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Code · Hawaii · Hawaii Revised Statutes

[ §554D-1012] Protection of person dealing with trustee.

199 words·~1 min read·/hi/554d-1012

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[ §554D-1012] Protection of person dealing with trustee.
(a)A person, other than a beneficiary, who in good faith assists a trustee or who in good faith and for value deals with a trustee, without actual knowledge that the trustee is exceeding or improperly exercising the trustee's powers, shall be protected from liability as if the trustee properly exercised the power.
(b)A person, other than a beneficiary, who in good faith deals with a trustee shall not be required to inquire into the extent of the trustee's powers or the propriety of their exercise.
(c)A person who in good faith delivers assets to a trustee shall not be required to ensure their proper application.
(d)A person, other than a beneficiary, who in good faith assists a former trustee or who in good faith and for value deals with a former trustee, without actual knowledge that the trusteeship has terminated, shall be protected from liability as if the former trustee were still a trustee.
(e)Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries shall prevail over the protection provided by this section. [L 2021, c 32, pt of §2]
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