Page:United States Statutes at Large Volume 45 Part 1.djvu/563

 512 SEVENTIETH CONGRESS. SESS. I. CHs . 545-547 . 1928 . knowledge if ba 8kh ha the personal check of the fiduciary without bei ng liable to the obligation, etc. principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in making such deposit or in drawing such check, or with knowledge of such facts that its action in receiving the Authority to draw on deposit or paying the check amounts to bad faith. deposits in name of two " SEC. 10 . DEPOSIT IN N AMES OF TWO OR MORE TRUSTEES .-T he n a or more trustees . deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks up on the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee Ac t not retr oacti ve . or other holder or the bank amounts to bad faith . " SEC. 11. ACT NOT RETROACTIVE .-The provisions of this Act shall not apply to transactions taking place prior to the time when it Ap plica tion of gen- takes effect. eral rules of law and SEC. 12 . CASES NOT PROVIDED FOR IN ACT .-In any case not provided equity to cases not pro- vided for hereby. for in this Act the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, nego- Uniformity of inter- tiable instruments and banking, shall continue to apply. pretation with State a SEC. 13. UNIFORMITY OF INTERPRETATION. - Th is Act shall be so laws. interpreted and construed as to effectuate its general purpose to make uniform the law of those States which enact it. Title of Act. " SEC. 14. SHO RT TITLE. This Act may be cited as the Uniform Fiduciaries Act . Inconsistent laws re- ƒ pealed . SEC . 15 . INCONSISTENT LAWS REPEALED.-All Acts or parts of Acts inconsistent with this Act are hereby repealed . Effective upon pas- sage. "SEC. 16. TIME OF TAKING EFFECT .-This Act shall take effect upon the date of its passage ." Approved, May 14, 1928 . May 14,1928 . CHAP. 546 .-An Act To authorize the payment of an indemnity to the Gov- [H. R. 3 .]	ernment of France on account of losses sustained by the owners of the French [Public, No. 3x1 .1 steamship Madeleine as a result of a collision betwen it and the United States ste amshi p Ker wood . Be it enacted by the Senate and House of Representatives of the France. Un ited States o f Amer ica i n Con gress asse mbled, Th at the Secre- Payment authorized to, as indemnity for col- tary of the Treasury be, and he is hereby, directed to pay to the lision damages to Government of France a sum equivalent to 3,550 pounds sterling 2 French steamship Madeleine ." shillings 5 pence, in settlement of a claim presented by the Govern- ment of France on account of damages sustained by the French steamship Madeleine in a collision with the United States steamship Kerwood, in the harbor of Brest, France, on May 11, 1918, as set forth in the message of the President of December 17, 1927, printed as Senate Document Numbered 24, Seventieth Congress, first session ; Post, p. 913. and there is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, a sufficient sum to carry out the purpose of this Act. Approved, May 14, 1928 . May 14,1928. [H. R. 10643.1 [Public, No. 382 .] Lake Champlain. CHAP. 547.-An Act Authorizing the Gulf Coast Properties, Inc ., i ts su c- cesso rs an d ass igns, to c onstr uct, mainta in, a nd op erate a br idge acros s Lake Champlain at or near Rouses Point, New York. Be it enacted by the Senate and House o f Representatives o f the Uni ted S tates of America in Congr ess a ssemb led, That in order to facilitate interstate commerce, improve the postal service, and pro-

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