When a deposit is made in a bank in the name 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 such trustee or trustees to draw checks upon the trust account, and neither the payee nor other holder nor the bank shall be liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.
[10:44:1923; NCL ยง 2994]
Structure Nevada Revised Statutes
NRS 162.030 - Application of payment made to fiduciary.
NRS 162.050 - Transfer of negotiable instrument by fiduciary.
NRS 162.060 - Check drawn by fiduciary payable to third person.
NRS 162.070 - Check drawn by and payable to fiduciary.
NRS 162.080 - Deposit in name of fiduciary as such.
NRS 162.090 - Check drawn upon account of principal.
NRS 162.100 - Deposit in personal account of fiduciary.
NRS 162.110 - Deposit in names of two or more trustees.
NRS 162.130 - Cases not provided for in NRS 162.010 to 162.140, inclusive.
NRS 162.140 - Uniformity of interpretation.
NRS 162.170 - Registration in name of fiduciary.
NRS 162.180 - Assignment by fiduciary.
NRS 162.210 - Nonliability of corporation and transfer agent.
NRS 162.220 - Nonliability of third person.
NRS 162.230 - Application of NRS 162.150 to 162.250, inclusive.
NRS 162.240 - Tax obligations.
NRS 162.250 - Uniformity of interpretation.
NRS 162.260 - Succession to powers and duties of original fiduciary.
NRS 162.270 - Continued administration by surviving fiduciary.
NRS 162.280 - Withholding of property from beneficiary.
NRS 162.310 - Limitation on duty of attorney representing fiduciary with respect to principal.