28-10-703. Responsibility of agent when third person claims property received for principal. If an agent receives anything for the benefit of the agent's principal that another person is entitled to possess, the agent shall, on demand, surrender it to the person, or so much of it as the agent has under the agent's control at the time of demand, on being indemnified for any advance that the agent has made to the principal, in good faith, on account of the advance. The agent is responsible for the thing of benefit if, after demand, the agent delivers it to the principal.