Idaho Code 68-602 – Corporation’S Duty to Inquire Into a Transfer
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 68-602
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A corporation and its transfer agent shall be under no obligation to inquire into the propriety of a transfer of any stock or security held in a nominee’s name unless the corporation or transfer agent has actual knowledge of a breach of fiduciary duty in connection with assets so held.