Sec. 3.
Except as otherwise provided in this act, 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 himself or to his nominee, is within his authority and capacity and is not in breach of his 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.
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.