Utah Code § 70A-3-307

(1) In this section:
(a) "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other
representative owing a fiduciary duty with respect to an instrument.
(b) "Represented person" means the principal, beneficiary, partnership, corporation, or other
person to whom the duty stated in Subsection (1)(a) is owed.
(2) If an instrument is taken from a fiduciary for payment or collection or for value, the taker has
knowledge of the fiduciary status of the fiduciary, and the represented person makes a claim
to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of
fiduciary duty, the following rules apply:
(a) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented
person.
(b) In the case of an instrument payable to the represented person or the fiduciary as such, the
taker has notice of the breach of fiduciary duty if the instrument is:
(i) taken in payment of or as security for a debt known by the taker to be the personal debt of
the fiduciary;
(ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary; or
(iii) deposited to an account other than an account of the fiduciary, as such, or an account of
the represented person.
(c) If an instrument is issued by the represented person or the fiduciary as such, and made
payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary
duty unless the taker knows of the breach of fiduciary duty.
(d) If an instrument is issued by the represented person or the fiduciary as such, to the taker as
payee, the taker has notice of the breach of fiduciary duty if the instrument is:

(i) taken in payment of or as security for a debt known by the taker to be the personal debt of
the fiduciary;
(ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary; or
(iii) deposited to an account other than an account of the fiduciary, as such, or an account of
the represented person.

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