441.101 Uniform fiduciary security transfer simplification act; definitions. Sec. 1. In this act, unless the context otherwise requires: (a) “Assignment” means any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer. (b) “Claim of beneficial interest” means a claim of any interest by a decedent’s legatee, distributee, […]
441.102 Fiduciary security transfers; registration. Sec. 2. 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 transfer […]
441.103 Fiduciary security transfers; assignment by fiduciary. Sec. 3. Except as otherwise provided in this act, 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 himself or to his nominee, is within his […]
441.104 Fiduciary security transfers; evidence of appointment or incumbency. Sec. 4. 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 […]
441.105 Fiduciary security transfers; adverse claims. Sec. 5. (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 […]
441.106 Fiduciary security transfers; corporation or transfer agent, nonliability. Sec. 6. A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this act. History: 1959, Act 239, Eff. Mar. 19, 1960
441.107 Fiduciary security transfers; third persons, nonliability. Sec. 7. (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 […]
441.108 Fiduciary security transfers; territorial application. Sec. 8. (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 […]
441.109 Fiduciary security transfers; tax obligations. Sec. 9. This act does 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: 1959, Act 239, Eff. Mar. 19, 1960
441.110 Construction of act. Sec. 10. This act shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. History: 1959, Act 239, Eff. Mar. 19, 1960
441.111 Uniform act for the simplification of fiduciary security transfers; short title. Sec. 11. This act shall be known and may be cited as the “Uniform act for the simplification of fiduciary security transfers”. History: 1959, Act 239, Eff. Mar. 19, 1960
441.112 Effective date of act. Sec. 12. This act shall take effect January 1, 1960. History: 1959, Act 239, Eff. Mar. 19, 1960
