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Question
A person who takes an instrument containing a restrictive indorsement, "Pay to Jack Black in Trust for Mel Gibbs,":
A. may not pay the proceeds to the indorsee without the due approval of the indorser.
B. may pay the proceeds to the indorsee paying due regard to whether the indorsee violates a fiduciary duty to the indorser.
C. may pay the proceeds to the indorsee without regard to whether the indorsee violates a fiduciary duty to the indorser.
D. may pay the proceeds to the indorser only with the approval and concurrence of the indorsee.
Answer
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