2023 Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 515B — Minnesota Common Interest Ownership Act
Section 515B.3-119 — Association As Trustee.
With respect to a third person dealing with the association in the association's capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee or is properly exercising trust powers and third person, without actual knowledge that the association is exceeding its powers or improperly exercising them, is fully protected in dealing with the association as if it possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee.
History:1993 c 222 art 3 s 19