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#1412865 - 07/08/10 04:07 PM Check payable to living trust
krose Offline
Member
Joined: Jun 2008
Posts: 64
TN
We have a customer who has a check payable to "John and Sue Doe Revocable Living Trust" of which he and his wife are trustees. He is requesting to open a joint account in the name of John and Sue Doe and deposit the check payable to the trust into that account. Should we allow them to do this?

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Deposits and Payments
#1412900 - 07/08/10 05:05 PM Re: Check payable to living trust krose
Georgia Plum
Unregistered

No. It should be deposited into an account titled John & Sue Doe Revocable Living Trust. As trustees, they can then write a check out of the trust to them personally if that is what they want to do.

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#1413126 - 07/08/10 09:04 PM Re: Check payable to living trust krose
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Agreed, the trust is a person. John Doe is a person. They are not the same person.

Your bank would not only have knowledge of the breach of fiduciary duty, you would have facilitated it.
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