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Can you summarize NHRS 382-A:3-307?
UNIFORM COMMERCIAL CODE > Notice of Breach of Fiduciary Duty.
Short Summary
This legal document pertains to the breach of fiduciary duty. It defines the terms ‘fiduciary’ as an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty, and ‘represented person’ as the principal, beneficiary, partnership, corporation, or other person to whom the fiduciary duty is owed. The document outlines the rules that apply when an instrument is taken from a fiduciary for payment or collection, and the taker has knowledge of the fiduciary status. It states that notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person. The document also provides conditions under which the taker has notice of the breach of fiduciary duty. No specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Fiduciaries, represented persons
What does it govern?
Breach of fiduciary duty
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Hampshire