(760 ILCS 70/3) (from Ch. 32, par. 439.52)
Sec. 3.
Assignment
by a fiduciary.
A corporation making a transfer of a security upon assignment by a
fiduciary:
(a) may assume without inquiry that the assignment, even though to the
fiduciary himself or to his nominee, is within his authority and capacity
and is not in breach of his fiduciary duties,
(b) may assume without inquiry that the fiduciary has complied with the
laws of the state having jurisdiction of the fiduciary relationship,
including any laws requiring the fiduciary to obtain court approval of the
transfer, and
(c) is not charged with notice of and is not bound to obtain or examine
any court record or any recorded or unrecorded document relating to the
fiduciary relationship or the assignment, even though the record or
document is in its possession, except that, if the security is not
registered in the name of the fiduciary, the corporation shall obtain a
copy of a document showing his appointment and, if court appointed,
certified by the clerk of the appointing court within sixty days before the
date of transfer, but the corporation is charged with notice of only that
part of the document which provides for the appointment.
(Source: Laws 1957, p. 247.)
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