§ 18-11-4 - Assignment by a fiduciary. - Rhode Island Statutes

SECTION 18-11-4

   § 18-11-4  Assignment by a fiduciary.– Except as otherwise provided in this chapter, a corporation or transfer agentmaking a transfer of a security pursuant to an assignment by a fiduciary:

   (1) May assume without inquiry that the assignment, eventhough to the fiduciary himself or herself or to his or her nominee, is withinhis or her authority and capacity and is not in breach of his or her fiduciaryduties;

   (2) May assume without inquiry that the fiduciary hascomplied with any controlling instrument and with the law of the jurisdictiongoverning the fiduciary relationship, including any law requiring the fiduciaryto obtain court approval of the transfer; and

   (3) Is not charged with notice of and is not bound to obtainor examine any court record or any recorded or unrecorded document relating tothe fiduciary relationship or the assignment, even though the record ordocument is in its possession.