§ 21-1708. Conforming amendment.

Current through October 23, 2012

When a fiduciary deposits in a bank to his personal credit checks:

(1) drawn by him upon an account in his own name as fiduciary; or

(2) payable to him as fiduciary; or

(3) drawn by him upon an account in the name of his principal if he is empowered to draw checks thereon; or

(4) payable to his principal and indorsed by him, if he is empowered to indorse such checks --

or if he otherwise deposits funds held by him as fiduciary, the bank has notice of the breach of fiduciary duty if the instrument is deposited to an account other than an account of the fiduciary, as such, or an account of the represented person.

                
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(Sept. 14, 1965, 79 Stat. 778, Pub. L. 89-183, § 1; March 21, 1995, D.C. Law 10-249, § 3, 42 DCR 467; Apr. 9, 1997, D.C. Law 11-255, § 20(d), 44 DCR 1271.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 21-1708.

1973 Ed., § 21-1708.

Legislative History of Laws

Law 10-249, the "Uniform Commercial Code-Negotiable Instruments Act of 1994," was introduced in Council and assigned Bill No. 10-240, which was referred to the Committee on Consumer and Regulatory Affairs. The Bill was adopted on first and second readings on November 1, 1994, and December 6, 1994, respectively. Signed by the Mayor on January 18, 1995, it was assigned Act No. 10-396 and transmitted to both Houses of Congress for its review. D.C. Law 10- 249 became effective on March 23, 1995.

Law 11-255, the "Second Technical Amendments Act of 1996," was introduced in Council and assigned Bill No. 11-905, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 7, 1996, and December 3, 1996, respectively. Signed by the Mayor on December 24, 1996, it was assigned Act No. 11-519 and transmitted to both Houses of Congress for its review. D.C. Law 11-255 became effective on April 9, 1997.

Uniform Law

This section is based upon § 9 of the Uniform Fiduciaries Act. See Volume 7A, Part I Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.