Uniform Fiduciaries Act

The Uniform Fiduciaries Act governs transactions in which a bank, company, or other person deals with a fiduciary — a trustee, agent, or similar person holding money or property for a principal or beneficiary — instead of with the owner directly. It covers payments made to a fiduciary, transfers and endorsements of negotiable instruments, checks drawn by or payable to a fiduciary, deposits held in a fiduciary's name, in a fiduciary's personal account, or in the names of several trustees, and the registration and assignment of securities held in a fiduciary capacity, and for each it specifies when the third person, corporation, or transfer agent that dealt with the fiduciary is not liable for how the fiduciary handled the property. Further provisions address a fiduciary's tax obligations, succession by a replacement or surviving fiduciary, withholding property from a beneficiary, a fiduciary's creation of a trust or entity to hold estate or trust property, and the limits of an attorney's duty to the principal when representing a fiduciary.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.