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#2220887 - 09/04/19 01:53 PM Certificate of Trust
CindyS Offline
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Joined: Sep 2005
Posts: 132
Illinois
For a new account for an Irrevocable Trust (irrevocable due to the death of the grantor), we've been given a Certificate of Trust by the Trustee, but have not been given any pages from the Original Trust. Their attorney has instructed them that all we need is the Certificate of Trust.

For CIP, we would typically ask for a copy of the first page of the Trust showing the official name, the last page with the signatures and any pages naming the Trustee/Successor Trustees.

I've found in my state's statutes the section that spells out what is required to be in a Certificate of Trust, but my question is....does a Certificate of Trust alone meet CIP requirements?

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#2220892 - 09/04/19 02:16 PM Re: Certificate of Trust CindyS
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
Whether it meets your CIP requirements is solely up to your board approved CIP program.
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#2220897 - 09/04/19 02:20 PM Re: Certificate of Trust CindyS
RockChucker, CAMS Offline
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Joined: Jul 2013
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The Country
I believe that is an internal decision. I've worked at a bank that didn't want to see the trust at all and the customer had to provide the name of the trust and the trustees etc. I've also worked at a bank that wanted the whole trust document.I've learned to never take direction or advice from another persons attorney.
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#2220901 - 09/04/19 02:42 PM Re: Certificate of Trust CindyS
Buddy the Elf Offline
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Buddy the Elf
Joined: May 2002
Posts: 973
first lily pad on the right
Agreed that this is an internal decision based on what your CIP Policy and Procedures say are acceptable documents. I will add that our procedures list both the Trust Agreement and Certificate of Trust as acceptable CIP documents for a trust. However, that was decided by our institution and not because a customer's attorney told us that we had to accept it.
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#2220911 - 09/04/19 04:11 PM Re: Certificate of Trust CindyS
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
Well, whether you must accept a Certificate of Trust is going to be a State law issue - so I am not sure can actually answer that question unless you are from Illinois like the OP - if that is the State in which this has occurred.
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