35-2-103 - Application of payments made to fiduciaries Validity of right or title acquired. - Tennessee Statutes

35-2-103. Application of payments made to fiduciaries Validity of right or title acquired.

A person who in good faith pays or transfers to a fiduciary any money or other property, which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary, and any right or title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.

[Acts 1953, ch. 82, § 2 (Williams, § 9596.19); T.C.A. (orig. ed.), § 35-203.]