Legislation
SECTION 552
Accountability
Banking (BNK) CHAPTER 2, ARTICLE 12-A
§ 552. Accountability. A mutual trust investment company shall not be
responsible for ascertaining the investment powers of any fiduciary who
may purchase its stocks or shares and shall not be liable for accepting
funds from a fiduciary in violation of the restrictions in any will,
deed or other instrument in the absence of actual knowledge of such
violation, and shall be accountable only to the fiduciaries who are the
owners of its stocks or shares.
responsible for ascertaining the investment powers of any fiduciary who
may purchase its stocks or shares and shall not be liable for accepting
funds from a fiduciary in violation of the restrictions in any will,
deed or other instrument in the absence of actual knowledge of such
violation, and shall be accountable only to the fiduciaries who are the
owners of its stocks or shares.