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#674170 - 01/28/07 02:54 PM Trust Certification
J.R. Offline
Junior Member
Joined: Aug 2005
Posts: 40
Midwest
At what point do you require the entire trust agreement to review prior to opening or changing an account? Does anyone have a standard rule of thumb. It seems like every trust situation is unique and while we require a trust certification be executed at opening I worry about our liability and ability to recover funds down the road if anything is contested.
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J.R.

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#677198 - 01/31/07 10:55 PM Re: Trust Certification J.R.
RayLynch Offline
Platinum Poster
RayLynch
Joined: Oct 2003
Posts: 544
You need to review your state law regarding Trust Certifications to find out the answer to your questions. For example, California law prohibits any third party from requiring the trustee to give an entire copy of the trust agreement. The California law waives any liability for a third party that relies on a Certification and states the transaction is binding and any lien created against trust assets is valid even if the trustee's representations in the Certification are wrong. Check your state law to see if you have a similar statute.

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