469.280. Check drawn by and payable to fiduciary.
Check drawn by and payable to fiduciary.
469.280. If a check or other bill of exchange is drawn by a fiduciaryas such or in the name of his principal by a fiduciary empowered to drawsuch instrument in the name of his principal, payable to the fiduciarypersonally, or payable to a third person and by him transferred to thefiduciary, and is thereafter transferred by the fiduciary, whether inpayment of a personal debt of the fiduciary or otherwise, the transferee isnot bound to inquire whether the fiduciary is committing a breach of hisobligation as fiduciary in transferring the instrument, and is notchargeable with notice that the fiduciary is committing a breach of hisobligation as fiduciary unless he takes the instrument with actualknowledge of such breach or with knowledge of such facts that his action intaking the instrument amounts to bad faith.
(L. 1959 S.B. 121 § 6, A.L. 2004 H.B. 1511)*Transferred 2004; formerly 456.280