FIDUCIARIES. 201
ARTICLE 37A.
FIDUCIARIES.
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1. Definitions.
2. Application of payments made to
fiduciaries.
3. Registration of transfer of securi-
ties held by fiduciaries.
4. Transfer of negotiable Instruments
by fiduciaries.
5. Checks drawn by fiduciaries pay-
able to third persons.
6. Checks drawn by and payable to
fiduciaries.
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7. Deposit in name of fiduciary as
such.
8. Deposit in name of principal.
9. Deposit in fiduciary's personal ac-
count
10. Article not retroactive.
11. Cases not provided for In act
12. Uniform Interpretation.
13. Name of act
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1929, ch, 572, sec. 1.
1. (Definition of Terms. ) (1) In this Article, unless the context or
subject-matter otherwise requires:
"Bank" includes any person or association of persons, whether incor-
porated or not, carrying on the business of banking.
"Fiduciary" includes a trustee under any trust, expressed, implied,
resulting or constructive, executor, administrator, guardian, conservator,
curator, receiver, trustee in bankruptcy, assignee for the benefit of credi-
tors, partner, agent, officer of a corporation, public or private, public officer
or any other person acting in a fiduciary capacity for any person, trust or
estate.
"Person" includes a corporation partnership, or other association, or two
or more persons having a joint or common interest.
"Principal" includes any person to whom a fiduciary as such owes an
obligation.
1929, ch. 572, sec. 2.
2. (Application of Payments Made to Fiduciaries. ) 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.
1929, ch. 572, sec. 3.
3. (Registration of Transfer of Securities Held by Fiduciaries. ) If
a fiduciary in whose name are registered any shares of stock, bonds or other
securities of any corporation, public or private, or company or other associ-
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