§ 3-520. Transfer of assets from a common trust fund

Latest version.

   (a) Presumption of right to transfer. -- A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund may presume conclusively that the trustee has an absolute right to transfer or assign the asset.

(b) Liability. --

   (1) A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund is not chargeable with any duty in relation to the fund, a participating account, or any beneficiary of a participating account.

   (2) A transferee of an asset held in the name of a trustee of a common trust fund is not liable for the application of any purchase money paid to the trustee.

HISTORY: An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.

                    
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