469.310. Deposit in fiduciary's personal account. - Missouri Statutes

Deposit in fiduciary's personal account.

469.310. If a fiduciary makes a deposit in a bank to his personalcredit of checks drawn by him upon an account in his own name as fiduciary,or of checks payable to him as fiduciary, or of checks drawn by him upon anaccount in the name of his principal if he is empowered to draw checksthereon, or of checks payable to his principal and endorsed by him, if heis empowered to endorse such checks, or if he otherwise makes a deposit offunds held by him as fiduciary, the bank receiving such deposit is notbound to inquire whether the fiduciary is committing thereby a breach ofhis obligation as fiduciary; and the bank is authorized to pay the amountof the deposit or any part thereof upon the personal check of the fiduciarywithout being liable to the principal, unless the bank receives the depositor pays the check with actual knowledge that the fiduciary is committing abreach of his obligation as fiduciary in making such deposit or in drawingsuch check, or with knowledge of such facts that its action in receivingthe deposit or paying the check amounts to bad faith.

(L. 1959 S.B. 121 § 9, A.L. 2004 H.B. 1511)

*Transferred 2004; formerly 456.310