLAIMS. (a) A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, […]
520.26 NONLIABILITY OF CORPORATION AND TRANSFER AGENT. A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by sections 520.21 to 520.31. History: 1961 c 462 s 6
520.27 NONLIABILITY OF THIRD PERSONS. (a) No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves […]
520.28 TERRITORIAL APPLICATION. (a) The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized. […]
520.29 TAX OBLIGATIONS. Sections 520.21 to 520.31 do not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state. History: 1961 c 462 s 9
520.30 UNIFORMITY OF INTERPRETATION. Sections 520.21 to 520.31 shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. History: 1961 c 462 s 10
520.31 SHORT TITLE. Sections 520.21 to 520.31 may be cited as the “Uniform Act for the Simplification of Fiduciary Security Transfers.” History: 1961 c 462 s 11
