Indiana Code - Trusts and Fiduciaries - Title 30, Section 30-2-4-10
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Indiana Lawyer > Trusts and Fiduciaries > Indiana Code - Trusts and Fiduciaries - Title 30, Section 30-2-4-10
Deposit in names of two or more trustees Sec. 10. When a deposit is made in a bank in the name of two (2)
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.
(Formerly: Acts 1927, c.17, s.10.)
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Last modified: May 27, 2006
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