Nevada § 162.100 - Deposit in personal account of fiduciary

§ 162.100. Deposit in personal account of fiduciary

If a fiduciary makes a deposit in a bank to his or her personal credit of checks drawn

by the fiduciary upon an account in his or her own name as fiduciary, or of checks

payable to him or her as fiduciary, or of checks drawn by the fiduciary upon an account

in the name of his or her principal if the fiduciary is empowered to draw checks thereon,

or of checks payable to his or her principal and endorsed by the fiduciary, if the

fiduciary is empowered to endorse such checks, or if the fiduciary otherwise makes

a deposit of funds held by him or her as fiduciary, the bank receiving such deposit

is not bound to inquire whether the fiduciary is committing thereby a breach of his

or her obligation as fiduciary; and the bank is authorized to pay the amount of the

deposit or any part thereof upon the personal check of the fiduciary without being

liable to the principal, unless the bank receives the deposit or pays the check with

actual knowledge that the fiduciary is committing a breach of his or her obligation

as fiduciary in making such deposit or in drawing such check, or with knowledge of

such facts that its action in receiving the deposit or paying the check amounts to

bad faith.