Section 36C-10-1012 - Protection of person dealing with trustee(a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers, is protected from liability as if the trustee properly exercised the power.(b) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.(c) A person who in good faith delivers assets to a trustee need not ensure their proper application.(d) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.(e) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.(f) A person is not required to obtain a certification under G.S. 36C-10-1013 in order to be entitled to the protections of this section.N.C. Gen. Stat. § 36C-10-1012
Added by 2005 N.C. Sess. Laws 192, s. 2, eff. 1/1/2006.