Sec. 2.
A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.
History: 1959, Act 239, Eff. Mar. 19, 1960
Structure Michigan Compiled Laws
Chapter 441 - Fiduciary Security Transfers
Section 441.101 - Uniform Fiduciary Security Transfer Simplification Act; Definitions.
Section 441.102 - Fiduciary Security Transfers; Registration.
Section 441.103 - Fiduciary Security Transfers; Assignment by Fiduciary.
Section 441.104 - Fiduciary Security Transfers; Evidence of Appointment or Incumbency.
Section 441.105 - Fiduciary Security Transfers; Adverse Claims.
Section 441.106 - Fiduciary Security Transfers; Corporation or Transfer Agent, Nonliability.
Section 441.107 - Fiduciary Security Transfers; Third Persons, Nonliability.
Section 441.108 - Fiduciary Security Transfers; Territorial Application.
Section 441.109 - Fiduciary Security Transfers; Tax Obligations.
Section 441.110 - Construction of Act.
Section 441.111 - Uniform Act for the Simplification of Fiduciary Security Transfers; Short Title.