Excerpt from Safeguarding Stock Transfers
So, too, with administrator, executor, trustee, guardian, pledgee, or other fiduciary or agent - just as a corporation is limited in what it may do by the laws of the state which created it, so a fiduciary or agent is limited in what he may do by the laws of the state which brought him into official being. If he does something, or rather if he goes through the motions of doing something, that the law under which he is acting does not give him power to do, the law may simply say. It was not done.
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