§ 15-20-110 — Protection of third person

(1) With respect to property to which
this act applies, a person is not liable under this act to the extent the person:

(a) Transacts in good faith and for value:

(I) With a community property spouse;

(II) After the death of the decedent, with a surviving community property
spouse, personal representative, heir, devisee, or nonprobate transferee of the
decedent; or

(III) With a fiduciary acting on behalf of any such person, or a trustee of a
trust holding community property; and

(b) Does not know or have reason to know that the other party to the
transaction is exceeding or improperly exercising the party's authority.

(2) Good faith under subsection (1)(a) of this section does not require the
person to inquire into the extent or propriety of the exercise of authority by the
other party to the transaction.

Legislative History

Source: L. 2023: Entire article R&RE, (SB 23-100), ch. 30, p. 106, � 1, effective July 1.