55-7-1. Liability of third persons dealing with trustees.
64 words·~1 min read·
/sd/title-55/chapter-55-7/55-7-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
One who actually and in good faith transfers any money or other property to a trustee as such is not bound to see to the application thereof; and his rights can in no way be prejudiced by a misapplication thereof by the trustee. Other persons must at their peril see to the proper application of money or other property paid or delivered by them.