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.
1961 c 462 s 3; 1986 c 444
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.