FIDUCIARIES. 453

ARTICLE 37A.

FIDUCIARIES.

	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.	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.

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 cred-
itors, 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.

Cited but not construed in Iron & Steel Co. v. Page, 165 Md. 218.

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.
This section applied in All v. McComas, 162 Md. 696.