When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.
1945 c 202 s 10
Structure Minnesota Statutes
Chapters 520 - 523 — Fiduciaries; Powers Of Attorney
Chapter 520 — Fiduciaries; Uniform Acts
Section 520.02 — Application Of Payments Made To Fiduciaries.
Section 520.07 — Deposit In Name Of Fiduciary As Such.
Section 520.08 — Deposit In Name Of Principal.
Section 520.09 — Deposit In Fiduciary's Personal Account.
Section 520.10 — Deposit In Names Of Two Or More Trustees.
Section 520.12 — Cases Not Provided For In Sections 520.01 To 520.13.
Section 520.13 — Citation, Uniform Fiduciaries Act.
Section 520.22 — Registration In The Name Of A Fiduciary.
Section 520.23 — Assignment By A Fiduciary.
Section 520.24 — Evidence Of Appointment Or Incumbency.
Section 520.25 — Adverse Claims.
Section 520.26 — Nonliability Of Corporation And Transfer Agent.
Section 520.27 — Nonliability Of Third Persons.
Section 520.28 — Territorial Application.
Section 520.29 — Tax Obligations.
Section 520.30 — Uniformity Of Interpretation.
Section 520.32 — Deposit Of Securities In Central Depository.