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New Jersey Statutes, Title: 3B, ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS
Chapter 14: Survivorship and succession among cofiduciaries; duties and powers
Section: 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.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 3b:14-59 (if available):
Court decisions that cite this statute:
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