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.

12 Del. C. 1953, § ?4302; 54 Del. Laws, c. 141.;

Terms Used In Delaware Code Title 12 Sec. 4302

  • Corporation: means a private or public corporation, association or trust issuing a security. See Delaware Code Title 12 Sec. 4301
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee. See Delaware Code Title 12 Sec. 4301
  • Person: includes an individual, a corporation, government or governmental subdivision or agency, statutory trust, business trust, estate, trust, partnership or association, 2 or more persons having a joint or common interest or any other legal or commercial entity. See Delaware Code Title 12 Sec. 4301
  • Security: includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation. See Delaware Code Title 12 Sec. 4301
  • Transfer: means a change on the books of a corporation in the registered ownership of a security. See Delaware Code Title 12 Sec. 4301
  • Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Delaware Code Title 12 Sec. 4301
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