Uniform Fiduciaries Law

The Uniform Fiduciaries Law governs how banks, payors, and other third parties may deal with someone who holds money or property for another, and when those third parties bear responsibility if the fiduciary misuses what is entrusted to them. It works transaction by transaction, setting rules for payments made to a fiduciary, a fiduciary's transfer of a negotiable instrument, checks drawn by a fiduciary, and deposits made in the fiduciary's representative name, the principal's name, the fiduciary's own personal account, or the names of two or more trustees. Alongside these operative rules it supplies definitions, provides that it does not apply retroactively, leaves matters it does not address to other law, and directs that it be construed so as to keep the law uniform across the states that adopt it.

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