(Repealed effective January 1, 1997) Inquiry into fiduciary relationship not required; presumption that registered owner continues to be fiduciary.

A corporation or transfer agent registering a security in the name of a person who is a fiduciary, or who is described as a fiduciary, is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship, and thereafter, the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.

(Acts 1961, No. 1016, p. 1593, §2.)