§ 3307. Notice of breach of fiduciary duty
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 3307
§ 3307. Notice of breach of fiduciary duty
“Fiduciary.” An agent, trustee, partner, corporate officer or director or other representative owing a fiduciary duty with respect to an instrument.
“Represented person.” The principal, beneficiary, partnership, corporation or other person to whom the duty stated under the definition of fiduciary is owed.
(b) General rule.--If an instrument is taken from a fiduciary for payment or collection or for value, the taker has knowledge of the fiduciary status of the fiduciary and the represented person makes a claim to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply:
Credits
1992, July 9, P.L. 507, No. 97, § 5, effective in one year.
13 Pa.C.S.A. § 3307, PA ST 13 Pa.C.S.A. § 3307
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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