32-11. Deposit in names of two or more trustees.
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 is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith. (1923, c. 85, s. 10; C.S., s. 1864(n).)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 1 - Uniform Fiduciaries Act.
§ 32-3 - Application of payments made to fiduciaries.
§ 32-5 - Transfer of negotiable instrument by fiduciary.
§ 32-6 - Check drawn by fiduciary payable to third person.
§ 32-7 - Check drawn by and payable to fiduciary.
§ 32-8 - Deposit in name of fiduciary as such.
§ 32-9 - Deposit in name of principal.
§ 32-10 - Deposit in fiduciary's personal account.
§ 32-11 - Deposit in names of two or more trustees.