456 ARTICLE 37A.

1929, ch. 572, sec. 9.

9. Deposit in Fiduciary's Personal Account If a fiduciary makes
a deposit in a bank to his personal credit of checks drawn by him upon
an account in his own name as fiduciary, or of checks payable to him as
fiduciary, or of checks drawn by him upon an account in the name of his
principal if he is empowered to draw checks thereon, or of checks pay-
able to his principal and indorsed by him, if he is empowered to indorse
such checks, or if he otherwise makes a deposit of funds held by him as
fiduciary, the bank receiving such deposit is not bound to inquire whether
the fiduciary is committing thereby a breach of his obligation as fiduciary;
and the bank is authorized to pay the amount of the deposit or any part
thereof upon the personal check of the fiduciary without being liable to the
principal, unless the bank receives the deposit or pays the check with
actual knowledge that the fiduciary is committing a breach of his obli-
gation as fiduciary in making such deposit or in drawing such check, or
with knowledge of such facts that its action in receiving the deposit or
paying the check amounts to bad faith.

1929, ch. 572, sec. 10.

10. Act Not Retroactive. The provisions of this Article shall not
apply to transactions taking place prior to the time when it takes effect.

1929, ch. 572, sec. 11.

11. Cases Not Provided for in Article. In any case not provided for
in this Article the rules of law and equity, including the law merchant
and those rules of law and equity relating to trusts, agency, negotiable in-
struments and banking, shall continue to apply.

1929, ch. 572, sec. 12.

12. Uniformity of Interpretation. This Article shall be so inter-
preted and construed as to effectuate its general purpose to make uniform
the law of those states which enact it.

1929, ch. 572, sec. 13.

13. Short Title. This Article may be cited as the Uniform Fiduci-
aries Act. ¹

¹ Sec. 14, ch. 572, of the acts of 1929, repealed all laws inconsistent therewith.