469.320. Deposit in name of two or more trustees. - Missouri Statutes

Deposit in name of two or more trustees.

469.320. When a deposit is made in a bank in the name of two or morepersons as trustees and a check is drawn upon the trust account by anytrustee or trustees authorized by the other trustee or trustees to drawchecks upon the trust account, neither the payee nor other holder nor thebank is bound to inquire whether it is a breach of trust to authorize suchtrustee or trustees to draw checks upon the trust account, and is notliable unless the circumstances be such that the action of the payee orother holder or the bank amounts to bad faith.

(L. 1959 S.B. 121 § 10, A.L. 2004 H.B. 1511)

*Transferred 2004; formerly 456.320