A person who in good faith pays or transfers to a fiduciary any money or other property, which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.
N.C. Gen. Stat. § 32-3
Application of payments made to fiduciaries
Known as the Uniform Fiduciaries Act
The act spans §§ 32–32 (13 sections).
1923, c. 85, s. 2; C.S., s. 1864(f).
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.