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A person other than a beneficiary who in “good faith”, as defined in § 47-1-201, 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.
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.
A person who in “good faith” delivers assets to a trustee need not ensure their proper application.
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.
Comparable protective provisions of other laws, see §§ 47-8-101 — 47-8-407, relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.