1031 Exchange Accounts

Posted By: slycomply

1031 Exchange Accounts - 01/10/18 05:19 PM

Good morning! We are a Texas bank with a branch in California. We have a customer who wants to open up an Exchange account with us. From what I have been reading, the funds have to be placed with an Exchange Services affiliated bank that meets the requirements of a custodial relationship and the California Uniform Prudent Investor Act. Funds can be in a deposit account or money market. From what I read about the Act, I didn't see anything related to banks. Can I get some advice? Thanks for your help.