Delaware § 81-319 Association as trustee

Delaware Statutes

§ 81-319 — Association as trustee

Delaware·Title 25·Part Common Interests and Ownership of Real Estate·Ch. 81 DELAWARE UNIFORM COMMON INTEREST OWNERSHIP ACT·Subch. Management of the Common Interest Community

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. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, 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.

Free access — add to your briefcase to read the full text and ask questions with AI

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. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, 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.

Delaware § 81-319 (Association as trustee) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.