{"data":{"id":"us-mi/mich.-comp.-laws-441.107","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 441.107","heading":"Fiduciary security transfers; third persons, nonliability.","body":"Sec. 7.\n\nNo person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty.\n\nIf a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of this act incurs no liability.\n\nThis section does not impose any liability upon the corporation or its transfer agent.","path":["MI Code","Chapter 441","Act Act-239-of-1959"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-441-107","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"572c6eaa1b282e68eb9f8ad2a45b2c98d9d621c87e08c101d9b1ffd16ddb12a6","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-441.106","next":"us-mi/mich.-comp.-laws-441.108"},"notice":"GroundRules: Original legal text. Not legal advice."}