State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_32 > GS_32-11

§32‑11.  Deposit in names of two or more trustees.

When a deposit is made in abank in the name of two or more persons as trustees and a check is drawn uponthe trust account by any trustee or trustees authorized by the other trustee ortrustees to draw checks upon the trust account, neither the payee nor otherholder nor the bank is bound to inquire whether it is a breach of trust toauthorize such trustee or trustees to draw checks upon the trust account, andis not liable unless the circumstances be such that the action of the payee orother holder or the bank amounts to bad faith.  (1923, c. 85, s. 10; C.S., s.1864(n).)