Section 11.29 Immunities and Protections for Third Persons

• Library: Trusts and Powers 2013 Supp

G. (§11.29) Immunities and Protections for Third Persons

A third person may broadly deal with a custodian without any requirement for inquiring into the authority under which the custodian is entering into the transaction. Section 404.061, RSMo 2000. Third persons named in § 404.061 include “an issuer of securities, transfer agent, financial institution, broker, life insurance company, benefit plan, personal representative, or trustee.” The obligation of a broker to the custodian is discussed in Feinberg v. Bache Halsey...