Page:United States Statutes at Large Volume 78.djvu/716

 674

PUBLIC LAW 88-509-AUG. 30, 1964

[78 STAT.

§ 28-2906. Nonliability of corporation and transfer agent A corporation or transfer agent does not incur liability to any person by making a transfer or otherwise acting in a manner authorized by this chapter. § 28-2907. Nonliability of third persons (a) A person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary including a person who guarantees the signature oi the fiduciary is not liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves such a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty. (b) When a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of this chapter incurs no liability. (c) This section does not impose any liability upon the corporation or its transfer agent. § 28-2908. Territorial application (a) The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized. (b) This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in the District of Columbia in connection with the acquisition, disposition, assignment or transfer of a security by or to a fiduciary and of a person who guarantees in the District of Columbia the signature of a fiduciary in connection with such a transaction. § 28-2909. Tax obligations This chapter does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of the District of Columbia.

CHAPTER 31—FRAUDULENT CONVEYANCES Sec. 28-3101. Intent to defraud creditors. 28-3102. Intent to defraud purchasers. 28-3103. Fiduciaries' suit to vacate fraudulent transaction.

§ 28-3101. Intent to defraud creditors A conveyance or assignment, in writing or otherwise, of an estate or interest in land or its rents and profits, or in goods or things in action, and a charge upon the same, and a bond or other evidence of debt given, or judgment or decree suffered, with the intent to hinder or defraud persons having just claims or demands, of their lawful suits, damages, or demands, is void as against the persons so hindered or defrauded. This section does not affect the title of a purchaser for value, unless it appears that he had previous notice of the fraudulent intent of his immediate grantor, or of the fraud rendering void the title of the grantor. The question of fraudulent intent is a question of fact and not of law.

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