Utah Statutes
§ 75A-1-206 — Checks drawn by or payable to a fiduciary.
If a fiduciary draws a check or other bill of exchange in the name of the fiduciary's principal and the fiduciary has authority to draw the check or other bill of exchange that is payable to the fiduciary or a person that transfers the payment to the fiduciary, the person to which the check or other bill of exchange is paid:
(1)is not bound to inquire as to whether the fiduciary is committing a breach of the fiduciary's obligation in transferring the check or other bill of exchange to the fiduciary; and
(2)is not required to provide notice that the fiduciary is committing a breach of the fiduciary's obligation, unless the person:
(2)(a) takes the check or other bill of exchange with actual knowledge that the fiduciary is committing a breach of the fiduciary's obligation; or
(2)(b) knows
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Legislative History
Renumbered and Amended by Chapter 364, 2024 General Session
Nearby Sections
15
§ 75A-1-101
Definitions for title.§ 75A-1-102
Transition clause.§ 75A-1-201
Definitions for part.§ 75A-1-202
Transactions prior to May 12, 1925.§ 75A-1-203
Payments or transfers made to a fiduciary.§ 75A-1-206
Checks drawn by or payable to a fiduciary.§ 75A-1-207
Bank deposits in the name of a fiduciary.§ 75A-1-208
Checks drawn in name of a principal.§ 75A-1-209
Deposits in a fiduciary's personal account.§ 75A-1-210
Deposits in name of several trustees.§ 75A-2-101
Reserved.§ 75A-2-102
Definitions for chapter.§ 75A-2-103
Applicability.