24.40.180 No Conversion by Good Faith Conduct

An agent or bailee who in good faith (including observance of reasonable commercial standards if he or she is in the business of buying, selling, or otherwise dealing with securities) has received certificated securities and sold, pledged, or delivered them or has sold or caused the transfer or pledge of un certificated securities over which he or she had control according to the instructions of his or her principal, is not liable for conversion or for participation in breach of fiduciary duty although the principal had no right so to deal with the securities.