Current as of January 01, 2018 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Except as otherwise provided in sections 520.21 to 520.31, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary:
(a) May assume without inquiry that the assignment, even though to the fiduciary personally or to a nominee, is within the fiduciary's authority and capacity and is not in breach of fiduciary duties;
(b) May assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer; and
(c) Is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.
Cite this article: FindLaw.com - Minnesota Statutes Fiduciaries; Powers of Attorney (Ch. 520-523) § 520.23. Assignment by a fiduciary - last updated January 01, 2018 | https://codes.findlaw.com/mn/fiduciaries-powers-of-attorney-ch-520-523/mn-st-sect-520-23/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?