Utah Code 75A-1-203. Payments or transfers made to a fiduciary
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(1) A person who in good faith pays or transfers to a fiduciary any money or other property that the fiduciary is authorized to receive is not responsible for the proper application of the money or property by the fiduciary.
Terms Used In Utah Code 75A-1-203
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means :(1)(a) a trustee under any trust, expressed, implied, resulting or constructive;(1)(b) an executor;(1)(c) an administrator;(1)(d) a guardian;(1)(e) a conservator;(1)(f) a curator;(1)(g) a receiver;(1)(h) a trustee in bankruptcy;(1)(i) an assignee for the benefit of creditors;(1)(j) a partner;(1)(k) an agent;(1)(l) an officer of a corporation, public or private;(1)(m) a public officer; or(1)(nn) any other person acting in a fiduciary capacity for any person, trust, or estate. See Utah Code 75A-1-201
- Good faith: means something is in fact done honestly regardless of whether it is done negligently or not. See Utah Code 75A-1-201
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Property: includes both real and personal property. See Utah Code 68-3-12.5
(2) A right or title acquired from the fiduciary in consideration of a payment or transfer described in Subsection (1) is not invalid as a consequence of a misapplication by the fiduciary.