§ 18-4-5 - Effect of trustee's receipt.
SECTION 18-4-5
§ 18-4-5 Effect of trustee's receipt.– (a) The receipt in writing of any trustees or trustee for any money,securities, or other personal property or effects, payable, transferable, ordeliverable to them, him, her, or it, under any trust or power, expresslyincluding purchase money and loans, shall be a sufficient discharge for thepersonal property or effects, and shall effectually exonerate the personpaying, transferring, or delivering the personal property or effects fromseeing to the application, or being answerable for any loss or misapplication.
(b) This section applies to trusts previously or subsequentlycreated.