403.310. Nonliability of third person. - Missouri Statutes

Nonliability of third person.

403.310. 1. No person who participates in the acquisition,disposition, assignment or transfer of a security by or to afiduciary including a person who guarantees the signature of thefiduciary is liable for participation in any breach of fiduciaryduty by reason of failure to inquire whether the transactioninvolves such a breach unless it is shown that he acted withactual knowledge that the proceeds of the transaction were beingor were to be used wrongfully for the individual benefit of thefiduciary or that the transaction was otherwise in breach ofduty.

2. If a corporation or transfer agent makes a transferpursuant to an assignment by a fiduciary, a person who guaranteedthe signature of the fiduciary is not liable on the guarantee toany person to whom the corporation or transfer agent by reason ofsections 403.250 to 403.350 incurs no liability.

3. This section does not impose any liability upon thecorporation or its transfer agent.

(L. 1959 S.B. 241 § 7)