14-7509. Deposit in names of two or more trustees
When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.
Section: Previous 14-7502 14-7503 14-7504 14-7505 14-7506 14-7507 14-7508 14-7509 14-7510 14-7511 14-7512 14-7651 14-7652 14-7653 14-7654 NextLast modified: October 13, 2016