3B:14-59 - Deposit in names of two or more trustees; liability of payee, holder or bank - New Jersey Statutes

3B:14-59.  Deposit in names of two or more trustees;  liability of payee, holder or bank
    When a deposit is made in a bank in the names of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees  authorized by the other trustee or trustees to draw checks upon the trust  account, neither the payee nor other holder nor the bank is bound to inquire  whether it is a breach of trust to authorize the trustee or trustees to draw  checks upon the trust account, and is not liable unless the circumstances be  such that the action of the payee or other holder or the bank amounts to bad  faith.

     L.1981, c. 405, s. 3B:14-59, eff. May 1, 1982.