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ARTICLE 37A

ARTICLE 37A.

FIDUCIARIES.

	1. Definitions.	7. Deposit. in name of fiduciary as such.
	2 Application of payments made to	8. Deposit in name .of principal.
	fiduciaries.	9. Deposit in fiduciary's personal account.
	3. Registration of transfer of securities held by fiduciaries.	10. Article not retroactive.
	4. Transfer of negotiable instruments by	11. Cases not provided for in act.
	fiduciaries.	12. Uniform interpretation.
	5. Checks drawn by fiduciaries payable	13. Name of act.
	to third persons.	14. Deposits by Fiduciaries under Reor-
	6. Checks drawn by and payable to	ganization Agreement.
	fiduciaries.

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, re-
sulting 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.

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-
ation, or of any trust, transfers the same, such corporation or company or
other association, or any of the managers of the trust, or its or their
transfer agent, is not bound to inquire whether the fiduciary is committing
a breach of his obligation as fiduciary in making the transfer, or to see to