(1) 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 were properly exercising the power.
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 and, in the absence of contrary knowledge, may assume the existence and proper use of the power being exercised.
A person who in good faith delivers assets to a trustee need not ensure their properapplication.
A person other than a beneficiary who in good faith assists a former trustee, or whoin 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.
Comparable protective provisions of other laws relating to commercial transactionsor transfer of securities by fiduciaries prevail over the protection provided by this section.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1188, § 1, effective January 1, 2019.