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#1914689 - 04/15/14 07:13 PM Non Assignable Provision in Trust Document
Compliance Audit Offline
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Joined: Mar 2005
Posts: 200
We have a trustee that would like to add a signer to a trust deposit account. I cannot find a specific authorization to assign authority in the document but would this qualify:

(1) A trustee, without authorization by the court, may exercise:
i) all powers over the trust property that an unmarried competent owner has over individually owned property; any other powers appropriate to achieve the proper investment, management, and distribution of the trust property;

The document also has a Non-Assignability Provision that says no beneficial interest of the trust whether income or principal shall be subject to assignment, attachment, pledge, claims of creditors etc.

Thanks for you input!

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#1914715 - 04/15/14 07:55 PM Re: Non Assignable Provision in Trust Document Compliance Audit
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,716
Illinois
The person most qualified to answer this question is your bank's attorney. Don't try to be a legal expert and potentially put the institution at risk, and don't take your customer's attorney's word for what the trust does or does not say, either.
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#1914800 - 04/16/14 10:19 AM Re: Non Assignable Provision in Trust Document Compliance Audit
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Start with "No, the trust does not provide for an authorized signer." (The language on assignability has to do with pledging future distributions as collateral for a loan.) If legal advice is necessary, let the trustee get it.
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