The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1926-11-24
F|DUC|ARY | A "
ASKED HERE
By RICHARD HATTON


There is considerable more i'm
.portance to the recent action of the
District of Columbia Bankers Asso-
citation in indorsing the uniform
fiduciaries act, drafted by the ma.
tipnal conference of commissioners
on uniform State law. than appears
In the mere news announcement Of
the action taken at the special meet
ing OF the association on Novem-
Der %. The act in question con-
Germs liability for participation in
breaches Of fiduciary obligations.
and to make uniform the law win
reference thereto. The law and leg
islation committee of the District OF
Columbia Bankers Association is ex-
pected to take such steps as are pos
sible to have this measure intro
duced and passed in Congress at the
earliest possible moment.
The act is one which seems neces,
Sary and just as q protective meas
ure for those who in good faith pay
or transfer to a fiduriarys any
fidueiary, as such, is authorized to-
ADNCAbEt anu AGl4GNGS I1tC OllO
the payment from responsibility as
to the proper applica ton thereof by
the fiduciary, and any right or title
acquired from the fiduciary in con-
6ideration of such payment or trans.
fer is not invalid in consequence OF
Q Tnisapplication by the fiduciary.
An example Of the hardship upon
an innocent corporation, which oe-
CURED because of no statute such
as the proposed act may be cited IN
the case OF q bank In large city
wherein a father, about to sail for
Europe, left power of attorney for
his son. During the fathers alb
sence the son drew for his personal
account an exceptionally large
amount Of money. It would not
seem that. under the circumstances,
it was any OF the banks business
what the son did with the money,
as 1t was properly drawn under the
power Of attorney. However, it Is
stated, upon representation made
by the father upon his return that
the money was improperly spent by
the son, it was held by a court that
the bank was responsible for the
amount paid to the son and squan-
dered by him.
The bin has been recommended
by the American Bankers Associa.
ton and is now a uniform law in
nine States.
Some of the acts for which the
conference is responsible are: Uni
form sales act, uniform warehouse
act. uniform bills OF lading
act and uniform, partnership act.
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HaAa he .NxynnY.
lent demand for seats for the pre-
sentation Of The Passing Show at |
Polls, under the auspices of the |
Washington Chapter of the Amer |
lean Institute of Banking and the |
success of the undertaking is now
there are, according to Of /
ficers Of the local organization, still |
many excellent seats available. |
Some of these seats may be re- |
served at price less than paid for |
the. first selections, although the |
seats are all excellently located and |
quite as desirable as those already |
reserved.
The Better Business Bureau of |
Washington is investigating a num- |
Der of new activities in the Dis |
trict. Persons in doubt as to the |
ISElLlIudCy OL pTOpOH1IlOHS Luey are
asked to invest in, could do no
wiser thing than to consult the |
Bureau direct or to ask the advice |
of their banker.
Charles c. Glover, chairman of
the board of the Riggs National
Bank was the subject of congratu-
latIoEs today upon the occasion of
his eIghtieth birthday. Mr.. Glover's
office in the bank was filled with
floral tributes, among which was a
huge basket Of flowers from the
officers ana employees Of the insti-
tuition which he has served with
such conspicuous success since 1866.
Mr.. Glover entered the service Of
the Roggs Bank as a clerk and
served in practically every position
In the institution from the bottom
10 president, partner, and finally
chairman of the board.
A host Of friends today payed
their respects to Mr.. Glover at lis
office and congratulated him upon
his splendid health. his continued
activity in the affairs of the insti-
tuition and his continuing interest