§ 30-2-4-3 — Registration or transfer of securities held by fiduciaries

If an executor, administrator, trustee, guardian
or other fiduciary or the nominee of a fiduciary in whose name are
registered or to be registered any shares of stock, bonds or other
securities of any corporation, public or private, or company or other
association, applies for the registration or transfer of the same, such
corporation or company or other association, or its or their transfer
agent, is not bound to inquire whether the fiduciary or nominee is
committing a breach of his obligation as fiduciary or nominee in
making such registration or transfer, or to see to the performance of the
fiduciary obligation, and is liable for such registration or transfer only
where such registration or transfer is made with actual knowledge that
such fiduciary or nominee is committing a breach of trust in requesting
such registration or transfer, or with knowledge of such facts that its or
their participation in such registration or transfer amounts to bad faith.
Formerly: Acts 1927, c.17, s.3; Acts 1947, c.351, s.3.