Application of payment made to fiduciaries. A person who in good faith pays or transfers to a fiduciary money or other property which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration of the payment or transfer is not invalid in consequence of a misapplication by the fiduciary. (Sept. 14, 1965, 79 Stat. 776, Pub. L. 89-183, § 1.) Prior Codifications 1981 Ed., § 21-1702. 1973 Ed., § 21-1702. Cross References Joint or trust accounts, safe deposit boxes, etc., see § 26-801 et seq. Editor's Notes Uniform Law: This section is based upon § 2 of the Uniform Fiduciaries Act.
District of Columbia Legal Code