Current through Register Vol. 49, No. 8, August 19, 2024
Section 501C.1012 - 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) Nothing in this section shall limit the protection provided by other laws relating to commercial trust accounts or transfers of securities by fiduciaries.Added by 2015 Minn. Laws, ch. 5,s 10-12, eff. 1/1/2016.