Washington § 31.12.267 - Officials — Fiduciary duty — Information relied on — Definition.

Full text of Washington Revised Code of Washington § 31.12.267 — Officials — Fiduciary duty — Information relied on — Definition., with citation guidance and answers to common questions.

§ 31.12.267. Officials — Fiduciary duty — Information relied on — Definition.

(1) Officials owe a fiduciary duty to the credit union, and must discharge the duties of their positions:
(a) In good faith;
(b) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and
(c) In a manner the official reasonably believes to be in the best interests of the credit union.
(2) In discharging the duties of an official, the official is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:
(a) One or more officers or employees of the credit union whom the official reasonably believes to be reliable and competent in the matters presented;
(b) Legal counsel, public accountants, or other persons as to matters the official reasonably believes are within the person's professional or expert competence; or
(c) A committee of the board of directors or supervisory committee of which the official is not a member if the official reasonably believes the committee merits confidence.
(3) An official is not acting in good faith if the official has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (2) of this section unwarranted.
(4) An official is not liable for any action taken as a director, or any failure to take any action, if the director performed the duties of the director's office in compliance with this section.
(5) As used in this section, "official" means a director, board officer, supervisory committee member, or senior operating officer of the credit union.
[ 2017 c 61 s 6; 2010 c 87 s 3; 2001 c 83 s 9; 1997 c 397 s 19.]

Source: official Washington text · Last verified 2026-08-27

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What does Revised Code of Washington § 31.12.267 cover?

Section 31.12.267 ("Officials — Fiduciary duty — Information relied on — Definition.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

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A common citation format is "Revised Code of Washington § 31.12.267" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

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