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#1367873 - 04/01/10 03:53 PM Check payable to a Trust - Question
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Customer, John Smith, on a consumer account with son and daughter-in-law - brings in check payable to the J A & D A Smith Living Trust, John Smith and Dolly Smith, Trustees - what options does one have?
Do both trustees have to endorse (I don't know why I'm having a brain cramp) or is the "and" in their, simply copying over that John and Dolly are both Trustees - we think Dolly just deceased - ugh - I hate April 1 - all the kookie stuff is coming out- -
Last edited by R Banker; 04/01/10 04:06 PM. Reason: Better subject line
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General Discussion
#1367893 - 04/01/10 04:12 PM Re: Check payable to a Trust - Question RBanker
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
It's payable to the trust, not the trustees. Unless the trust required both trustees to act in concert, either one can sign on behalf of the trust.

However, your problems are 1) you do not know whether the trust required both trustees to sign and 2) trustees are not supposed to cash checks payable to the trust. On its face it's a breach of fiduciary duty for which your bank could and should be found liable.

Uh-uh.
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