D.C. Code § 19-1310.12

Current through codified legislation effective September 18, 2024
Section 19-1310.12 - Protection of person dealing with trustee
(a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.
(b) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.
(c) A person who in good faith delivers assets to a trustee need not ensure their proper application.
(d) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.
(e) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.

D.C. Code § 19-1310.12

Mar. 10, 2004, D.C. Law 15-104, § 2(b), 51 DCR 208.

Uniform Law: This section is based upon § 1012 of the Uniform Trust Code.