22-1-6 - Checks drawn by or payable to fiduciary. - Utah Statutes

22-1-6. Checks drawn by or payable to fiduciary.
If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of hisprincipal by a fiduciary empowered to draw such instrument in the name of his principal, payableto the fiduciary personally, or payable to a third person and by him transferred to the fiduciary,and is thereafter transferred by the fiduciary, whether in payment of a personal debt of thefiduciary or otherwise, the transferee is not bound to inquire whether the fiduciary is committing abreach of his obligation as fiduciary in transferring the instrument, and is not chargeable withnotice that the fiduciary is committing a breach of his obligation as fiduciary, unless he takes theinstrument with actual knowledge of such breach or with knowledge of such facts that his actionin taking the instrument amounts to bad faith.

No Change Since 1953