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524.3-714 PERSONS DEALING WITH PERSONAL REPRESENTATIVE; PROTECTION.
(a) A person who in good faith either assists a personal representative or deals with the
personal representative for value is protected as if the personal representative properly exercised
power. The fact that a person knowingly deals with a personal representative does not alone
require the person to inquire into the existence of a power or the propriety of its exercise. Except
for restrictions on powers of supervised personal representatives which are endorsed on letters
as provided in section 524.3-504, no provision in any will or order of court purporting to limit
the power of a personal representative is effective except as to persons with actual knowledge
thereof. A person is not bound to see to the proper application of estate assets paid or delivered
to a personal representative. The protection here expressed extends to instances in which some
procedural irregularity or jurisdictional defect occurred in proceedings leading to the issuance of
letters, including a case in which the alleged decedent is found to be alive. The protection here
expressed is not by substitution for that provided by comparable provisions of the laws relating to
commercial transactions and laws simplifying transfers of securities by fiduciaries.
(b) If property is wrongfully transferred by a person acting as a personal representative to a
person who is not in good faith, a subsequent good faith purchaser is protected as if the original
transferee dealt in good faith. Any purchaser in good faith is protected as if all prior transfers
were made in good faith.
History: 1974 c 442 art 3 s 524.3-714; 1977 c 156 s 1; 1978 c 525 s 15; 1986 c 444

Official Publication of the State of Minnesota
Revisor of Statutes