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Code · Massachusetts · Part II — REAL AND PERSONAL PROPERTY AND DOMESTIC RELATIONS · Title II — PROCEEDINGS IN CRIMINAL CASES · Chapter 203E

Section 1012: Protection of person dealing with trustee

187 words·~1 min read·/ma/part-ii/title-ii/chapter-203e/1012

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Section 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 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 need not 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 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.
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