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#2152479 - 11/07/17 03:03 PM Living Trust and RegO
LSmith Offline
Platinum Poster
LSmith
Joined: Dec 2002
Posts: 703
If an Executive Officer or Director has a Living Trust, is it to be considered for REG O purposes? I know that it is for Insider reporting, but not sure about overdraft. And what about an Irrevocable Trust?

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Deposits and Payments
#2152483 - 11/07/17 03:09 PM Re: Living Trust and RegO LSmith
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
The trust is most likely a related interest. As far as overdrafts, considering a trustee would be breaching their fiduciary duties to overdraw a trust account, this should never happen and for the bank to pay any such check into the overdraft, it would make the bank culpable in the breach.
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#2152625 - 11/08/17 02:42 AM Re: Living Trust and RegO LSmith
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
I know where Reg O is in the alphabet, but little more. Regardless, if you allow a trust to be overdrawn, I think you've got bigger problems...
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