2013 District of Columbia Code
Division III — DECEDENTS' ESTATES AND FIDUCIARY RELATIONS
Title 21 — FIDUCIARY RELATIONS AND PERSONS WITH MENTAL ILLNESS
Chapter 17 — GENERAL FIDUCIARY RELATIONS
Subchapter I — UNIFORM FIDUCIARIES ACT
Section 21-1706 — Deposit in name of fiduciary as such.
If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which the deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing the check or with knowledge of facts that its action in paying the check amounts to bad faith. If, however, the check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.
History
(Sept. 14, 1965, 79 Stat. 777, Pub. L. 89-183, § 1.)
Annotations
Prior Codifications. 1981 Ed., § 21-1706.
1973 Ed., § 21-1706.
Editor's Notes Uniform Law: This section is based upon § 7 of the Uniform Fiduciaries Act.
Disclaimer: These codes may not be the most recent version. The District of Columbia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
